Cryptocurrency Expert: 11.12 Bitcoin (BTC): For those who wake up at midnight to check the market on their phones, this article is for you.
When writing this, I checked the numbers three times. Many people have been asking me in private messages, "Can we bottom out now, Mr. Chen?" My answer is always: You can try, but please use money that you can afford to lose without affecting your life, and write down your stop-loss in the order beforehand. What the market lacks the least is "I think," and what it lacks the most is "If I'm wrong, I'll run." During this drop from 87000, how many people added positions all the way down in the belief that it wouldn't fall further? By the time this bottoming process is over, regardless of which direction you choose, I hope you are someone who enters with a plan rather than being led by a single candlestick.
The daily candlestick chart has temporarily stagnated at this position. However, structurally it looks bad: The price of 73603 has already broken below the EMA five moving averages, all in a bearish arrangement and diverging downward, which is a textbook-level bearish trend pattern. The MACD here is below the zero line, and after the bearish cross, the green bars continue to emit, indicating that the daily level downward momentum has not exhausted. The lower Bollinger Band at 72840 is currently the last floor, closing above it would be strong, but if it breaks below, we need to look for the next support.
The four-hour candlestick is also pressed against all moving averages, rebounding one layer after another. Key signals to watch: First, the previous low is at 72691, and yesterday's drop stopped here; today's low of 73357 did not break the previous low, showing slight resilience in the short term; Second, the green bars in MACD are almost finished, there is a hint of bullish divergence losing strength. The lower Bollinger Band at 72859 has prices sticking closely to it; usually at this position, the price either slowly falls to consolidate or there's a single high-volume bullish bar that pulls it back to the mid-band at 74544.
Short-term reference:
Upside resistance at 72900 to 72500, stop-loss at 500 points, target is 73800 to 74500.
Downside resistance at 74800 to 75300, stop-loss at 500 points, target is 74000 to 73500.
Specific operations should be based on real-time data from the market. For more information, you can consult me. There may be delays in the publication of this article, so this is just for reference, and risks are to be borne by yourself.
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