🍆December 13 market commentary.🍆
$BTC Opinion:
The Bitcoin volume broke through 90281, and the hourly closing price is above 90281, so go long on the right side and recover the stop loss.
90185 volume broke down, unable to recover on the pullback, go short on the right side and recover the stop loss. Pay attention to the changes in volume and maintain good stop loss.
If there is a false breakdown when pulling back to 89238, add a long position. If the false breakdown low or the breakdown at 88048 hits the stop loss,
if it doesn't recover, do not add to the long position.
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The Bitcoin hourly level breakthrough stabilizes above 90427, looking up to 91454-92686. If it can't surpass 91454, the uptrend cannot continue.
When shorting Bitcoin, be cautious of a 2b false breakout at 91537 above; if it breaks through and stabilizes at 92727, set a stop loss.
Conservative players wait for: 88028 long, stop loss below 87015.
The multiple breakthroughs of Bitcoin's triangle formation resulting in a pullback are normal, but it was unexpected for it to drop sharply without giving a reaction opportunity. When a strong momentum candlestick occurs, such as a large bullish or bearish candle, do not chase it, as it is hard to set a stop loss and chasing can easily lead to losses. It’s better to wait for opportunities to enter the market.
Yesterday's drop tested the support at 89333 again, and it has now tested this support 5 times. Look at the yellow arrow pointing, a support tested multiple times will become weaker, and the final result is a breakdown.
Students, observe the strength of the rebound during the first test of the 89333 support on the left side, and compare it to the strength of the rebound during the 2nd, 3rd, and 4th tests of the 89333 support. If it tests the 89333 support again, it is likely to break. If it breaks, look down to 88003, as it cannot hold and will continue downwards.
For Bitcoin, this rebound can only go up if it breaks through the neckline at 90596. If it cannot break above the high point indicated by the red arrow, it can only be seen as a rebound, not a reversal. Only by breaking above the high point indicated by the red arrow and creating a higher high can we see a reversal.
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Upper pressure 90596-91454-92686
Lower support 90000-89333-88000
4-hour level 89427 breaks down, looking down to 88027-86385. For the second Bitcoin, please see the next post. Meeting adjourned.
