Bafang | BTC Midday Market Analysis 11.03
Data as of: Beijing time 11.03 15:37
This morning I said that if 76,660 broke again, the next level to watch was the lower Bollinger Band. It broke at 11 a.m.; by 2 p.m. it had dipped to a low of 76,386, without touching the lower band.
The Asian session just ground lower:
The 9 a.m. candle surged to 77,315, the day's high, and it hasn't gone higher since.
Several rebounds afterward failed to break 77,160.
$BTC Now at 76,807, 24h -1.63%
The outside markets aren't helping either. U.S. chip stocks have fallen for three straight days, the Nasdaq 100 is down 10% from its high, South Korea's Kospi fell over 3% today, and Japan is closed for a holiday.
U.S. spot BTC ETFs saw another outflow of about $398 million on Monday.
📊 A few figures I'm watching this afternoon
Long/short account ratio: 2.74 at 8 a.m., 2.78 at 3 p.m.—still skewed long despite the drop.
Funding rate: 0.01%, not overheated.
Daily RSI: 35; MACD histogram: -933, versus -892 this morning, still widening.
4-hour RSI: 35.6.
Fear & Greed Index: 26, unchanged from this morning.
$ETH 2,255, 24h -1.11%. Since 9 a.m. it's been moving narrowly between 2,241 and 2,265, holding steadier than BTC.
$SOL 92.11, daily RSI 25; it dipped to 91.28 intraday at 2 p.m. It's still the weakest one.
🎯 Key levels
Resistance: 77,315 (9 a.m. high) / 77,600
Support: 76,386 (today's low) / 76,159 (lower Bollinger Band) / 74,360 (daily EMA200)
Outlook: Bearish consolidation. There was no buying interest during the Asian session, and every rebound was pushed back below 77,160.
Bafang's view: Staying out of the market this afternoon. U.S. midterm election voting takes place tonight, with results coming in during the Asian morning tomorrow. I don't want to bet on a direction before then.
Will BTC hit the 76,159 lower band first tonight, or return to 77,600 first?
(Personal opinion only; not investment advice.)
#BTC #MarketAnalysis
Data as of: Beijing time 11.03 15:37
This morning I said that if 76,660 broke again, the next level to watch was the lower Bollinger Band. It broke at 11 a.m.; by 2 p.m. it had dipped to a low of 76,386, without touching the lower band.
The Asian session just ground lower:
The 9 a.m. candle surged to 77,315, the day's high, and it hasn't gone higher since.
Several rebounds afterward failed to break 77,160.
$BTC Now at 76,807, 24h -1.63%
The outside markets aren't helping either. U.S. chip stocks have fallen for three straight days, the Nasdaq 100 is down 10% from its high, South Korea's Kospi fell over 3% today, and Japan is closed for a holiday.
U.S. spot BTC ETFs saw another outflow of about $398 million on Monday.
📊 A few figures I'm watching this afternoon
Long/short account ratio: 2.74 at 8 a.m., 2.78 at 3 p.m.—still skewed long despite the drop.
Funding rate: 0.01%, not overheated.
Daily RSI: 35; MACD histogram: -933, versus -892 this morning, still widening.
4-hour RSI: 35.6.
Fear & Greed Index: 26, unchanged from this morning.
$ETH 2,255, 24h -1.11%. Since 9 a.m. it's been moving narrowly between 2,241 and 2,265, holding steadier than BTC.
$SOL 92.11, daily RSI 25; it dipped to 91.28 intraday at 2 p.m. It's still the weakest one.
🎯 Key levels
Resistance: 77,315 (9 a.m. high) / 77,600
Support: 76,386 (today's low) / 76,159 (lower Bollinger Band) / 74,360 (daily EMA200)
Outlook: Bearish consolidation. There was no buying interest during the Asian session, and every rebound was pushed back below 77,160.
Bafang's view: Staying out of the market this afternoon. U.S. midterm election voting takes place tonight, with results coming in during the Asian morning tomorrow. I don't want to bet on a direction before then.
Will BTC hit the 76,159 lower band first tonight, or return to 77,600 first?
(Personal opinion only; not investment advice.)
#BTC #MarketAnalysis