12.20 Morning Analysis: Bitcoin's current price is around 88,000. In terms of intraday trend, the price has risen to the upper band of the 4-hour Bollinger Bands but faced resistance, then pulled back and is now oscillating above the middle band. In the short term, it faces resistance from the four moving averages—MA60, MA120, MA150, and MA200—converging, and the bearish pattern has not yet been broken; although the MACD green histogram has shrunk, the momentum is insufficient, and the KDJ indicator shows a potential top reversal, indicating ongoing downside risk. However, the Bollinger Channel has entered a parallel trend, with the lower band moving up to around 85,200, suggesting a high probability of entering a narrow consolidation phase in the short term. Traders can consider high selling and low buying based on the Bollinger Channel.

On the daily chart, the price has been repeatedly suppressed by the middle Bollinger Band for several days. The MACD DIF and DEA lines have formed a death cross and are now showing signs of convergence for the first time, so it is important to watch whether a golden cross can form. Although the KDJ and RSI indicators show bottom reversal signals, the middle and lower Bollinger Bands continue downward, increasing the likelihood of a secondary divergence and further decline. Therefore, the operational strategy remains mainly to short on rebounds. If the price successfully breaks above the daily Bollinger middle band or the MACD forms a golden cross, the strategy can shift to a bullish bias.

Specific operation points:

- Short position: Enter with a small position when the price ≥ 88,500, with a stop loss at 89,700; take profit targets are successively 87,500, 86,500, 85,500. If the price breaks below 85,000, hold the position.
- Long position: Attempt to go long when the price ≤ 85,500, with a stop loss at 84,500; take profit targets are successively 86,500, 87,500, 88,500. If the price breaks above the 89,500-90,000 range, continue holding.