Hello everyone, today is November 13th. Yesterday, I mentioned to everyone to short Bitcoin and Ethereum at highs.

We can see the market from yesterday; it actually made a push upwards, creating a false breakout, and then the market directly plummeted. At this position, we noticed that the bullish momentum was already weakening, and we promptly alerted everyone in the group to short. The market then took a dive, and at 8:25 AM on November 12th, we advised to short Bitcoin at the current price, which resulted in a successful take profit.

How do we view today's market? We still expect it to move downwards. Let's analyze the overall market situation. Yesterday, it officially surged up to the vicinity of the moving averages, around 117,000, and the market continued to decline. This drop further confirms the shift from a bullish to a bearish trend. The market will continue to accelerate downwards. On the daily chart, we can see a long upper wick, which normally indicates that after a rebound, the MACD should show green bars.

In this case, the rebound would be relatively strong, but after two bearish candles a couple of days ago, the MACD failed to produce green bars or a bullish crossover. This indicates that the fast line retraced to the slow line but failed to form a crossover, resulting in a downward trend. Such a market condition will make the bears stronger and more aggressive.

The upcoming market will continue to expand downwards, which means prices will likely drop further. We may not only see five-digit Bitcoin prices but also potentially Bitcoin starting with an eight. Therefore, everyone should pay attention to the upcoming market, as this is indeed a significant downward trend on both the weekly and daily charts.

What should we do? Short at highs. On the 4-hour chart, we can see that yesterday formed a very impressive bearish engulfing candlestick pattern. This pattern is a classic bearish signal in traditional markets, and where is this bearish pattern located? It is positioned after the moving averages have declined and the market has moved sideways before continuing to drop. At this position, a death cross had already formed, which is why we advised everyone to open short positions.

This bearish engulfing candle further reinforces the logic of the downward trend, and the subsequent market will continue to move downwards. Everyone must pay close attention to the potential breakouts in the upcoming market. If you want to go long, be very cautious and only do so at major support levels with proper stop-losses, like considering the position around 99,800 for short-term long trades.

Because we are currently going against the trend, the overall market structure will continue to decline. On the 30-minute chart, we can see that the bullish strength is actually very weak. During this drop, the upward movement was minimal.

Yesterday, there was a sudden upward spike that interrupted the entire bearish plan, but it only interrupted it temporarily; the subsequent scenario is still a continuation of the downward trend. The drop here is also moving sideways and has not shown a strong reversal. The bearish strength still exists, and the bulls do not have enough power to push upwards.

In this kind of market, everyone must be cautious about the risks of a sudden drop. Ethereum shows a similar trend; we can see that on the daily chart, it also failed to produce a successful MACD bullish crossover.

For more strategies, follow the public account BTC-ETH Crypto.

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