Quick summary
Bitcoin fell 9% in four days, five red days in a row
Limit order one at $74,100 triggered
$71,100 is the new line in the sand for Bitcoin
It’s slowly bleeding, but 71 cents in 2011 mimics a possoble bottom in 2026
Recorded live Nov 9, published Nov 10. Hit the bell to catch the next one live.
Five red days in a row. Are we going back to the 60s?
Well Done to the Bears
On Nov 4, Bitcoin spent around 22 hours above the resistance line between $80,000 and $81,000. On Nov 5, it crashed hard, down 6.8%. In total, between Nov 4 and Nov 9, we’re down 9% over around four days. Instead of a fast panic and a fast uptick, it’s just slowly bleeding.
Our limit order one at $74,100 was triggered.
What We Covered
Bitcoin: At a maximum, we don’t want it to come lower than $71,100. If it goes below, that is not great.
Diamond pattern: All the diamond chart patterns have a period of capitulation where normally the gaps are closed.
Gold vs Bitcoin: I would like to see Bitcoin flip gold for bullishness. Over the weekend it went from 19 oz to 18 oz.
Nvidia: Our limit order went through at $183 on Nov 5 and hit a high of 6% up within 24 hours. That’s what you get when you layer your limit orders.
MSTR: If MSTR cannot get above $132, it might correct down to $98 area.
BLX: In 2011, Bitcoin went from 58 cents to 81 cents, down to 71 cents, and from 71 cents it found the bottom.
Merch: Our merch page is launched. Glass neon lights, made to last decades.
Hopefully it won’t come lower than $71,000, which comes to our support level.
Recorded live Nov 9.
FAQ
What level does Bitcoin need to hold?
$71,100. At a maximum, we don’t want it to come lower than that. If it goes below, we might get a bounce back from $62,000 and hit $68,000, and we’re back in the 60s. I don’t really want to get back in the 60s. Update, Nov 10: Held. The low was $73,333, and Bitcoin is back around $74,600.
Where are the next limit orders?
Limit one at $74,100 was triggered and gave an opportunity to sell at a 6% gain. Limit two comes in at $72,400, and limit three at $70,000 to $69,000. If I were to set another limit order, I would set it at $71,300. Update, Nov 10: Limit two at $72,400 has not been hit. The low was $73,333.
What does the diamond pattern mean for Bitcoin?
In Bulkowski’s Encyclopedia of Chart Patterns, all the diamond chart patterns have a period of capitulation where normally the gaps are closed. Hopefully we won’t have that capitulation closing $67,000 all the way to $70,900. If that’s the case, just have a limit order at these levels.
Is Bitcoin bullish against gold?
Not right now. We were bullish because it was in a descending wedge, but the second this happened, we went bearish. It went from 19 oz to 18 oz over the weekend. At most, we’re expecting a bounce at 18 oz, or the tip of 17.
How does today compare to early Bitcoin?
Bitcoin went from 58 cents to 81 cents, down to 71 cents, and hung around in the 70s. People sold at 71 cents thinking it was going back to 58. Instead it got above resistance and went from 70 cents to $1. I’m not saying that’s what’s going to happen now, but I like to look at sentiment.
Disclaimer
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Written by
Andrew Kamsky
Andrew Kamsky is a Bitcoin analyst. He spent a decade in traditional finance across a Big Four firm and a listed fintech bank before going deep on Bitcoin full-time.
