Cryptocurrency Academy Expert: 11.12 Bitcoin (BTC): This article is written for those who wake up at midnight to check their phones and look at the market.

When writing this, I double-checked the numbers three times. Recently, many people have asked me in private messages, "Can we bottom fish now, Old Chen?" My answer is always: you can try, but please use money that you can afford to lose without affecting your life, and write your stop-loss in the order in advance. What the market lacks the least is "I think," but what it lacks the most is "I will run if I am wrong." During this drop from 87000, how many people have been adding positions based on the feeling that "it can't drop further" and ended up being trapped. Once this consolidation phase is over, no matter which direction you choose, I hope you are someone who enters with a plan, not someone being led by a single candlestick.

The daily K-line has temporarily stalled at this position. However, the structure looks very bad: the price of 73603 has broken below the EMA's five moving averages, all in a bearish arrangement and diverging downward, presenting a textbook-level downtrend pattern. After the MACD crosses below the zero line, the green bars continue to emerge, indicating that the bearish momentum at the daily level has not exhausted. The lower Bollinger band at 72840 is the last support level for now. Closing above it would be considered strong, but breaking below it would require looking for the next support level.

The four-hour K-line is similarly pressed below all moving averages, rebounding layer by layer. Focus on two signals: first, the previous low is at 72691, and the recent drop stopped here. Today's low of 73357 has not broken the previous low, showing a slight short-term resistance to falling; second, the green bars on the MACD are almost gone, suggesting a potential bullish divergence. The lower Bollinger band at 72859 shows the price hovering near this band; usually, at this position, it either gently declines and consolidates or a strong bullish candlestick pulls back to the middle band at 74544.

Short-term reference:

Up to 72900 to 72500 is hindered, with a stop loss of 500 points, targeting 73800 to 74500.

Down to 74800 to 75300 is stagnating, with a stop loss of 500 points, targeting 74000 to 73500.

Specific operations should be based on real-time market data. For more details, you can consult me. There may be delays in publishing the article, so it is recommended for reference only at your own risk.

Friendly reminder: The above content is synchronized and updated across major trading platforms such as Binance, OKEx, Huobi, etc. More content can be accessed by adding me as a friend in Binance or OKEx to join my fan group.

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