Analysis of the Bitcoin Market on Tuesday Afternoon, December 17!

Currently, the overall Bitcoin market is in a strong oscillation phase, with neither bulls nor bears achieving a powerful breakthrough or continuation. Therefore, it is advisable to focus on short-term strategies, adopting a high short and low long approach. The short positions established this morning were perfectly timed, with Bitcoin achieving over 600 points, while the altcoin also gained over 70 points of movement.

Bitcoin has once again been consolidating at a high level, showing no signs of falling. It has already broken through the first resistance level, and at 106,335, it has once again established a bullish stance on the hourly chart. If this position holds, the next resistance level to watch is 107,783. Observe the situation of a second peak test; if it breaks through the next resistance, we can look towards around 108,500. However, if 106,335 does not hold effectively, the hourly chart will enter a pullback again, with support levels at 105,354 - 104,720 - 103,300! This morning, the altcoin tested the four-hour support at 3,945 and then surged up again. However, overall, the retreat still appears relatively weak, so pay attention to the upper resistance at 4,022. If this level is broken, we can look towards the next resistance levels of 4,074 - 4,109. If 4,022 does not break and hold effectively, smaller time frames will still be in a pullback, with support levels at 3,955 - 3,890 - 3,822.