12.8 Morning Analysis
Today, the cryptocurrency market continues to show a weak consolidation trend, with both bulls and bears fiercely competing in key areas. After a rapid decline in prices, they have been lingering at low levels. There is significant pressure above, while support below is also constantly being tested, resulting in an overall market structure where bears dominate.
From a technical indicator perspective, the KDJ indicator has formed a death cross, which not only suggests that the market is in a short-term oversold state but also indicates that bearish momentum will continue to be released. Coupled with the K-line patterns and trading volume performance, market sentiment is clearly becoming cautious. The strength of rebounds is consistently limited, with bears firmly controlling the market rhythm. Currently, there have been no clear signs of stabilization or reversal, and further downward momentum is still expected to have room for release.
The morning recommendation is to continue adopting a high short strategy. Closely monitor the price performance in the resistance zone; if the price rebounds weakly and the key levels are effectively breached, it would be an opportunity to seize the continuation of the bearish trend. At the same time, be sure to control positions and set strict stop-loss levels to guard against potential risks.
• Bitcoin: Short near 91000, targeting 89000.
• Ethereum: Short near 3080, targeting 2950.
