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12.11 Bitcoin Afternoon Outlook
1-hour K-line chart shows that BTC surged to around 94476 before deeply pulling back, not only breaking through the previous consolidation platform but also dipping to a low of 89389. The price continues to operate below the middle band of the Bollinger Bands, near the lower band region. The Bollinger Bands are trending downward, indicating a short-term bearish trend has formed. The rebound between the middle and lower bands is a weak recovery and has not broken through the key resistance levels of the bears.
Bitcoin is recommended around 91000, 91500 with targets at 89000, 88000.