A wick down to $62K, rebound to $65K: Have we bottomed, or are we just catching our breath halfway down?
Honestly, last night's move scared plenty of people awake. $BTC plunged all the way to $62,006, breaking below even the August low. The bears had barely popped the champagne when the price bounced right back to $65,342. Ha! That's how it goes—a break below a level doesn't mean the price has settled there. With a wick, what matters isn't how long it is, but where the candle closes.
Let's look at the data first, not go by gut feeling. $BTC is now at $65,342, down 3.06% in 24 hours, with the daily RSI at just 22—deeply oversold. $ETH is in even worse shape, at $1,822, down 4.74% in 24 hours, with a low of $1,711. From the November 12 close, over three trading days, $BTC fell from $71,460 to $64,150, down 10.2%; $ETH fell from $2,019 to $1,769, down 12.4%. Ethereum is underperforming Bitcoin, and that's the story of this sell-off: it's not about which one fell further, but which one fell faster.
I have three thoughts. First, watch $62,006—that's the 24-hour low. Below that is the psychological $60,000 mark. If that breaks, it's no longer a technical issue; it's a question of confidence. Second, resistance is at $67,436, the 24-hour high. Only if the price closes back above it can we say the rebound has conviction. Above that is $68,314, the November 13 closing price. The weekly candle closes tonight, and whether we get back above $67,436 will determine if next week starts with a breather or another test lower. Third, an RSI of 22 isn't a buy signal; it tells you the drop has been sharp. Oversold can get even more oversold. Everyone who buys the dip halfway down thinks they're catching the bottom.
Here's a rule of thumb to take away: when you see a wick, don't ask, “How long is it?” Ask, “How much of the drop did the close recover?” The November 14 daily candle closed at $64,150, back above $62,006—that's what it means for a wick to be reclaimed. If the wick is long but the close doesn't recover, that wick is there for you to look at, not to buy.
The Meme corner is lively too. $NEET is up 20.65% today against the trend, at $0.0306, with a market cap of $30.59 million and 24-hour trading volume of $2.77 million. While the broader market is bleeding, it's still running, which shows that capital hasn't gone to sleep and is still looking for a thrill. But let's be clear: with a market cap this small, volatility is high enough to wipe out today's entire gain in a single day. Enjoy the show, but don't treat it as a safe haven.
The Fear and Greed Index is still at 10: extreme fear. When everyone's scared, the market is at its most honest—it won't trick you into thinking the bull market is back, and it won't tell you where the bottom is either.
Do you think the weekly candle will close back above $67,436 tonight? If it does, I'll call this a breather turning into a rebound. If it doesn't, $62,006 could be tested again next week. Which side are you on? Share your thoughts in the comments.
Follow me, and I'll be back at the same time tomorrow to look at the markets with you.
⚠️ The Meme sector is extremely high-risk. This content is not investment advice. DYOR!
Data source: Binance Skills Hub. For reference only; this is not investment advice.
$BTC $ETH $NEET
#比特币 #以太坊 #Meme coin
Honestly, last night's move scared plenty of people awake. $BTC plunged all the way to $62,006, breaking below even the August low. The bears had barely popped the champagne when the price bounced right back to $65,342. Ha! That's how it goes—a break below a level doesn't mean the price has settled there. With a wick, what matters isn't how long it is, but where the candle closes.
Let's look at the data first, not go by gut feeling. $BTC is now at $65,342, down 3.06% in 24 hours, with the daily RSI at just 22—deeply oversold. $ETH is in even worse shape, at $1,822, down 4.74% in 24 hours, with a low of $1,711. From the November 12 close, over three trading days, $BTC fell from $71,460 to $64,150, down 10.2%; $ETH fell from $2,019 to $1,769, down 12.4%. Ethereum is underperforming Bitcoin, and that's the story of this sell-off: it's not about which one fell further, but which one fell faster.
I have three thoughts. First, watch $62,006—that's the 24-hour low. Below that is the psychological $60,000 mark. If that breaks, it's no longer a technical issue; it's a question of confidence. Second, resistance is at $67,436, the 24-hour high. Only if the price closes back above it can we say the rebound has conviction. Above that is $68,314, the November 13 closing price. The weekly candle closes tonight, and whether we get back above $67,436 will determine if next week starts with a breather or another test lower. Third, an RSI of 22 isn't a buy signal; it tells you the drop has been sharp. Oversold can get even more oversold. Everyone who buys the dip halfway down thinks they're catching the bottom.
Here's a rule of thumb to take away: when you see a wick, don't ask, “How long is it?” Ask, “How much of the drop did the close recover?” The November 14 daily candle closed at $64,150, back above $62,006—that's what it means for a wick to be reclaimed. If the wick is long but the close doesn't recover, that wick is there for you to look at, not to buy.
The Meme corner is lively too. $NEET is up 20.65% today against the trend, at $0.0306, with a market cap of $30.59 million and 24-hour trading volume of $2.77 million. While the broader market is bleeding, it's still running, which shows that capital hasn't gone to sleep and is still looking for a thrill. But let's be clear: with a market cap this small, volatility is high enough to wipe out today's entire gain in a single day. Enjoy the show, but don't treat it as a safe haven.
The Fear and Greed Index is still at 10: extreme fear. When everyone's scared, the market is at its most honest—it won't trick you into thinking the bull market is back, and it won't tell you where the bottom is either.
Do you think the weekly candle will close back above $67,436 tonight? If it does, I'll call this a breather turning into a rebound. If it doesn't, $62,006 could be tested again next week. Which side are you on? Share your thoughts in the comments.
Follow me, and I'll be back at the same time tomorrow to look at the markets with you.
⚠️ The Meme sector is extremely high-risk. This content is not investment advice. DYOR!
Data source: Binance Skills Hub. For reference only; this is not investment advice.
$BTC $ETH $NEET
#比特币 #以太坊 #Meme coin