12.30 Morning Thoughts
First, the conclusion! The long positions are at the 93,000 support level!
Looking back at the market, the overnight trend continued the downward movement from the evening, with three slight dips, descending to around 93,331 to consolidate. There were two attempts to test the 94,000 level but it failed to break through, resulting in a slight drop of a thousand points down to 93,121. From a daily perspective, the market has returned to the evening before Christmas Eve.
We focus on market sentiment; the two thousand points of downward space caused the bulls to lose confidence and remain hesitant to enter the market. Because of this, buying strength continues to weaken, and the market has returned to the lower boundary around 92,000.
At this moment, the market is consolidating around 93,300. We can notice that the MACD indicators across multiple time frames are all showing a downward trend. From an indicator perspective, the downward trend continues. However, we boldly judge that the indicators may be malfunctioning in this wave. When the market breaks below the lower Bollinger Band but has not broken through the 93,000 level, we conclude: now is the time to buy the dip!
Bitcoin is bullish around 93,000, aiming for 95,500.
Second sequence: if it breaks 95,800, then look to 96,800.
For pullbacks, watch 94,300.
Ethereum can be bought around 3,320, targeting 3,420.
