12.23 Zhao Zhao: Evening Analysis of Pancake Thoughts $BTC $ETH
The rebound has already failed, and the market has returned to a weak state.
Previously, it rebounded from 84400 all the way to 90600, which looked quite strong, but the real problem is — the high point didn’t hold. There is obviously heavy selling pressure above 90500, and after a surge, it was immediately smashed down, and the decline was very fast, indicating that this wave of increase was more about funds pulling up a wave to offload, rather than the market truly strengthening. Subsequently, the price has been declining all the way, and now it has returned to around 87500, basically consuming more than half of the previous rebound space.
The current position is very critical, but it is not considered strong. The area around 87500 is a short-term support level, and indeed, there will be some bottom-fishing and short-term buying coming in, so you will see the price grinding sideways here, but be aware that this kind of consolidation is more about a rest after a drop, not the bulls taking control. As long as the price remains below 88500-89000, there will be pressure above, and any rebound is easily sold; once 87500 cannot hold, it can easily test 86000 again, and it’s even possible to see 85000.
Suggestion: Short around 88000-88500, looking down to 86500-86000. 85000.
