There’s a pretty contradictory picture in the market today 📉
I spent a while looking at BTC’s moving average chart
And everything overhead is acting as resistance
Based on Binance spot data from November 2:
7-day MA: 78,822
20-day MA: 80,688
50-day MA: 82,009
12-period EMA: 79,465; 26-period EMA: 80,599
The price at the time was 78,207, below all of them
Today, the price slid again to around 77,000
So it’s now even farther from that row of moving averages overhead
There’s only one line left to support it from below:
The 200-day MA is 73,212, about $5,000 below the current price
That’s the structure right now: a ceiling overhead and a floor below
What’s even more contradictory is the long-short comparison
Binance’s account long/short ratio is 2.06, with 67.3% of accounts going long
But the price just can’t get moving
RSI is 38.94, still above the traditional oversold threshold of 30
Stochastic %K is 21.95 and %D is 17.56, already below 20
Bollinger Band %B is just 0.16, tracking close to the lower band at 77,027
On paper, everyone still seems bullish; in the market, sellers are calling the shots
The key levels are also based on yesterday’s data:
First watch 77,592 below, with strong support at 76,977
First watch 78,850 above, then 79,493
My take is simple:
With this kind of structure, treat any bounce as a move back toward the moving averages
Until it gets back above 78,850, there’s no need to call a reversal
For a real trend reversal, it first needs to reclaim each of those moving averages overhead, one by one
What are you choosing to do now?
Wait for it to get back above the moving averages before acting, or have you already started buying in batches around 77,000?
$BTC #市场观察 #Technical Analysis
This is not investment advice. DYOR; trading involves risk.
I spent a while looking at BTC’s moving average chart
And everything overhead is acting as resistance
Based on Binance spot data from November 2:
7-day MA: 78,822
20-day MA: 80,688
50-day MA: 82,009
12-period EMA: 79,465; 26-period EMA: 80,599
The price at the time was 78,207, below all of them
Today, the price slid again to around 77,000
So it’s now even farther from that row of moving averages overhead
There’s only one line left to support it from below:
The 200-day MA is 73,212, about $5,000 below the current price
That’s the structure right now: a ceiling overhead and a floor below
What’s even more contradictory is the long-short comparison
Binance’s account long/short ratio is 2.06, with 67.3% of accounts going long
But the price just can’t get moving
RSI is 38.94, still above the traditional oversold threshold of 30
Stochastic %K is 21.95 and %D is 17.56, already below 20
Bollinger Band %B is just 0.16, tracking close to the lower band at 77,027
On paper, everyone still seems bullish; in the market, sellers are calling the shots
The key levels are also based on yesterday’s data:
First watch 77,592 below, with strong support at 76,977
First watch 78,850 above, then 79,493
My take is simple:
With this kind of structure, treat any bounce as a move back toward the moving averages
Until it gets back above 78,850, there’s no need to call a reversal
For a real trend reversal, it first needs to reclaim each of those moving averages overhead, one by one
What are you choosing to do now?
Wait for it to get back above the moving averages before acting, or have you already started buying in batches around 77,000?
$BTC #市场观察 #Technical Analysis
This is not investment advice. DYOR; trading involves risk.