Wednesday, 12.18
Bitcoin rebounded after a decline yesterday, hitting the first target precisely, while the second target was not reached. There may not be enough strength below, and it will take time for further upward movement to convert space. However, a rebound of 2000 points is quite significant.
Technical analysis of the four-hour chart shows that each wave of upward movement is accompanied by a wave of decline and adjustment, forming three waves: the first wave at the position of 99600, the second wave at 104630, and the third wave at 108366. After reaching the high, there has been a significant decline, and the current indicator shows a death cross with bearish volume, indicating an overall downward trend. The intraday outlook suggests looking for a decline first.
Reference strategy: short in batches in the 106600-107000 area, with a target of 104200. If it breaks down, look for a position at 102000.
