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11.27 BTC ETH morning thoughts
Last night's unemployment data was favorable, and the market took off accordingly. However, our judgment on the pullback strength was relatively conservative, yet the market directly surged through 90,000 with a large bullish candle, resulting in a "sudden reversal". I apologize for this miscalculation.
From a structural perspective, this surge is more of a passive rebound due to the shorts being strongly squeezed out for two consecutive days: the daily chart is still in the repair phase at the lower edge of the descending channel, and the main trend has not reversed; after a rapid rise on the 4H chart, it quickly entered a sideways trend, with high-level trading volume decreasing and KDJ showing clear signs of fatigue; a divergence has appeared on the 15-minute chart, indicating a short-term demand for a pullback.
Overall assessment: BTC is a rebound in a weak structure, and the sentiment has risen too quickly above; be cautious of a pullback after a rise.
Personal recommendation
BTC: Around 92000, target looks down to 90k, 88000, if it breaks see 86000.
ETH: Around 3070-3100, target looks down to 2980, if it falls below, watch for 2900.
$BTC $ETH $XRP
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