12.17 Evening Thoughts on Pancakes
On the daily level, the price continues to be under pressure below the MA5 and MA10 moving averages, with the death cross of the moving averages suppressing rebounds, and the Bollinger Bands opening downwards, indicating a significant bearish trend.
On the four-hour cycle, the upward trend line has been broken and not recovered, with MACD showing a death cross and RSI hovering weakly below 40. After three consecutive bearish candles, the rebound is merely an opportunity for short positions to increase, and the middle track of the Bollinger Bands is unlikely to change the short-term bearish pattern.
BTC suggestions are around 87500 and 88000, with a downward target of 86000, and if broken, look for continuation towards around 85000 and 84000.
