Crypto Circle Academy: The golden ratio for Bitcoin on 12.23: What kind of chain reaction will occur if the support at 94350 is broken? Worth paying attention to
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The current price of Bitcoin is 95000, and it is now 2:40 PM Beijing time. The thought process behind this update is to look for a short position, with a target of 96000 after a southward move to 99500. Currently, the daily K-line is hovering around the support point of the golden ratio 0.236 at 94350. The weekly chart shows a large bearish candle, and the opening has been low and continues to decline. The daily K-line has broken below the previous low of 94350; the next key support to watch is the EMA60 support at 90400, although whether it will reach this level is still uncertain.
The downward pressure on the daily level still has some irreversible movement left, meaning the bearish trend is dominant. The strategy can focus on shorting after a pullback to resistance levels. The MACD is continuously contracting downward, with DIF and DEA spreading downwards from a high position. The K-line has now reached the support near the lower Bollinger Band at 93400. If it breaks below this, one might try a short-term long position to catch a small pullback, but before that, maintaining a bearish stance is safer.
The four-hour K-line has formed a downward channel, with the EMA expanding downwards in a web-like manner, and the three lines alternating; the bearish trend has not yet ended. After the K-line pulls back to the EMA15 resistance level at 96550, it has continued southward. Breaking below 95000 shows no signs of stopping. The MACD is trending downward, entering a bottom divergence, and the downward Bollinger Band channel is contracting, with lower support at 93800.
Short-term strategy reference: Since market conditions are never 100% certain, always set stop-loss orders; safety comes first. The goal is to take small losses for big gains.
For long positions, try entry points from 92500 to 93000, with a stop-loss at 92000, risking 500 points, targeting 94000 to 95000, and if it breaks, aiming for 96000.
For short positions, try entry points from 96000 to 96500, with a stop-loss at 97000, risking 500 points, targeting 95000 to 94500, and if it breaks, aiming for 94000.
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