Cryptocurrency Liwin: 12.20 Bearish Pattern Shows Negative Signals! What Should Bitcoin's Next Move Be? Latest Market Analysis
Article Published on 2024.12.20—01:30
Current Bitcoin Price 99500, Bitcoin has experienced a deep pullback, this is also the first time in more than three months that Liwin has exited a long position. However, the medium-term layout’s short at 107000 was finally closed for profit below 102000, missing some space without taking profit at 99000. After breaking below 102000, one should not hesitate and should take profits, after all, this wave had over 5000 in space. To get back on track
Currently, the market shows that the K-line pattern on the order book has clearly retraced at a high position, forming a large bearish candle, indicating increased selling pressure in the market. In the 4-hour cycle, the price has gradually dropped from the high of 107600 on the 18th to the current 99500, showing a downward trend in the short term. The technical indicator MACD in the 4-hour cycle shows that the MACD histogram has turned from positive to negative, and the DIF line has crossed below the DEA line, indicating that short-term bearish strength is dominant. Therefore, it is advisable to wait for the bearish momentum to test the bottom again before entering the market; the larger trend has not changed and the belief remains unchanged
The Relative Strength Index (RSI) is at 35, close to the oversold zone, but has not yet entered the extreme area, suggesting a potential technical rebound demand. The trend indicators EMA currently show that the price is below EMA7, EMA30, and EMA120, indicating strong downward pressure. The EMA moving average system is showing a bearish arrangement, further confirming the downtrend, making it unsuitable to go long at this time. It is best to wait for a bottoming out before proceeding. For now, it is advisable to just wait and observe. Furthermore, the trading volume has increased significantly during the sharp decline, indicating a bearish market sentiment, with increased selling pressure and clear profit-taking behavior from the main players. It is better to wait until the bearish momentum ends before entering the market and to stay on the sidelines for now.
Today's Liwin Price Prediction
Long Entry at 97000, add long at 96000, stop at 500, target 99500
Short Entry at 102000, add short at 103000, stop at 500, target 99500
The above is a brief analysis by Liwin regarding the current order book market situation, for investors' reference
