Was yesterday's roller coaster ride of Bitcoin exciting? Thrilling? Yesterday morning it first surged to 98,000, pretending to be strong, leading many to believe it was going to reach 99,000 and break 100,000. In the end, it was just a false move, dropping straight down from around 98,000 to a pre-U.S. market low of approximately 94,800.

A short position at 98,000, or even the 97,800-97,100 short mentioned on Sunday, would have been fine, right? Don't say you didn't see it! Near 95,000, I repeatedly advised against shorting in the 94,800-95,000 range. After exiting the short, I quickly reversed with a long position and took profit at 96,700 during the U.S. market's rapid rebound.

After another surge to 97,000, I continued to short it without hesitation, and it directly dropped below 94,800 in the early morning! Ultimately, it reached 94,400 and then rebounded! If you shorted at 95,000-94,800 and got stuck [haha], you only extended 400 U!

Bitcoin shows signs of forming a top in the 98,000-99,000 range on the daily chart, and there is now a head-and-shoulders pattern forming. Looking bearish for the mid-December outlook, the pullback remains unchanged. The bullish lifeline on the daily and weekly charts is around 90,000; if it breaks below 90,000, it will completely signal the end of the bullish trend, entering a correction period for at least two months (consolidation below 90,000). Of course, this is for the medium to long term. For intra-day short-term operations, watch the key levels and trade in waves. For example, with several significant fluctuations yesterday, if you weren’t careful and chased the orders without exiting, then the long and short positions would have been in vain.

Today, if 94,800 is broken, it is indeed broken, so the support below will move down to the 94,200-93,000 range. 94,200 is the last low point on the hourly chart before breaking 94,000 and surging to 97,000 last Friday, and it is also near the daily MA20. 93,000 is also the low support from last Friday's European market. Therefore, today’s pullback should at least look at the 94,000-93,000 range!