The Great God said: 12.06 The first non-farm data after Trump was elected is about to land! Bitcoin plummeted to 90,500!

Bitcoin first broke the $100,000 mark on the 5th, reaching a high of $104,088, setting a new historical record. However, this historical high price did not last a full day, as Bitcoin began a new wave of decline at 11 PM last night, and around 4 AM today, it dipped to $97,888, officially returning to a five-digit price. By around 6 AM today, Bitcoin flashed crashed to a low of $90,500, and as of the time of writing, it has rebounded to $97,871, down 1.66% in the past 24 hours.

On the other hand, during this wave of decline, the market has experienced a "double kill" for both bulls and bears. According to data, in the past 24 hours, the total liquidation amount across the cryptocurrency market reached $1.08 billion, with long positions liquidating $812 million, while short positions liquidated $270 million, affecting over 211,000 people.

Bitcoin 4-Hour Chart

First, according to the Bollinger Bands indicator on the 4H chart of Bitcoin, the price quickly broke through the upper band and then significantly retreated, currently oscillating near the middle band but failing to effectively stabilize above it. The market may continue to seek support near the lower band.

Secondly, based on the KDJ indicator on the 4H chart of Bitcoin, the K-line and D-line values have rapidly declined from high levels, with the J-line entering the oversold area. The K-line and D-line values have not formed a clear golden cross pattern. If the K-line and D-line values turn upward and form a golden cross, there may be a short-term rebound opportunity. However, if they continue to hover at low levels, it can be considered that the adjustment trend has not yet ended.

Finally, according to the MACD indicator on the 4H chart of Bitcoin, the DIF line has crossed below the DEA line on the 0 axis, forming a death cross pattern, and the MACD histogram has turned from red to green, indicating that the market will likely face further declines.

Bitcoin 1-Hour Chart

First, according to the Bollinger Bands indicator on the 1H chart of Bitcoin, there is certain pressure near the middle band. The price quickly rebounded after touching the lower band and is currently running below the middle band, indicating that the price is still in a state of oscillation and consolidation in the short term. If the price can effectively stabilize above the middle band (98,000), it may continue to test the upper band area. If the price cannot effectively stabilize above the middle band and falls back, it may seek support near the lower band (95,500).

Secondly, based on the KDJ indicator on the 1H chart of Bitcoin, the three KDJ line values are running upward at a mid-level, with the J-line value close to the overbought area but not yet entering it. If the current momentum continues and pushes into the overbought area, the price may rebound in the short term. Conversely, if the K-line and D-line values turn downward near the mid-level, further pullback risks should be monitored.

Finally, according to the MACD indicator on the 1H chart of Bitcoin, the DIF line and DEA line are gradually approaching below the 0 axis, showing a trend of narrowing the gap. The MACD green histogram continues to shorten, indicating that bearish strength is weakening, and bulls may attempt a gradual counterattack. If the DIF line crosses above the DEA line to form a golden cross, it may bring a rebound in the short term.

Comprehensive Analysis

Based on the 4H level of Bitcoin, after a rapid rise, a pullback has occurred, and currently, the forces of bulls and bears are relatively stalemated, showing signs of short-term adjustment, but there is certain support below. According to the 1H level of Bitcoin, the price has entered a phase of oscillation and consolidation after a rapid decline, with the forces of both bulls and bears tending to balance in the short term.

In summary, the following suggestions are provided for reference:

Short Bitcoin near 98,500, targeting 96,000-95,500, with a stop loss at 99,200. (The first non-farm payroll data and unemployment rate after Trump's election will be released tonight at 21:30. The above suggestions are for reference only; please pay attention to risk control and stop-loss plans.)

Writing time: (2024-12-06, 12:05)
(Written by - Daxian Says Coin)