Morning Thoughts on 12.11

The daily line has turned bearish, with K-line continuing to decline. The mid-price level of the cryptocurrency is exactly at the daily opening price. Currently, the pullback strength is weak, and recovery seems unlikely, further highlighting the downward trend. The lowest point reached yesterday was around 94000, and at midnight, the 94000 level will become a key focus. Looking at the four-hour chart, although there was a slight rebound at the 94500 level during the early hours, the strength was weak, and then it faced pressure and dropped sharply at the 96500 level, with the price falling below 94500 again. Currently, there is a clear downward adjustment, and the KDJ indicator has formed a dead cross. Although its reference value is limited, the bottom support remains strong, and a counterattack from the bulls may happen at any time. Looking back at the last market behavior, after the price stopped falling near 94400, it rebounded strongly to the 100000 mark. Therefore, we can consider the price point of 93700 as support for the market's upward movement.

The technical structure is still the same as emphasized in the early morning and evening, and it is still a process of oscillation and repetition. The downward movement has confirmed support, so what remains is the rebound. The early hours provided an opportunity to enter based on this structure, and the downward move again confirmed support, forming a double-bottom structure. From a structural perspective, it will start a new round of rebound around the support position after the pullback. Our main strategy will focus on buying on the pullback and selling at high positions as a supplement!

For Bitcoin, buy around 95200-95600, targeting 97500!

For Ethereum, buy around 3540-3560, targeting 3700!

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