12.16 Monday
Good morning everyone, I am Xinyi
During the weekend, Bitcoin bulls made a full comeback, with a strong breakout and the cycle continuously standing at a strong level. Currently, trading volume is quite active compared to midnight, and prices are steadily rising, hitting new highs with strong momentum, forming a bullish engulfing candlestick pattern. Dreamy Monday is here, continue to pay attention to the morning market dynamics, as it may be the main direction for the day.
On the 4-hour price chart, the technical indicators for KDJ are neutral, with the three lines positioned slightly above the middle, extending upward in a low to mid-range manner.
The RSI value exceeds 70, which may lead to a pullback after a rise, and there is a divergence between volume and price.
The middle band of the Bollinger Bands shows an opening pattern, with upward extension potential. Pay attention to the strength of the pullback in Bitcoin at lower levels; if it does not break the strong position, it is very likely to continue breaking into a new market.
Not much to say, brothers, continue to be bullish this morning, just defend against the support and pressure during the Bitcoin pullback, and you can continue to go long. The previous high for Bitcoin reached 104630, with the closing entity around 103000. Currently, the daily line closes at 104460, strong but not extremely strong. If you have long positions, it is suggested to take half of your profits below, as you do not know the subsequent trends. The previous upper shadow line had frequent spikes that were not corrected, so this position is likely to trigger selling. I believe we still need a 4-hour candlestick to close above 104630 to consider it stable, which will help build a barrier for the subsequent bulls. As long as it does not fall below around 103000, the bullish trend will continue.
Intraday operation reference
Currently, the upward momentum is strong. A light buy around 104444-104700, looking at Bitcoin to continue breaking into a new market, taking profits in batches. (As prices keep rising, we will hold on.) Initially looking at 108888-110000.
Bitcoin only needs to break below 104444 on the 4-hour chart, and if lower levels continue to close lower, then look for a pullback from the high point, aiming for a drop near 103000.
I have said Ethereum at least looks at 4000, go long in sync.
Lastly, entering against the trend must come with good defense, stop-loss measures, and proper risk management!!!
