Hello everyone, I am Bitcoin's silly smart.
Today is January 20, Monday, Beijing time.
The market has been quite turbulent in the past two days due to the new coin from the king of understanding sucking the market, causing altcoins to drop. Next, we should focus more on the leaders and not pay attention to coins with significant declines.
This morning, Bitcoin was affected by news of Trump's wife's coin issuance, leading to a wave of panic selling in the market. It briefly fell below $100,000, reaching a low of $99,680, and is currently fluctuating around $101,600. Last week, we analyzed that Bitcoin would present a new opportunity if it broke through $102,500. However, even if it breaks through, we should not chase highs; we should wait for a correction. It has already corrected, so we are waiting for the results of the consolidation before following.
From the 4-hour perspective, Bitcoin has currently fallen back into the 4-hour channel near $10,600. If it cannot effectively stand above $102,500 after a pullback, we still expect it to continue to dive towards the channel center around $97,500. It will undergo a pullback ABC three-wave structure, and only after stabilizing can we expect to continue rising.
Coin Winning indicator BTC 30 minutes shows that Bitcoin is currently pulling back into the upward trend channel and has dropped into the deep green area of entangled moving averages, reaching our potential buying point. We will wait for the consolidation to end with a key upward volume K before entering with a small stop-loss to go long.
ETH has been fluctuating violently in the past two days. We mentioned in last week's analysis that the daily level is currently forming a descending triangle pattern. Without funds, we are watching the fluctuations. The recent days have seen large fluctuations due to news, and it is only suitable for spot trading at the bottom support area, buying low and selling high. Chasing highs will lead to losses. If you lag behind, you will also incur losses, so we should operate cautiously.
In 4 hours, ETH has formed a potential head and shoulders bottom. If it consolidates and breaks through the descending trend line, there will be a decent rebound.
Coin Winning ETH shows that in 30 minutes, ETH has bounced back after turning bullish, testing the moving averages several times but not reaching the target 1 profit-taking position. When it dropped, we exited at break-even, and after continuous consolidation, it broke below the channel and moving averages, forming a short-term trend reversal. We shorted at the upper boundary, and the price hit target 1 for profit-taking. Overall, we see a volatile trend and will look for opportunities.
Trump Coin, a recent favorite in the market, surged continuously after its listing. From a technical perspective, it formed a triangle consolidation at the 15-minute level and quickly rose from $24 to $75. After some consolidation, the market was affected by news of Trump's wife's coin issuance, quickly dropping to a low of $37.6, forming a range before choosing the upward direction. It has currently risen by 30% from a decline to an increase. Overall, it seems to be fluctuating. After the king of understanding takes office tonight, the favorable news landing may bring about a wave of correction in the market.
So that's today's market analysis.
I am Bitcoin's silly smart, and if you like this article, please like and follow.
Thank you all for watching and supporting. See you tomorrow.