December 30 Midday Thoughts:

As we approach the end of 2024, Bitcoin's price trend on the four-hour chart shows a repeated oscillation pattern in the range of 93,000 - 98,000, while the annual and monthly closing lines are also imminent. Looking back at this year, Bitcoin's overall increase has reached 165% as of now, however, the monthly chart has encountered a 20% retracement adjustment after hitting a new high at the beginning of the month.

From the daily trend, Bitcoin has undergone a fundamental trend reversal. The previously steady upward trend has been completely shattered by the continuous appearance of bearish candles, whose body parts are strong and clearly announce the collapse of the prior upward trend. Examining the details on the four-hour chart, the bearish forces have shown strong persistence. During the continuous decline with bearish candles, although there are occasional rebound corrections, these rebounds appear extremely weak and lack sufficient strength to form effective reversal signals. Given this market structure, each rebound can be seen as an excellent shorting opportunity.

Short Bitcoin at 94,000-94,500, with a target around 92,500; if it breaks, continue looking lower.

Short Ethereum at 3,430-3,460, with a target around 3,350-3,300.

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