Morning analysis of Bitcoin market on Wednesday, November 12!

Bitcoin has been continuously forming doji candles, which means that the competition between bulls and bears is still very intense. Let's be cautious and set a stop-loss, waiting for both sides to determine a winner before considering entry.

Currently, for Bitcoin to rebound, it must reclaim the one-hour gap from the midnight pullback above 978; otherwise, it will be a false breakout. In the 4-hour chart, we can see many long lower shadows that haven't received a response. Despite the strong buying power, the rebound is weak and occurs after a sharp decline at around 4 AM when liquidity is poor. Why is this? It could be due to institutions manipulating the market or liquidation by market makers. Regardless of the authenticity of the bulls or bears, we should operate according to the system; there's no need to overthink, as time will provide the answers.

Looking at the chart, the daily high is at 983, and the low is at 940 with an opening price significantly lower than the closing price, indicating strong bearish sentiment. The KDJ three-line indicator is currently moving downward from a high position and is in the middle-down area, showing no signs of hitting bottom. This means there is a considerable space for further decline. After a volume-driven drop in MACD, the sentiment has gradually calmed down, and the price is currently below the middle Bollinger band. The buying power is still increasing, and the price is slowly rebounding, showing a downward doji formation.

I believe we should wait for Bitcoin to rebound above the middle Bollinger band (973-978) for a continuation of the rebound, at which point we can consider going long.

On smaller timeframes, the long upper shadows continue to form; Bitcoin is likely to keep forming doji candles. If entering now, a stop-loss is essential; otherwise, it's better to observe. There should still be further downward movement, so everyone should be prepared. The overall trend is primarily adjusting around the range.