December 9th Bitcoin Market Morning Report – The Bears Gather to Welcome the Plunge
Hello everyone, the E family army is here. Yesterday, our article clearly indicated that the overall trend is still bearish, and the expectations for interest rate cuts cannot reverse the bearish situation. The short position was given near $BTC 91700, and yesterday it also reached the 89550 line, which has a profit space of over 2000 points. The subsequent take-profit was also advised around the 90000 mark and near 89000 to reduce positions. After the morning rebound at the 91438 line, it continued to pull back. So how should we operate today? Let's find the answer together from the market!
First, it was mentioned yesterday that the interest rate hike in Japan on December 12 will ignite the market, along with domestic regulatory systems and the Bitcoin halving cycle. All these point to the current situation leaning towards a bear market! Of course, the bulls are not without a chance; it is possible to catch a rebound with long positions, but I do not recommend doing so. The E family army has recently maintained a bullish view on the bears!
From the market perspective, the current price is still within a downward trend line. After touching the trend line yesterday, it immediately continued to pull back, following the continuous downward trend after the death cross on November 15 (where MA50 forms a death cross with MA200)!
The daily line is still covered by dark clouds (the Ichimoku cloud chart is suppressing it). The RSI shows signs of turning downwards. The bottom of the cloud chart on the four-hour chart has straight-line support near 89000, as well as extended line support near 88500, with Fibonacci retracement support at 87500 and 83800.
The upper pressure is around 91500, as well as near 94000 and within the 95000 range. For those without positions, pay attention to these levels to gradually layout short positions. After reducing positions near 91700 yesterday, just continue to hold! The target focuses on the lower side around 89000, as well as 88500 and 87500~83800. If it effectively breaks, watch for 80600 as the ultimate target for this round of short positions at 78500!
The above is purely the personal opinion of E B traders, please watch rationally, and you bear the risks of gains and losses! #美联储重启降息步伐
