Silk Road on the morning of 11.17

Looking back at the overall market trend in the early morning, the overall market is still gradually testing lower levels. The Bitcoin has fluctuated and fallen back from a high of 95562, reaching a low of 93000; the second cryptocurrency rebounded from a low of 3025 to 3127, then faced pressure and fell back, continuing to fluctuate within the range of 3042-3117.
From the four-hour short-term chart, the Bitcoin trend shows a "continuous downward decline" pattern, with prices consistently operating within a descending channel. The short-term market rebound momentum is weak, and if the subsequent market cannot break through the mid-axis resistance level of the channel, downward pressure will continue to be released. It is crucial to be cautious, as recent multiple corrective rebounds have been swallowed by the declining trend, leading to a severe lack of market confidence. Therefore, at this stage, blind chasing of rebounds is strictly prohibited to avoid falling into the risk of being trapped as prices decline again. Based on short-term trend analysis, a slight rebound may occur in the morning, but the rebound strength is expected to be limited, and after the rebound, it is highly likely that the downward trend will continue, with the overall weak tone unchanged. The current market is generally in a fluctuating downward cycle, and the operational strategy should focus on "rebounds for short selling."
Operation Suggestions
Bitcoin: Around 93900-94100, target looking towards around 92000.
Two Pies: Around 3050-3070, targeting near 3000.