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

When writing this, I repeatedly checked the values three times. Recently, many people in my private messages have asked me, "Can I still buy the dip now, old Chen?" My answer is always: you can try, but please use the money that you can afford to lose without affecting your life, and make sure to set your stop-loss in the order beforehand. What the market lacks the most is not "I think," but rather "if I'm wrong, I run." During this drop from 87,000, how many people kept adding positions thinking "it won't drop any further" and ended up getting stuck? Once this bottoming process is over, no matter which direction you choose, I hope you are someone who enters with a plan, rather than someone led by a single candlestick.

The daily candlestick indicates that the market is temporarily stalled at this position. However, the structure looks very bad: the price of 73,603 has fallen below EMA five moving averages, all in a bearish arrangement and diverging downward; this is a textbook-level declining trend pattern. The MACD shows that after the death cross below the zero line, the green bars continue to be emitted, indicating that the daily level downward momentum has not exhausted. The lower Bollinger band at 72,840 is the last support line at this moment; closing above it is considered strong, while breaking below it will require searching for the next support.

The four-hour candlestick also bounces below all moving averages, being pressed layer by layer. Focus on two signals: first, the previous low is at 72,691, and yesterday's drop stopped here; today, the lowest point of 73,357 did not break the previous low, showing a slight resistance to decline in the short term; second, the MACD green bars are about to vanish, hinting at a bottom divergence and fatigue. The lower Bollinger band at 72,859 shows that the price is trending along the lower band. Typically, in such a position, the price either gradually declines to form a bottom or a single volume-filled bullish candle pulls back to the middle band at 74,544.

Short-term reference:

Northbound 72,900 to 72,500 faces resistance, stop loss 500 points, target looking at 73,800 to 74,500.

Southbound 74,800 to 75,300 is stagnating, stop loss 500 points, target looking at 74,000 to 73,500.

Specific operations should primarily rely on real-time market data. For more information, you can consult me. There may be a delay in the publication of this article, and it is advised for reference only; risk is self-borne.

Friendly reminder: The above content is synchronized and updated on major trading platforms such as Binance, Ouyi, and Huobi; for more content, you can add me as a friend in Ouyi and join my fan group.

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