BTC’s price action tonight is really frustrating. It’s been consolidating all day, just dragging on without moving up or down—what exactly does it want to do?

Looking at the 30-minute chart, there’s a morning star pattern at the yellow box, but the problem is it’s neither rising nor falling. What’s the point of this pattern then? The current situation is pretty clear:

To the upside, 87741 is a strong resistance. Only by breaking above this level can the upside open up; otherwise, it’s just pointless back-and-forth. To the downside, 86125 is the support line. As long as it holds, the price won’t drop further. Only a real break below that level will continue down along the red arrow path.

Right now, it’s just stuck in the 87741 to 86125 range, bouncing back and forth. Maybe it just hasn’t consolidated long enough—once it has, it’ll naturally pick a direction.

Here are some reference points for trading: If 87077 breaks out with volume, go long on the right side; if 86529 breaks down with volume and fails to recover on a retest, go short on the right side—remember to set a stop loss. On the hourly timeframe, holding above 87741 opens up the 88241-89261 range. On the 4-hour chart, if 86083 is lost, watch out for a pullback to 85468-84063.

Personally, I’m still leaning bullish, since the rate cut on December 10 is approaching, and positive news like this is usually hyped in advance for a rally. That’s it for now—let’s keep watching.