On December 22nd, Sunday, analysis of Bitcoin's early market thoughts!
From a technical structure perspective, on the four-hour level, the running channel continues to maintain a narrow downward trend, with prices fluctuating and continuing to weaken without forming a significant rebound. The trading volume is arranged in a weak bullish formation, and the moving averages are consistently trending downwards. The short cycle remains in a bearish dominant state.
On the daily level, the running channel continues to trend downward, and prices are undergoing weak consolidation in the mid-upper range. After a plunge, there is no effective rebound, and the bearish trading volume continues to shrink. The moving averages have not shown a significant joint upward movement. Personally, I still favor a bearish approach this week, and whether the market can rebound and recover will need to be followed up after finding support.
Personal trading suggestion for Bitcoin: short near the 97800-98500 area, targeting 96800-95800. If broken, it can continue to look lower!
