12.15
The rebound is not sustained, and the bearish pattern of Bitcoin remains unchanged. The intraday strategy of going short remains the same.
The four-hour structure of Bitcoin is weak, having broken through the key support area of 89000 with four consecutive bearish candles. Although it paused near the lower Bollinger Band at around 87960, the rebound strength is weak, and it is overall under pressure below the moving averages, with the bearish trend unchanged.
The hourly level lacks sufficient momentum for recovery. Although the bearish MACD volume has contracted, there has been no strong rebound in price, and instead, it has formed a low-level consolidation, which is a continuation pattern of the downtrend. One can look to establish short positions at higher levels today!
Bitcoin is hovering around the rebound at 88600, with short positions planned near 89300, targeting around 87500 and 86500.
