December 31 Morning Thoughts:

The midnight market turbulence with its sharp fluctuations has trapped many, leaving countless bulls and bears caught. At midnight, the main cryptocurrency rebounded strongly after hitting a low around 91519, rising all the way to a high around 95031. Unfortunately, the bullish momentum did not continue, and after facing pressure, it began to pull back, subsequently forming another sharp drop until it finally halted at a low around 91850. The movement of the altcoin was roughly similar to that of the main cryptocurrency. It first rebounded from a low around 3302 to a high around 3419, then also faced pressure and retraced, ultimately dropping to a low around 3307.

The four-hour K-line has returned to the Fibonacci retracement level of 0.786 at the balance point of 94300. Whether the market can form a head and shoulders bottom will require more time to observe. The horizontal range has been established for now, with MACD starting to expand, and a golden cross forming between DIF and DEA, indicating signs of bullishness. The Bollinger Bands still show a downward trend, with the upper resistance level to watch at 95800. In terms of strategy, consider shorting after another upward pull.

Main cryptocurrency short near 93300-93800, target 90500.

Altcoin short near 3420-3385, target 3280.

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