Xiang Li: December 17th Afternoon Bitcoin and Altcoin Trading Analysis

From the four-hour chart, the three-trend lines are moving downwards in sync, with the opening pattern remaining intact. The Ichimoku cloud has not been broken through at the key middle support level, and the price has been operating within the downward channel. This indicates a clear head-and-shoulders pattern, and the price may accelerate further downward. The MACD indicator shows both lines below the zero axis, forming a bullish crossover underwater, suggesting that buying momentum is weak and entering the market with limited strength. The upward momentum is still scarce and unable to resist the head-and-shoulders pattern, so the bearish trend may continue. The KDJ indicator clearly shows a lack of upward momentum, with all three lines currently in the 50-70 strong zone. Normally, this would suggest sufficient momentum and a potential test of new highs, but the three lines are turning downward here, indicating a lack of upward energy. Meanwhile, it is also evident that the volume increase with price decrease favors the head-and-shoulders pattern!
Overall, in the afternoon session, it is advisable to follow the trend, adhere to the long-term trend, and execute trades on rallies!
Bitcoin can be bought within the 87,000–87,500 range, with a target around 86,000.
Altcoins can be bought within the 2,950–2,980 range, with targets around 2,900.