Pal's BTC Market Analysis Daily Report – 11.1 I was supposed to write a detailed monthly report today, but I got lazy, so I'll just keep it simple. I'll write a full one on Monday. First off, the monthly candle closed at 1096, which is quite strategic. There are two key levels here: 11 and 107. If it drops below 107, the probability of further downside increases, and the depth of the drop could be significant. Meanwhile, 11 is also a psychological level. Yesterday's battle around 11 was all about this. Now, it hasn't closed above 11, but sitting at 1096 is still interesting. For me, considering the current trend, I'm leaning slightly bearish. Let’s use the H4 chart to talk about specific levels: 1) The major consolidation range of 107-1245 has been ongoing since July, for 10 months now. Both the upper and lower ends have been tested. This is the current macro environment: consolidation, wide-range consolidation. From this, two key levels emerge: 107 and 116. Only breaking and holding above 116 can we look towards 120, new highs, and further upside. If it fails to hold above 107, then we can start looking at 10 or even lower levels. Otherwise, it’s just consolidation—a topping pattern, low liquidity, and a passive choice as funds shift focus to U.S. stocks and gold. 2) After the 10.11 event, the consolidation range of 116-1035 has been ongoing for 20 days now. This phase is extreme manipulation. Due to the liquidity hit from 10.11, at least 30% of liquidity was affected, leading to capital withdrawal and the market slowly recovering. Coupled with various macro events recently, this phase is essentially controlled by ambitious players—like the facade of insider traders, but in reality, it's the ambition of exchanges and some swing traders behind the scenes. Currently, the key level here is 110-112, which is the resistance zone. If it fails to break through, the market will continue testing lower levels. First, look at 107, then see if it continues downward or stays in consolidation. So, below 112, the bias remains bearish. If 112 breaks, then pay attention. At the very least, shorts should set stop losses and keep monitoring. If it breaks, the next test will be 116 again.