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December 24 Afternoon Bitcoin and Ethereum Trading Suggestions and Directions
From the current market situation, the 1-hour chart shows that Bitcoin is in a sideways downward trend. As mentioned in our previous post, short-term trading is dominated by strong bullish momentum. Currently, Bitcoin is trading above the lower band, with a shallow test of the previous resistance level around 88,300 early this morning before pulling back. It is now moving within the Bollinger Bands' lower and middle bands, with the three bands continuing to decline, forming a complete downward channel. In the short term, the trend will likely continue to be led by the bulls.
Bitcoin: The short-term resistance is between 87,500 and 88,000. If Bitcoin breaks above 88,000 and stabilizes, consider going long with the trend. If Bitcoin rebounds but remains below 88,000 and moves sideways, consider shorting on rallies, with a target around 86,000.
Ethereum: The short-term resistance is between 2,940 and 2,970. If Ethereum breaks above 2,970 and stabilizes, consider going long with the trend. If Ethereum rebounds but remains below 2,970 and moves sideways, consider shorting on rallies, with a target around 2,850.
#BTC #ETH