12.11 Afternoon Thoughts
The intraday market started with a decline followed by a rise, with the price of the coin dropping to around 95,600 but unable to continue the downtrend. It then slowly rebounded to around 97,700, and currently, the price is consolidating around 97,700.
Analyzing the daily chart of Bitcoin, there have been two consecutive days with lower shadows, and it has tested the support at the MA30 daily moving average. This action indicates that short-term support has been effectively established at the MA30 daily moving average, temporarily signaling an end to the downtrend. However, the price has now reached the resistance levels of the MA5/10 daily moving averages. Therefore, it is essential to focus on the strength of the rebound today to see if it can regain this critical position.
Currently, from the 4-hour chart perspective, Bitcoin has encountered resistance during the rebound and broke below the significant support level of 95,000 in the early hours of yesterday. The short-term rebound shows a slight upward oscillation, suggesting that the price may continue to decline in the future. The strategy will focus on shorting during the rebound while buying on dips as a secondary approach!
Short at around 98,500-98,000 for Bitcoin, looking down to around 95,500!
Short at around 3,700 for Ethereum, looking down to 3,600, and if broken, looking at 3,550.
