12.23 Evening
The intraday Bitcoin has been under pressure since the 89000 level, with a low reaching around 87000 before rebounding, currently entering a narrow consolidation phase. The rebound strength is relatively weak, overall presenting a 'downward-weak rebound' bearish pattern.
From the hourly Bollinger Bands perspective, the bag mouth is converging, with the upper and middle bands sloping down simultaneously, and the lower band flattening. The overall channel shows a 'downward convergence' adjustment structure, with no obvious expansion signs, indicating that the short-term trend is mainly weak oscillation, with insufficient upward momentum.
The price rebounded after touching the lower band but could only gradually approach the middle band, failing to effectively break through the middle band resistance. Additionally, during the rebound process, the volume was insufficient, indicating strong selling pressure near the middle band, with limited buying support.
The convergence of the bag mouth usually indicates that after a short-term oscillation, it may continue the existing trend. Combined with the previous downward trend and the downward sloping shape of the middle band, the rebound did not break the key resistance level. The overall technical picture remains bearish, and the rebound is merely a technical correction after the decline.
Bitcoin 88000-90000 short, watch 86800-85500
Second Bitcoin 3030-3080 short, watch 2910-2860
