BTC market outlook: short-term correction risk and key support level analysis!

🔥 Yesterday's market review

The blog post No. 2 mentioned that 99002 is a short-term pressure level. The highest on the 3rd reached 98977, with a difference of only 25 US dollars. After that, there was a correction and shock. The market is currently showing signs of a downward trend.

🔍 Technical analysis

Support level observation: If BTC can stay above 97220, the short-term upward trend is expected to continue. If it falls below this point, it may further test the support levels of 96350 and 94375.

Wave analysis:

BTC is still in the adjustment stage. There has been no clear driving wave in the rise since 915. There are currently two possible trends:

The decline from 108 to 915 is a single sawtooth pattern, but it is still uncertain whether the C wave is the end wedge;

The rise from 108 to 922 is to promote the 5th wave, and it may be in the B wave rebound.

Assuming that it is currently in the B wave rebound, the B wave may take a joint form and has entered the Y wave. It is expected that the B wave shock period may last until January 19.

Volume analysis:

From the daily chart, BTC has a potential head and shoulders top pattern, and the volume is in line with expectations, and MACD shows a top divergence. At the same time, the rise of the small-level chart is also manifested as a shrinking rise, indicating that the buying power is weak, which may only be a rebound or shock stage, rather than a new upward trend.

📊 Potential reversal signal

If BTC falls below 96,000, it is necessary to pay attention to the Vegas channel at the daily level and the reversal zone near 79,500 (bullish deep-sea crab pattern). At the same time, the futures gap is 77,360-81,210.

⚠ Mao Ge's suggestion

Friends who operate short-term should pay special attention to market uncertainty. Although BTC has not yet shown an obvious top signal, from a structural point of view, the market has downside risks. It is recommended to flexibly adjust positions when profits reach expectations to avoid excessive exposure to risks.

💡 Warm reminder

The above content is for reference only, and investment should be cautious. The market fluctuates greatly. When making decisions, please make decisions based on your personal risk tolerance, do not blindly follow the trend, and be sure to do a good job of risk control. Welcome to share your views on BTC trends in the comment section and discuss together!