December 11th Bitcoin & Ethereum: False Breakout, Real Pullback? Focus on Key Support Levels

Yesterday, both BTC and Ethereum encountered resistance after initial rallies, shifting their short-term trend from strong to slightly weak and volatile. Currently, both major cryptocurrencies are repeatedly testing key support levels. Will they continue their deep pullback or stabilize at the support level and launch a counterattack? The key lies in the struggle between bulls and bears at this crucial watershed.

The following is today's market analysis and midday strategy (written at 13:00).

[BTC Bitcoin Market Analysis]

● Daily chart structure: Two failed attempts to break higher, indicating a clear false breakout.

• The daily chart shows two consecutive failed attempts to break through to around 94500, both resulting in a pullback .
• Prices have fallen back below the daily moving average system.
• The market is experiencing heavy selling pressure, resulting in insufficient rebound strength.

● 4-hour chart: Key support at MA120 (89500)

• BTC has currently retraced to around the 4-hour MA120 (approximately 89,500) .
• This position is a crucial dividing line between bullish and bearish sentiment in this round of price increases;
• If the support level is breached, the downside potential may reopen in the short term, with the price potentially testing even lower support levels.

● 1-hour chart structure: 90500 is the short-term watershed.

• The 1-hour chart has broken below the MA256 (daily moving average) level of 90500 .
• This area is the key location for determining the strength or weakness of short-term market trends;
• It is expected that the price will fluctuate and struggle around this position.

→ Overall assessment: Short-term outlook is weak; close attention should be paid to whether the 89500 support level can be breached.

[ETH Ethereum Market Analysis]

● Daily chart structure: After encountering resistance at the MA60, the price fell back to key support.

• The daily chart shows a rise to near the MA60 before encountering resistance and falling back .
• Currently, it has retraced again to test the 256-day moving average (around 3200) .
• 3200 is a crucial short-term support/resistance level on the daily chart for Ethereum .

● 4-hour chart: Broke below MA256 (3220)

• The 4-hour chart has broken below the MA256 (3220) .
• If the price continues to trade below this level, the upward rebound will be limited.

● 1-hour chart: Watch for support at 3080

• If the 3200 support level is breached, the key support level to watch is the 1H MA256 (3080) .
• If this area can stabilize, Ethereum is still expected to maintain its rebound structure.

→ Ethereum is currently significantly stronger than BTC, but key support levels must not be breached.

[Midday Trading Strategy (Written at 13:00)]

The following strategies are for short-term trading and are for reference only:

BTC (Bitcoin)

Low-end layout

• There are many around 89500.
• Add to long position at 88000
• Target: 91000 / 92000

High-altitude layout

• 91000 / 92000 area air
• Pullback target: 1000–2000 points

ETH (Ethereum)

Low-end layout

• 3155 more
• Buy on dips to 3080
• Target: 3200 / 3250

High-altitude layout

• 3260 / 3350 area air
• Pullback target: 60-100 points

Risk Warning

• Market conditions change rapidly, and the above strategies may have limited effectiveness.
• Always set stop-loss and take-profit orders when entering the market, and manage your position size appropriately;
• Don't chase high prices, and don't linger in positions.

#BTC#ETH

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