2024-12-23

Is the bull market currently on pause?

From the technical structure of Bitcoin, the lows are continuously moving down. Therefore, based on the current market trend, it is not advisable to blindly chase the price up. The next level at 960 is likely hard to hold, so for now, focus on the level at 945. If it stabilizes above 945, then we can look towards the lower level at 935. If it breaks below, it is advisable not to enter long positions at that time, as the market trend is likely to experience a rapid decline. Thus, it's crucial to be very careful when entering the market.

From the four-hour level, the downtrend is still quite clear, and there are no signs of a reversal. According to technical indicators, the Bollinger Bands show that all three lines are oscillating downwards, and the candlestick is closely following the lower middle band. At this position, we are also observing a long-term moving average resistance level; therefore, we should still position ourselves for short trades.

Based on the above technical structure:

Short in the 960-965 range for Bitcoin; can add to short positions on a rebound to 97300. Short-term control should be within 500-700 points to prevent profit loss, and the mid-to-long-term take profit point can be set at 915-920.

For Ethereum, short in the 3380-3400 range, as the fluctuation range is quite large and still keep an eye on the profit space. $BTC