Xiang Li: December 8 Morning BTC and ETH Operations and Analysis

The market was quite active during the early morning hours, with intense long-short battles and both sides taking turns, making it hard to determine the winner in key areas. BTC bottomed out at 87,688 before surging strongly to a recent high of 91,722. Unfortunately, it failed to hold above that level and continue the upward momentum, subsequently dropping nearly 3,000 points to around 88,890. It is currently rebounding slightly, waiting for opportunities around the 90,000 mark. ETH mirrored BTC’s trend, starting from 2,903 and climbing northward to a high of 3,150, then pulling back to around 3,010, and after bottoming out, slightly rebounded to rest around the 3,050 area.

From the daily chart perspective, the overall outlook remains bearish. Although the KDJ indicator is currently operating in the strong zone, the KD lines have already formed a death cross at a high level, with signals of a downward move becoming increasingly apparent. Meanwhile, the RSI indicator’s three lines are moving sideways in the weak zone, and the lack of upward momentum makes it hard to organize an effective rally; the longer the market fails to break upward, the more likely a decline becomes.

For morning operations, it is still recommended to stick to the bearish strategy and seize every opportunity to short on rallies. Until all signals clearly turn bullish, going long carries extremely high risk. As year-end approaches, various parties may want to make their reports look better, possibly injecting large amounts of capital into the market and pushing prices higher. It is advised that most people still follow the trend, which may be the safest approach.

BTC can be shorted in the 90,000-90,500 range, targeting around 89,000.
ETH can be shorted in the 3,050-3,080 range, targeting around 3,000.
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