"12.16 Market Analysis: Where Is the Faith in the Bullish Army, and How Do Daily Chart Patterns Support the Uptrend"

I'm exhausted from the decline, I'm exhausted from the decline. The expected start of the rally this week seems to have changed, leading to new expectations for the trend: if we still want to be bullish here, what kind of daily chart movement is needed to support it, and which levels are critical? If it can't bounce back to certain levels, when will the trend start to decline?

$BTC First, on the daily chart, the support levels below Bitcoin are at 83,500 and 82,200. If the daily candles close with consecutive bearish (downward) candles over the next two days, then the two levels above won't be the final bottom. There might be a deeper decline to complete a W bottom or head and shoulders bottom pattern on the daily chart. To see a better upward trend in the short term, the price must show signs of support-resistance switching above 88,000 before we can look at the 90,900 resistance level again.

$SOL In the short term, for Sui to go higher, it also depends on whether it can stabilize around 131. At least on the hourly chart, it needs to hover around 131 to show signs of support-resistance switching. Once it moves up, then look at the 140 resistance. Support levels below are at 119 and 117.

$ETH For Ethereum to rise in the short term, it still depends on the 3100 resistance. Support levels below are at 2824-2796 and 2715. Essentially, it depends on whether the price can complete oscillation within this range. 2715 is the support at the lower boundary of the range.

In summary, under the current situation, if you insist on being bullish, the support levels mentioned above must either break above or return to 88,000. The most important thing is that Bitcoin's daily candles cannot continue to close with bearish candles over the next two days; if they do, another wave of decline will be needed to stop the fall. Also, the 88,000 level must be reclaimed to pursue longs on the right side; otherwise, any additional long positions can only wait for the support levels mentioned above. If you don't understand the market or can't determine the direction accurately, welcome to join the Chief. Click to join the Chief community (Follow the Chief for daily market analysis and precise entry points. Long and short ideas are for reference only. Strict stop-loss and take-profit are recommended).