Bafang | BTC Midday Market Analysis 11.12
Data as of: Beijing time 11.12 15:27
During the Asian session, $BTC hasn’t seen much of a sell-off—it's just been edging down little by little.
It touched 74,229 in the 8 a.m. hour, then rebounded to 74,100 at 10 a.m. but couldn’t break through. After 11 a.m., the hourly highs never exceeded 73,900. It hit 73,419 in the 2 p.m. hour, breaking below this morning’s low of 73,481. It’s now at 73,569, down 0.41% over 24 hours.
📉 Two things look concerning intraday
Aggressive contract sell orders have outnumbered buy orders every hour since 8 a.m. The gap was widest in the 10 a.m. hour: $149 million in sells versus $111 million in buys.
The long-short account ratio is moving the opposite way: it was 2.77 at 8 a.m. and is now 2.90. Prices are falling, but the number of accounts going long is increasing—some are buying the dip as it drops.
There’s little volume, too. Spot trading volume was just over $55 million in the 9 a.m. hour, and under $9 million every hour after 11 a.m. No one’s dumping, and no one’s stepping in to buy.
🏦 In the U.S.
According to Farside data, spot BTC ETFs saw net outflows of about $300 million on 11.11. IBIT alone saw $270 million flow out, marking five consecutive trading days of outflows.
📊 Daily chart
RSI is 32.9, and the MACD histogram is at -592, still below the zero line. The MA200 at 73,148 is just about $400 below the current price, while the lower Bollinger Band is at 72,486.
$ETH 2,050, with an intrahour low of 2,040 at 2 p.m.—not far from the lower Bollinger Band at 2,032. Daily RSI is 29.6.
$SOL 82.94, with a daily RSI of 23.4. The afternoon low was 82.50, and the lower Bollinger Band is at 80.38.
🎯 Key levels
Resistance: 74,229 (today’s high) / 74,726 (daily EMA200)
Support: 73,419 (today’s low) / 73,148 (daily MA200) / 72,486 (lower Bollinger Band)
Outlook: Range-bound, with a bearish bias.
Bafang’s view: I’m not a fan of this slow grind lower while more and more bulls keep buying the dip. Before the U.S. market opens tonight, I’ll be watching the MA200. If 73,148 holds, we’re still in a range; if the daily candle closes below it, the lower Bollinger Band at 72,486 will likely get tested.
Do you think BTC will return to 74,000 first tonight, or break below 73,148?
(Personal opinion only; not investment advice)
#BTC #MarketAnalysis
Data as of: Beijing time 11.12 15:27
During the Asian session, $BTC hasn’t seen much of a sell-off—it's just been edging down little by little.
It touched 74,229 in the 8 a.m. hour, then rebounded to 74,100 at 10 a.m. but couldn’t break through. After 11 a.m., the hourly highs never exceeded 73,900. It hit 73,419 in the 2 p.m. hour, breaking below this morning’s low of 73,481. It’s now at 73,569, down 0.41% over 24 hours.
📉 Two things look concerning intraday
Aggressive contract sell orders have outnumbered buy orders every hour since 8 a.m. The gap was widest in the 10 a.m. hour: $149 million in sells versus $111 million in buys.
The long-short account ratio is moving the opposite way: it was 2.77 at 8 a.m. and is now 2.90. Prices are falling, but the number of accounts going long is increasing—some are buying the dip as it drops.
There’s little volume, too. Spot trading volume was just over $55 million in the 9 a.m. hour, and under $9 million every hour after 11 a.m. No one’s dumping, and no one’s stepping in to buy.
🏦 In the U.S.
According to Farside data, spot BTC ETFs saw net outflows of about $300 million on 11.11. IBIT alone saw $270 million flow out, marking five consecutive trading days of outflows.
📊 Daily chart
RSI is 32.9, and the MACD histogram is at -592, still below the zero line. The MA200 at 73,148 is just about $400 below the current price, while the lower Bollinger Band is at 72,486.
$ETH 2,050, with an intrahour low of 2,040 at 2 p.m.—not far from the lower Bollinger Band at 2,032. Daily RSI is 29.6.
$SOL 82.94, with a daily RSI of 23.4. The afternoon low was 82.50, and the lower Bollinger Band is at 80.38.
🎯 Key levels
Resistance: 74,229 (today’s high) / 74,726 (daily EMA200)
Support: 73,419 (today’s low) / 73,148 (daily MA200) / 72,486 (lower Bollinger Band)
Outlook: Range-bound, with a bearish bias.
Bafang’s view: I’m not a fan of this slow grind lower while more and more bulls keep buying the dip. Before the U.S. market opens tonight, I’ll be watching the MA200. If 73,148 holds, we’re still in a range; if the daily candle closes below it, the lower Bollinger Band at 72,486 will likely get tested.
Do you think BTC will return to 74,000 first tonight, or break below 73,148?
(Personal opinion only; not investment advice)
#BTC #MarketAnalysis