Morning Thoughts on December 27:
After reaching a high, Bitcoin is currently in a downward trend. Yesterday, its price briefly surged to 99950, then started to decline, hitting a low of 95153 before stopping the drop and showing signs of rebound, with the current price hovering around 95400. Data from the past 24 hours shows that over 114,000 people have experienced liquidation, mainly concentrated in long positions. Specifically, the total amount of long position liquidations reached 230 million dollars, while the amount for short position liquidations was 57.81 million dollars. Based on the current market situation, we still maintain a bearish view for the day.
Currently, the Bollinger Bands are gradually showing a tightening trend, with the fast line already entering the range. On the downside, the key support level at the lower band is 93200; on the upside, the pressure level formed by the middle band can use the 100,000 round number as an important reference indicator. Observing from the hourly chart perspective, the MACD indicator is showing hesitation around the zero axis, with the fast and slow lines showing signs of convergence and sticking together, which undoubtedly hints to market participants that in a short time, the market is likely to face a decisive moment for direction. Shifting to the daily level for examination, the MACD has already shown a death cross pattern, and the green histogram is showing a trend of further extension and expansion, clearly indicating that the current short-term correction trend is still ongoing, and the subsequent rebound momentum in the market appears relatively weak and lacking, thus the price trend has the potential for further decline.
Large Cake: Short around 96500, short-term target 94000
Second Cake: Short around 3360-3340, short-term target 3250