December 22 BTC Market Summary: Uptrend Encountering Resistance, Multiple Attempts to Surge Unsuccessful
This morning, BTC formed a doji candlestick with an upper shadow, and it has been rising for three consecutive days on the daily chart; on the weekly chart, it is a bullish candlestick with long upper and lower shadows, combining with last week's candlestick to form a bullish pattern.
4-Hour Chart Analysis:
BTC has tested the 8.93 position five times, rising and then falling back, indicating strong resistance at this level. It is estimated that there are many short positions waiting to be closed here, so we can consider positioning for a short in advance at this level, waiting for a false breakout before following the trend downwards.
1-Hour Chart Analysis:
BTC has been consolidating over the weekend for the past two days. I estimate that the market will likely show movement in the afternoon or evening, and the direction should become clear.
Either BTC can break through the 8.93 resistance level in one go, pulling out a large bullish candlestick to continue rising;
Or it could fail to surge again, turning back to oscillate within the previous range.
Trading Suggestions:
If you want to short in advance, you can enter near 9.03, setting a stop loss at 9.2, with the first target at 8.86, and then look for 8.66;
If BTC breaks above 8.93 and then drops back, we will short in the same manner, setting the stop loss at 9.2, with targets also at 8.86 and 8.66;
If BTC falls back to 8.55, we can consider going long, with a stop loss set at the previous low of 8.44, targeting first at 8.66 and then at 8.8.
Warm Reminder:
The above is just my analysis of the market and not a trading strategy. Everyone should still operate based on actual conditions.
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