As of 11:40 on December 18 (UTC+8), the current BTC price is approximately 85,800. The daily chart is dominated by a bearish trend, with weak rebounds during the 4-hour oversold conditions. Overall, the market is oscillating weakly, mainly trading rebounds to short positions, with light positions at low levels for trying long positions.

Core Price Levels and Key Multi-Period Zones

• Daily: Support at 85,000 (Fibonacci 0.786) / 83,500; Resistance at 88,000 / 90,000-91,000 (strong resistance)

• 4-Hour: Support at 85,200 / 84,000; Resistance at 87,500 / 89,000

• 2-Hour: Support at 85,000; Resistance at 86,500-87,000. Bollinger Bands are converging, increasing the likelihood of range-bound oscillation.

Multi-Period Technical Analysis

• Daily: MACD death cross, KDJ downward divergence, Bollinger middle band pressing down, continuation of the bearish trend; price has broken below short-term moving averages, with no clear signs of stabilization, rebound is weak.

• 4-Hour: RSI around 30 (oversold), MACD bottom divergence with decreasing volume, indicating weak rebound potential; EMA15 faces strong resistance at 89,500, with the lower Bollinger Band at 85,200 serving as immediate support.

• 2-Hour: Volume shrinking, price oscillating below the middle band, awaiting a breakout; focus on whether it can break above 86,500-87,000, which will determine the strength of the short-term rebound.

Technical Signals and Structural Key Points

1. Trend: Daily is in a downtrend channel, 4-hour oversold but no clear reversal signal, 2-hour waiting for a breakout.

2. Volume: Trading volume in the past 24 hours has shrunk compared to previous days, indicating insufficient rebound momentum; sustained movement requires volume breakout.

3. Divergence: 4-hour MACD bottom divergence suggests a possible rebound, but at a small level; confirmation requires price to break above 87,000 to be reliable.

4. Correlation: Dominates the trend of mainstream coins; the breakout direction in the 85,000-87,500 range will determine the trading rhythm of ETH and other coins.

Actionable Trading Strategies (with stop-loss)

1. Rebound Short: Short at 87,500-88,000, stop-loss at 88,500, target 86,500-86,000; if broken, target 85,000-84,500.

2. Pullback Long: Light long positions at 84,800-85,000, stop-loss at 84,000, target 86,000-86,500; if broken, target 87,500.

3. Breakout Strategy: Volume breakout above 88,000, retest at 87,500 for long entry, stop-loss at 87,000; volume breakout below 84,800, rebound at 85,000 for short entry, stop-loss at 85,500.

Risk Management Points

• Position size ≤30%, always include stop-loss to avoid extreme volatility.

• Prioritize executing rebound short positions; low-level longs should be light and quick in and out.

• Closely monitor the validity of the 85,000 support; a breakdown will accelerate the decline toward 83,500-81,000.