Xiang Li: Analysis and Operation of Bitcoin and Altcoin on December 16 Morning

From the hourly chart, currently Brother Qie has experienced a slight rebound after a sharp decline. It is still operating within the downward channel, and the momentum of the downward trend remains quite strong. The triple trend line pattern with the open mouth has not been affected by this round of correction and remains intact, laying a foundation for Brother Qie to test lower levels again. In the MACD indicator, the double lines continue to operate in the weak zone below the zero axis, and the brief upward pull has not changed the downward pattern. The continuous increase in selling volume keeps the market shrouded in fear of further decline. It is worth noting that the KDJ indicator on this level chart has already formed a bullish crossover with divergence near the value of 20, which signals a potential rebound after bottoming out. However, the overly pessimistic sentiment has kept trading volume from increasing in tandem with Brother Qie. There is a serious divergence between Brother Qie and the volume, indicating that this upward movement can only be regarded as a technical correction rather than a genuine reversal!
Overall, the probability of Brother Qie continuing to decline is still high. Given that upward momentum without sufficient volume is unlikely to generate an effective rebound, the suggested approach for morning trading is to stay on the sidelines or buy on dips, following the trend is the best strategy!
Bitcoin can be bought within the range of 87,000–87,500, with targets around 85,700–85,200.
Altcoin can be bought within the range of 3,020–3,050, with targets around 2,930–2,900.
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