Cryptocurrency Scholar: Bitcoin (BTC) dropped $5000 in one day at 11.6! Which is the next battleground?

This big bearish candle left the bulls baffled. It plummeted from above 80000 all the way down to 75500, losing nearly $5000 in one day, causing many to get liquidated. But if you look closely, after hitting 75500, it was quickly pulled back up to 77650, indicating that there were indeed people buying with real money. Data doesn't lie, but people can be deceived by their own emotions. After yesterday's K-line was released, extreme remarks on social media noticeably increased; some say the bull is dead, others say it's time to buy the dip. I suggest you mute these voices and return to the chart itself.

The daily K-line shows a very long bearish candle that has penetrated the EMA15, 30, and 60 moving averages. Currently, it is barely standing above EMA90 at 78188 and EMA120 at 77140. On the MACD front, bearish momentum is being released. The Bollinger Bands' three lines are opening downward, with the price tightly clinging to the lower line at 75760. Key support is at the previous low of 75500, and key resistance is at 78188 represented by EMA90 and the round number 80000.

The four-hour K-line has rebounded from a low of 75525 to around the current 77650, displaying a typical pinbar recovery pattern. However, note that the price is still constrained below the EMA15 at 78444 and EMA30 at 80749, indicating a weak rebound structure. Although the MACD has narrowed compared to the previous candles, both lines are still operating below the zero axis, indicating that the medium-term trend has not yet reversed. The middle track of the Bollinger Bands at 78117 is a short-term dividing line for bulls and bears, while the lower track at 75023 is the last line of defense.

Short-term reference:

For an upward move from 76000 to 75500, stop loss at 500 points, target looking at 77500 to 79500.

For a downward move from 78500 to 79000, stop loss at 500 points, target looking at 77500 to 76500.

Specific operations should prioritize real-time data from the market. For more information, you can consult the author; there may be delays in article release, so it is advised to reference only at your own risk.

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