Bafang｜BTC midday market analysis 11.02
Data time: Beijing time 11.02 15:32
This morning I said not to chase before it reclaimed 78,518. It really reclaimed it in the morning; the hourly candle at 11:00 touched 78,866, the highest level today.
Then it started giving back.
The hourly candles from 12:00 to 15:00 were basically moving down. $BTC is now around 78,100, almost giving back the entire morning move, with 24h now only +0.34%.
📊 The key numbers I watched this afternoon
Long/short ratio: 2.37 at 8:00, 2.21 at 15:00, steadily declining
4h RSI 46, daily RSI 38.7
Daily MACD histogram -800, -761 this morning, no further narrowing
Fear & Greed Index 37, yesterday 34
The external market wasn’t bad this morning either: Japan, South Korea, and Hong Kong stocks were rising, and U.S. stock futures were also up more than 0.4%. Crypto followed the move up a bit, but couldn’t hold it; there was still selling above 78,800.
$ETH reached 2,318 this morning, now 2,282, back to where the move started
$SOL 94.4, daily RSI 27.4, less than 1 dollar away from the lower Bollinger Band at 93.63, still the weakest
🎯 Key levels
Resistance: 78,866 / 80,288 (daily EMA50)
Support: 77,600 / 77,400 / 76,982 (lower Bollinger Band)
Assessment: range-bound, short-term weak. The rally faded, and the number of people going long is also decreasing, but there is no sign of panic dumping.
Bafang view: no adding positions this afternoon, continue with a light position. Tonight the U.S. market opens at 22:30, ISM data at 23:00, and tomorrow is the U.S. midterm election. Wait for the direction to emerge before saying more.
Will Bitcoin first return to 78,866 tonight, or first test 77,600?
(Personal opinion, not investment advice)
#BTC #marketanalysis
Data time: Beijing time 11.02 15:32
This morning I said not to chase before it reclaimed 78,518. It really reclaimed it in the morning; the hourly candle at 11:00 touched 78,866, the highest level today.
Then it started giving back.
The hourly candles from 12:00 to 15:00 were basically moving down. $BTC is now around 78,100, almost giving back the entire morning move, with 24h now only +0.34%.
📊 The key numbers I watched this afternoon
Long/short ratio: 2.37 at 8:00, 2.21 at 15:00, steadily declining
4h RSI 46, daily RSI 38.7
Daily MACD histogram -800, -761 this morning, no further narrowing
Fear & Greed Index 37, yesterday 34
The external market wasn’t bad this morning either: Japan, South Korea, and Hong Kong stocks were rising, and U.S. stock futures were also up more than 0.4%. Crypto followed the move up a bit, but couldn’t hold it; there was still selling above 78,800.
$ETH reached 2,318 this morning, now 2,282, back to where the move started
$SOL 94.4, daily RSI 27.4, less than 1 dollar away from the lower Bollinger Band at 93.63, still the weakest
🎯 Key levels
Resistance: 78,866 / 80,288 (daily EMA50)
Support: 77,600 / 77,400 / 76,982 (lower Bollinger Band)
Assessment: range-bound, short-term weak. The rally faded, and the number of people going long is also decreasing, but there is no sign of panic dumping.
Bafang view: no adding positions this afternoon, continue with a light position. Tonight the U.S. market opens at 22:30, ISM data at 23:00, and tomorrow is the U.S. midterm election. Wait for the direction to emerge before saying more.
Will Bitcoin first return to 78,866 tonight, or first test 77,600?
(Personal opinion, not investment advice)
#BTC #marketanalysis