Analysis of the market on November 12: Daily resistance blocked, will Bitcoin reach 100,000?

Yesterday's market saw Bitcoin once again surpass the daily EMA15 but then quickly declined. The entire daily candle closed without closing above the moving average. We mentioned on Monday that it's still too early to confirm a reversal, mainly because the daily EMA15 hasn't been broken above. Therefore, a pullback target around 100,000 this week is still expected.

Bitcoin's resistance today is at 104,900. If the price reaches this level, it could be a good opportunity to attempt a short. If there is a rebound in the morning to 104,900 and then a pullback again, a more extended profit-taking target could be set at the support level of 100,800. However, if the market moves upward without touching the 100,800 support, the risk remains.

Yesterday, Soko mentioned that the 160 support/resistance level couldn't hold, and it has now fallen below. Today, the 160-161 range has become a resistance zone again. Support levels are at 149 and 142. If Bitcoin drops back toward 100,000, it might even test 142, which could trigger many stop-losses—an very tricky position.

Ethereum's resistance today is at 3530. Short positions can be considered here, but only if the price breaks above 3530 should we consider aiming for 3630. The downside targets are at 3370 and 3245 support levels.

In summary, Bitcoin's daily chart shows resistance at EMA15 again, and combined with volume indicators, the downside risk has not been eliminated. There is still a possibility of testing 100,000 this week. It’s important to note that if the weekly close falls below 100,000, breaking the weekly MA50 support, next week's decline could be even more significant. (Follow Chief Analyst for daily market analysis and precise entry points. Long and short positions are for reference only; strict stop-loss and take-profit are essential.)