12.31 Morning Market Overview

$BTC Bitcoin closed this morning as a solid doji bearish candle; as of the close of the US stock market today, all three major indices are down.

Bitcoin also experienced a sharp decline after the US stock market opened last night, consistent with the expected trend from yesterday morning, breaking recent lows and reaching the triple bottom at 91530. It rebounded in the early hours to 95K, with both long and short positions being liquidated; within 24 hours, the entire network saw liquidations of 280 million USD, with long positions reaching 201 million and short positions 79 million; during a bull market, back-and-forth spikes and liquidations are normal, so strict stop-loss measures must be set.

Bitcoin is currently fluctuating within an ascending flag and descending wedge channel, with fluctuations still in the thousands of points. We can open positions in the direction of the trend while setting stop-losses; within the wedge channel, an AB=CD pattern can be observed, with point D likely falling around 90729, providing an opportunity to go long, with a stop at 90481, T1 target at 94195, T2 target at 96398. Keep an eye on the market to manually adjust stop-losses and take profits.

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