11.11 Wednesday Market Overview: BTC longs get stopped out as BTC moves sideways and lower

BTC formed a bearish candle with a lower wick this morning, with bears in control

Yesterday’s CPI data came in above expectations, and the probability of the Fed raising rates by 25% in December rose to 88.5%; the three major U.S. stock indexes opened lower and continued to fall, closing slightly lower as of this morning

Yesterday, I entered a BTC long at 7.4 to bet on a rebound, but got stopped out. That’s trading—no one wins every time. Getting stopped out is normal; don’t get arrogant after a win or discouraged after a loss

From the daily chart, BTC’s highs and lows are both declining, and the price is also capped by a descending trendline. BTC is moving sideways and lower within a descending triangle structure, so shorting rallies is the preferred strategy

Looking at the 1H chart, BTC is inside a descending wedge channel, bouncing after retesting the lower trendline and falling back after touching the upper trendline. 7.37 has become the channel’s midpoint

BTC traded sideways near the 7.37 resistance during the Asian session. Even if it breaks resistance, the trendline may still cap it and trigger a pullback; the previous support at 7.24 has not been tested repeatedly, so whether it will hold remains to be seen

Overall, the best move in the current market is to stay on the sidelines! Watch more, trade less

In the past 24 hours, $729 million was liquidated across the market: $580 million in longs and $148 million in shorts, with highly leveraged longs accounting for most of the liquidations

BTC spot ETFs have seen net outflows for 4 consecutive business days, with outflows exceeding $2 billion over 7 trading days; Monday’s single-day outflow was $201 million

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