Xiang Li: December 6th Morning BTC & ETH Operations and Analysis

From the 4-hour chart, the candlesticks have consecutively formed a "three black crows" pattern, showing a downward trend. BTC has already broken below the EMA7 and EMA30 moving averages, and a death cross has formed during the downtrend, which undoubtedly lays the foundation for further decline. Meanwhile, on the MACD indicator, the two lines formed a bearish crossover above the zero line early in the morning, forcing the fast line to enter the area below the zero axis first. The market is transitioning from strong to weak, and with the continued influx of selling pressure, the entire market is currently filled with extremely depressed sentiment!

On the hourly chart, both the KDJ and RSI indicators rebounded after bottoming out during the early morning hours, but have not yet entered the strong zone. Clearly, this situation does not conform to technical analysis. So, what is the biggest problem? It's the lack of trading volume. Any upward movement in BTC without trading volume is all just a bubble. At the same time, extremely pessimistic sentiment is indeed affecting much of the buying power, with most choosing to stay on the sidelines. Therefore, the best approach is to follow the trend. During this morning’s trading, stick to shorting on rallies, especially since it’s the weekend—don’t set your targets too high, and adjust steadily!

BTC can be shorted in the 89000-89500 range, target around 88000.
ETH can be shorted in the 3020-3040 range, target around 2950.

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