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Silk Road on the morning of 11.24
After two days of consolidation over the weekend, the current market is showing slight signs of recovery. However, the rebound is not a reversal; this wave of rebound is just a normal adjustment after a significant drop. Bitcoin peaked around 88049 in the morning, then faced selling pressure and fell back. Currently, after quickly dropping to around 85915, it has rebounded again and is now near the 88050 level.
From the 4-hour chart, the Bollinger Bands are narrowing downwards. In the short term, Bitcoin is rising with small consecutive candles. Although the price has been recovering since the support level, it still cannot change the overall downtrend. The approach should be to follow the trend and sell high.
Operation Suggestions
Bitcoin: around 87700-87900, target near 86000
Two cakes: around 2870-2890, target near 2750