$BTC 12.2 Afternoon Thoughts and Suggestions
The Bitcoin market has completed the weekend's fluctuating consolidation since Monday morning, with a strong downward movement resulting in a large bearish candle. In just two hours, it dropped around 4000 points. Although there was a brief recovery, the overall trend continues to decline, hitting a low of 83786 by dawn. This morning also provided a chance for a brief respite, leading to a successful recovery. Such sudden increases in trading volume are quite normal, and there's no need to dwell on it; it's important to quickly adjust one's mindset regarding future trends.
Currently, Bitcoin is still in a downward structure on the 4-hour chart, with the middle band of the Bollinger Bands maintaining a downward trend, suppressing price breakthroughs. The upper and lower bands are moving down together, maintaining a bearish rhythm. The current price oscillates around 86900, operating within the middle and lower bands of the Bollinger Bands, and the earlier rebound in trading volume has not sustained, indicating insufficient buying strength. Moving forward, focus on the upper pressure zone of 87700-88000. Before breaking through the key resistance levels, the focus should be on a high bearish trend, while the potential for Bitcoin to break down should be observed.
Suggestions:
Bitcoin is at a bearish point around 87500, target around 85700,
Ethereum is at a bearish point around 2840, target around 2730
