12.30 Morning Thoughts
Let’s start with the conclusion! 93,000 is the bullish bottom position!
Looking back at the market, the overnight trend continued the downward movement from the evening, with three slight dips, descending to around 93,331.
Two attempts to probe the 94,000 level were unsuccessful, with a slight drop of 1,000 points down to 93,121. Considering the daily chart, the market has returned to the eve of Christmas Eve.
We pay attention to market sentiment; the drop of 2,000 points has caused the bulls to lose confidence and remain hesitant to enter the market. Because of this, buying power continues to weaken, and the market has once again returned to the bottom of the range around 92,000.
At this moment, the market is hovering around 93,300. We can notice that the MACD indicator across multiple time frames is in a downward trend. From the indicators' perspective, the downward trend continues. However, in this wave, we boldly judge that the indicators may be malfunctioning. When the market breaks through the lower Bollinger Band but fails to break through the 93,000 level, we conclude: it's time to buy the dip!
For Bitcoin, buying around 93,000, targeting 95,500.
Second sequence: breaking 95,800, targeting again at 96,800.
For pullback, watch 94,300.
For the second contract, buying around 3,320, targeting 3,420.
