Share the current market analysis.

Weekly:

Last week closed with a shrinking bearish candle, forming a bearish engulfing pattern. After testing a high point, it was suppressed by the bears and is gradually approaching the rising trend line, which has some support here. Currently, it is still hovering in the 89865-108364 fluctuation range, observing whether this week will form a signal of stopping the decline.

Daily:

On January 27, it broke below the neckline at 99881 with significant volume but quickly recovered, forming a hammer candle as a bottoming signal. This morning's close was a shrinking bearish candle, which also broke below the neckline at 99881, hitting just above the short-term descending trend line, while the long-term rising trend line is also quite close, so there is some support here. Next, observe whether this range can form a signal of stopping the decline with significant volume and whether it can quickly recover and stand above 99881 again. If it cannot regain that level, it will continue to test the support range around the low points.

Summary:

The background of the weekly level is in the mid-stage of a bull market, representing a consolidation phase after a wave of upward trends. The closing forms a bearish pattern, observing whether a clear signal of stopping the decline will form subsequently.

The daily level is in consolidation after an upward trend, and the intraday smaller upward trends may be disrupted. Observe whether it can stand above 99881 again in the coming days; if it cannot, it will continue to test the support range near the previous lows, and more K-line details are needed to increase the judgment basis.

Bitcoin is still in a fluctuating market, but altcoins are indeed undergoing deep washing processes. Ethereum, comparatively, just retraced to the daily level neckline around 2800, which is still within a controllable range, and its overall pattern is fairly good. This suggests that the subsequent stretching of local altcoins will be relatively optimistic. Although there have been many recent negative news reports, along with macro funding factors causing delays, market sentiment is not optimistic, with the FGI index at 44 this morning. However, the major trend direction has not changed significantly; the washing process is just more tortuous. I still believe in the law of cycles; it may be late, but it will come.