Wednesday Morning Insights: The pressure from above is too strong, and the theme today remains bearish!
Overnight, Bitcoin surged to around 99478 but did not sustain the upward momentum and instead fell back under pressure. However, the decline has been minimal. With Christmas Eve approaching, the market has seen early closures, leading to thin trading. Currently, it is oscillating, so the strategy for Bitcoin today remains to maintain a bearish outlook on rebounds; it may be wise to stay on the sidelines!
On the 4-hour chart, there has been a strong rebound relying on the middle track, and considering the significant recovery space released from the bottom, if today’s 4-hour chart forms a rebound wave, there will be a conversion to a corrective wave, which means a high test followed by a retracement. The closing position will determine the strength of today’s continuation—whether it’s a high test with a drop or a sideways consolidation after a high test will dictate the short-term strength shift. From the market's perspective, there is still considerable risk of a high test followed by a drop; hence, it’s not advisable to chase highs today. The main strategy could be to look for short opportunities after a surge!
For morning operations on Bitcoin, I personally suggest selling on a rebound at 98850-99350, with a target looking down to around 97000-96500!
December is approaching its end, and this month has been quite good. Let’s maintain our momentum before the year ends. Friends who have kept up with the rhythm recently can take off directly; this is not bragging, it’s simply the truth!
I am Lin Kun, and I firmly believe that precision is the only standard of strength. I never provide ambiguous analysis; I have my own style. For those who have followed me during this time, it can be said that they have continuously multiplied their gains. Others have been on board for a long time, yet you are still hesitating whether to cross the red light. Hesitation leads to defeat; keep up with my rhythm, and it's almost done!
