12.16 Daily
Reviewing last night, Bitcoin started a rapid 📉 trend from the 89900 line, ↓ dipping to around 85100 before stopping 📉 and stabilizing, then entering a phase of horizontal consolidation, overall presenting a trend characteristic of 'sharp 📉 followed by weak rebound'. Although the short-term 📉 momentum has temporarily slowed, there has not been a substantial rebound recovery signal.
From the hourly level Bollinger Bands, the three lines' slopes continue to diverge downwards, with the upper band being pressed downwards, the middle band simultaneously turning down, and the lower band continuing its downward probing rhythm, indicating that the current market is overall under the control of a downward trend.
After Bitcoin's stop 📉 consolidation, there was a slight rebound, but the altcoin gradually approached the middle band. However, under the diverging pattern, the middle band is not a support level but rather an important resistance level in the downward trend. In previous instances when the altcoin rebounded to touch the middle band, there was significant selling pressure, and this time, as it approaches the middle band, it is highly likely to be under pressure, making it difficult to form an effective breakout.
Bitcoin 86700-87700 range, looking at 85200-84000
Altcoin 2990-3040 range, looking at 2890-2830
