Friday, December 20
Good morning, may everyone have smooth sailing and good fortune in the cryptocurrency world today.
Bitcoin continued to decline yesterday, with prices around 102,000. Jiang Wei directly published the current price order, bearish at the 98,800 level, perfectly validated, and continues to look down at the 94,000 position. The lowest retracement reached 95,700, just one step away from the target. There's no rush as the price dynamics still need time to convert space. Even though we haven't reached it yet, it doesn't mean we won't today, as the bearish trend still has continuity. Next, we just need to wait.
On the daily chart, the price has broken below the middle track support, with support converting to pressure. Pay attention to 98,600; if it doesn't break and stabilize within the day, it indicates a bearish pattern. In the chart below, we can see that the K-line has formed two consecutive large bearish candles over two working days, creating an engulfing bearish pattern while stabilizing below. The MACD indicator shows that the bearish trend is currently in a volume expansion phase, with the fast and slow lines merging in a dead cross, indicating that the bearish trend is still slightly strong. Therefore, the strategy remains to short on rebounds.
Reference positions: look to short in the 98,000-98,500 area in batches, targeting the 94,000 level. If broken, look to the 92,000 level.