I have to say today’s market is even more awful than eating shit. The price movement range is only a little over 1,000 points total, so tomorrow’s Black Friday, let’s look forward to it. Let’s first look at today’s overall intraday trend. It started with a choppy battle—oscillating and locking horns. In the early stage, the price kept moving back and forth repeatedly within a high-range zone. During the day, it surged up to a peak touching the 66,300 line at most. After several attempts to probe higher, it still couldn’t hold above the overhead resistance. The long/short battle stayed in a deadlock state throughout.

With the 65,500 support level announced as broken, the bulls’ defense line completely collapsed. The market officially entered a one-way downtrend. The coin price kept dropping step by step, continuously weakening and repeatedly refreshing the intraday lows. During the session, it bottomed out as low as 64,688. As of now, the market is quoting around 64,700. The full-day complete chart showed a high-range consolidation and standoff, and then after the support broke, a one-way selloff all the way down.

We bought longs around 65,500 in the morning, regrettably losing 300 points of room. In the evening, we reversed and went short around 65,300, taking 500 points of space. So today, there truly wasn’t much profit, but at least we successfully managed to claw back the loss.

The short-side candlestick走势 (price action) is very clear. The key support levels that I repeatedly warned everyone about earlier being broken made the direction of the whole market completely obvious. The market is already clearly being led by the bears. From the 4-hour cycle, the price has formed a step-like downtrend. The candlesticks continue to press against and repeatedly test the lower band of the Bollinger Bands, and the support below has absolutely no power to absorb. On top of that, the MACD’s two lines have kept making a bearish cross and continue to diverge, meaning the bearish downside momentum to continue the selloff is more than sufficient.

On the 1-hour cycle, the market is also weak. The candlesticks keep moving lower with volume increasing while clinging to the lower band of the Bollinger Bands. Both market funds and sentiment are fully tilted to the bears, and the downtrend has officially been established.

According to the current market rhythm, after the short-term continuous drop, there will most likely be a round of technical rebound. This is also one of the few windows for trapped long positions at the high to exit and get unstuck. Friends who are holding positions that are stuck with losses must seize the rebound opportunity to adjust your positions. Overall, the next round of pullback and downtrend in the future has officially started.

BTC short from 65,500-65,000 target 64,000 break through to watch 62,000
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