Even a cooler-than-expected PPI couldn’t save it. The rebound only reached 70,214 before getting slapped back down—my new decision: go short.
At 21:30 last night, U.S. October PPI came in at +0.3% month over month (vs. +0.4% expected) and +6.5% year over year (vs. +6.6% expected); core PPI rose 0.3% month over month, in line with expectations. On the surface, the report was cooler, but the annual rate was the highest since November 2022, and a 25-basis-point rate hike in December is now fully priced in. After the data came out, $BTC 5 minutes surged to $70,214, liquidating about $39 million in short positions, then fell steadily to around $68,343 by 07:00, down 4.2% over 24 hours; $ETH was around $1,929, down 4.1%. Buy the rumor, sell the news—selling pressure above $70,000 is heavy.
Technically, the current price is just above the 200-week moving average at around $68,000. Yesterday’s intraday low of $67,568 already pierced it once. $69,000 is the short-term pivot (21Shares); if price can’t reclaim it, $65,000 is next. The daily RSI has fallen below 30—oversold, but downside momentum is still there. The Nasdaq fell 2% yesterday, and the Fear & Greed Index is at 20, in extreme fear. The daily close at 08:00 definitely won’t reclaim the 200-day moving average at $73,125. The next hurdle is whether the weekly close at 08:00 on Monday can hold above $68,000.
New trade #2 (my view, with a stop-loss plan): go short, entry at $68,000–$69,000 (around the current price), stop above $70,500, first target $65,000 (take half off there), second target $62,300–$62,800. If a 4-hour candle closes above $70,214, I’ll admit I’m wrong and exit. If the daily close gets back above $73,125, I’ll consider flipping long. With 100x leverage, use only a very small portion of your total funds as margin. $ETH is moving in sync with the bearish outlook; a break below $1,900 would accelerate the decline.
I just closed my previous trade at $68,000 yesterday (original position +1,047%, added short +915%), and today the price is back near $68,000. I’m not chasing the short—I’m betting that this 200-week moving average won’t hold. Akedo is up 359% in a day on the trending searches, but its market cap is only $280 million. I’m treating it as a sentiment gauge and staying away.
Do you think the $68,000 200-week moving average will hold this week? Let’s discuss in the comments. (Prices: CoinGecko, checked at 07:00 Beijing time on November 14; chart shows the past 24 hours.)
At 21:30 last night, U.S. October PPI came in at +0.3% month over month (vs. +0.4% expected) and +6.5% year over year (vs. +6.6% expected); core PPI rose 0.3% month over month, in line with expectations. On the surface, the report was cooler, but the annual rate was the highest since November 2022, and a 25-basis-point rate hike in December is now fully priced in. After the data came out, $BTC 5 minutes surged to $70,214, liquidating about $39 million in short positions, then fell steadily to around $68,343 by 07:00, down 4.2% over 24 hours; $ETH was around $1,929, down 4.1%. Buy the rumor, sell the news—selling pressure above $70,000 is heavy.
Technically, the current price is just above the 200-week moving average at around $68,000. Yesterday’s intraday low of $67,568 already pierced it once. $69,000 is the short-term pivot (21Shares); if price can’t reclaim it, $65,000 is next. The daily RSI has fallen below 30—oversold, but downside momentum is still there. The Nasdaq fell 2% yesterday, and the Fear & Greed Index is at 20, in extreme fear. The daily close at 08:00 definitely won’t reclaim the 200-day moving average at $73,125. The next hurdle is whether the weekly close at 08:00 on Monday can hold above $68,000.
New trade #2 (my view, with a stop-loss plan): go short, entry at $68,000–$69,000 (around the current price), stop above $70,500, first target $65,000 (take half off there), second target $62,300–$62,800. If a 4-hour candle closes above $70,214, I’ll admit I’m wrong and exit. If the daily close gets back above $73,125, I’ll consider flipping long. With 100x leverage, use only a very small portion of your total funds as margin. $ETH is moving in sync with the bearish outlook; a break below $1,900 would accelerate the decline.
I just closed my previous trade at $68,000 yesterday (original position +1,047%, added short +915%), and today the price is back near $68,000. I’m not chasing the short—I’m betting that this 200-week moving average won’t hold. Akedo is up 359% in a day on the trending searches, but its market cap is only $280 million. I’m treating it as a sentiment gauge and staying away.
Do you think the $68,000 200-week moving average will hold this week? Let’s discuss in the comments. (Prices: CoinGecko, checked at 07:00 Beijing time on November 14; chart shows the past 24 hours.)
