Bitcoin Market Analysis (December 15th)

Some people believe before they see, while others see before they believe. When the market is favorable, it makes you; when it's unfavorable, it teaches you a lesson. I used to think the most despairing thing was heartbreak, but later I realized that empty eyes are the true sign of a dead heart! Never be pessimistic. Close your eyes, sleep, and a new dawn will break! Hello everyone, I'm Trader Gege. Let's review my previous thoughts and market trends regarding Bitcoin. In previous articles, I emphasized the 95000 level, and the price action was indeed below that, around 94550. This is a crucial short-term dividing line, as it's the area where the upward trend line's bottom-top reversal coincides with the downward trend line's resistance. Today is Monday, and as usual, let's discuss my personal views on the technical aspects. This week's news includes non-farm payrolls and CPI data. There will definitely be short-term liquidity fluctuations before and after these releases, but the current technical structure is what needs close attention. Sometimes, news is just for observation and not suitable for trading; at least, I'm not very good at trading short-term fluctuations based on news, because the deceptive nature of such fluctuations is often greater than the feedback from the technical analysis. Looking back, I remember when the first interest rate hike was announced, the market actually rallied. More recently, there was some upward movement before the recent rate cut, but it retraced as expected afterward, failing to even touch key resistance levels. Therefore, it's best to return to a technical analysis to predict future price movements. Looking at both the weekly and daily charts for Bitcoin, the overall candlestick structure hasn't changed much; it remains in a low-level range-bound consolidation. On the weekly chart, note that the closing price didn't reach above 90,000, and the MACD lines have fallen below the zero line. On the daily chart, the Bollinger Bands are narrowing, and the moving averages are hovering around the middle band, indicating an approaching turning point. Combining this with the trendline resistance pattern, here's my prediction for the market.