12.31 BTC, ETH Evening Analysis: Last Day of 2024, Beware of Trend Reversal!

Bitcoin has been oscillating at the bottom of the range for several days; in the afternoon, the bulls began a crazy counterattack. Currently, it is not suitable to chase long positions directly, as the cost-performance ratio is not high. Wait for a pullback and try to find a low point to buy in. A clear trend line for a reversal has not yet formed, so beware of a trend change. After the monthly line for Bitcoin finishes, it is highly likely to form a top divergence structure. This wave of rise will not last long, so still focus on short positions.

First, let's look at the trend chart for BTC: The 4-hour chart shows a descending triangular wedge pattern. The lower trend line has been broken, and it is currently under pressure from the upper resistance line, forming a gap. This gap needs to be filled before falling again. Therefore, the upper pressure level is around 96950. As long as it does not break through and stabilize above, it will inevitably pull back. It would be more suitable to wait for a rebound to the upper resistance line to open short positions. Given the divergence on the monthly line, unless there is specific news that drives prices up, otherwise, it will continue to oscillate or decline without breaking through. Let's wait until the monthly line is completed!

BTC Evening Strategy: Short at 96900-97300, target around 94000!

ETH Evening Strategy: Short at 3475-3490, target around 3380!