January 31, 2025, Morning Analysis of BTC and ETH Market Trends
Regarding the BTC daily chart, we have some new insights and discoveries:
1. Currently, BTC is still in a high-level range oscillation between 90,000 and 108,000. Until this range is broken, 108,000 is an important resistance, and 90,000 is an important support.
2. Since New Year's Day, the overall market trend in January has been strong, moving from 90,000 to 106,000 in a bullish trend, which is an upward movement within the oscillation range. There is a good sign currently:
The consecutive daily gains over the last two days have recovered the previous four days of daily losses (within the blue box). Within the short-term rising channel (green channel), it forms a [Bullish Engulfing] pattern, which is a good continuation bullish formation, presenting certain opportunities: BTC price is expected to strengthen continuously, challenging 108,000 and 110,000, creating new highs!
This is also an opportunity we need to focus on recently. Only by breaking out of the range will BTC embrace greater trend opportunities.
3. However, do not blindly be optimistic about the bullish breakout of the price because, in principle, without an effective breakout result, the range of 108,000 to 110,000 is currently the ceiling of the market, and the price may anytime face pressure and turn back!
Minimum
Therefore, the current price level presents both opportunities and risks! Do not be blindly optimistic or pessimistic; waiting quietly for the right opportunity is the best strategy.
ETH:
[History will repeat itself, but not simply] Pay attention to the ETH daily chart
On the left side, the first half of 2024 shows a unilateral rise + five-wave correction, while on the right side, the second half of 2024 shows a unilateral rise + five-wave correction. The fluctuations, amplitudes, and time cycles are almost identical,
Is it possible for ETH to [repeat history] and soar again?
(If such an opportunity arises, then BTC must break through the 110,000 barrier!)
We shall see!
