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11.21BTC morning market analysis
The overall situation this morning shows a fluctuation after a sharp drop. Both parties in the market have entered a critical period of gamesmanship, with intense back-and-forth pulling. The downward structure of BTC has not changed, and the trend of ETH is still continuing. Currently, BTC is fluctuating around 86900, while ETH is around 2850. Ethereum's movement is highly synchronized with BTC, forming a pattern of rising and falling together.
From the perspective of the four-hour cycle trend, the Bollinger Bands have long shown a diverging downward opening, with no obvious support or resistance below. The power of the downward trend is unstoppable, and the market has entered a bearish mode. Previously recognized key support levels have been consecutively breached, further confirming the absolute dominance of the downward trend. The overall downward rhythm of the market has not been broken, and a short-term rebound is more likely to be a buildup of energy for further declines, so the focus in the morning continues to be on short positions.
BTC is around 86800-87300, target near 85000.
The second pancake is around 2860-2880, with a target near 2750.