Cryptocurrency Academy: On November 16, the signal of Bitcoin (BTC) short momentum exhaustion initially appeared: four hours of sideways consolidation, is it a prelude to bottoming or a continuation pattern in a downtrend

　　Spot trading can begin to be laid out again, the idea remains unchanged, each time the price returns below 65,000, start gradually buying spot, there’s no rush to hit the bottom, there’s at least another week of time, this week is full of opportunities, many friends with positions must be feeling uneasy. The price has dropped all the way from the highs, with one bearish candle after another in the short term, the market looks oppressive, many people panic at the sight of a drop and want to chase after a rebound, resulting in being shaken back and forth. In fact, the market does not only rise without falling, nor does it only fall without rising. After such a sharp decline, it is even more necessary to calm emotions and see clearly what position we are currently in. The price is around 64,600 now, belonging to the low oscillation stage after a quick drop in the previous period, and regarding the contract ideas, the content is as follows

　　The daily candlestick shows significant divergence between bulls and bears, with intense fluctuations during trading. On the moving average front, the EMA is all above 76,000, and the current price is pressed down by all periodic moving averages, showing a typical bearish arrangement, and the medium-term trend remains weak. In terms of MACD, the bearish momentum has not yet fully released. The upper Bollinger band is 84,410, the middle band is 75,102, and the lower band is 65,795. The price has fallen below the lower band, which is in the short-term oversold area, but oversold does not mean it has bottomed out. A daily level must have a stabilizing bullish candle to re-establish above the lower band before discussing a reversal

　　The four-hour candlestick is overall in a narrow consolidation at a low level. In terms of moving averages, EMA15 is at 66,679, and EMA30 is near 66,894, creating the first short resistance. EMA60 is at 71,687, EMA90 is at 73,401, and EMA120 is at 74,877, pressing down layer by layer, with the price below the short and medium-term moving averages. Every rebound near a moving average will encounter selling pressure. Compared to the daily level, MACD’s green bars are significantly narrowing, indicating that the rate of decline in four hours is slowing down, and bearish strength is entering the exhaustion phase. The middle Bollinger band is 67,801, and the lower band is 62,503, with the price located between the middle and lower bands, leaving some space to the lower band. In the short term, it looks more like a low struggle after a sharp drop, and directional choice needs to wait for the price to re-establish above around 66,700 or fall below the previous low of 61,956.

　　Short-term reference:

　　Going down from 67,000 to 67,500 shows stagnation, stop loss at 500 points, target looks at 65,000 to 64,300, if broken, look at 63,000

　　Going up strategy: only try to go long with light positions when the price retests the support zone of 61,956—62,500 and shows a stabilizing pattern, with the stop loss placed below 61,500, target first looks at 64,500—65,800, or directly deep drop to the previous low dense area of 62,000—63,000 shows divergence and stabilizes, then reassess the opportunity to go long

　　Specific operations should follow real-time data from the market; for more information, you can consult the author. There is a delay in article publication, and suggestions are for reference only; risks are self-borne

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