December 19 Market Review

The recent movement of BTC over the past two days has validated our previous bearish outlook. After yesterday’s oscillation and adjustment, the price indeed retreated during the early hours, confirming a preliminary bearish pattern. Many traders who followed the trend have already locked in profits.

Specifically, the coin price faced resistance around 90,000 last night, followed by a waterfall-like plunge before dawn, with the lowest point reaching 84,400, then rebounding somewhat. Currently, the price is fluctuating around 85,000.

From the 4-hour chart, the upward channel has formed a clear resistance on the price. Although bulls are attempting to break through, the momentum is clearly insufficient, and the overall trend remains within a downward framework. All three Bollinger Bands are expanding downward simultaneously, further confirming the market’s weak bias. While there may be a technical rebound in the short term, the rebound space is limited, making it unlikely to produce a significant high.

Therefore, the subsequent strategy remains primarily to short on rallies. It is recommended to open short positions around 85,800 and 86,800, with targets at 83,500 and 82,800.