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12.18 Bitcoin Morning Outlook
Last night, I provided a high-level outlook, and the direction was completely correct. Unfortunately, the market maker clearly manipulated the shakeout, causing some traders who are not firm to chase the rally and sell off, likely getting caught in the trap.
Intra-day, after touching around 90300, Bitcoin quickly retreated, dropping all the way to 85000 to find support and rebound. Currently, it is consolidating around 86000. The short-term pattern of a rise followed by a fall confirms a bearish dominance, and the divergence between funds and volume also indicates that the rebound is unlikely to sustain. Without unexpected positive news, the price will continue to test lower support levels.
It is recommended to watch around 86500 and 87000 for potential resistance, with a downside target of 85000. If support breaks, consider short positions targeting around 83000.