$BTC
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Bitcoin has been consolidating around the 100k price level for over two months, and the most likely opportunity for a breakout will occur after the wedge formation from 12.20-1.14, followed by a breakout and a backtest of the 20EMA confirming an upward trend from 1.20-1.25.
However, the results have been contrary to expectations, with a series of blood-drawing operations post-appointment causing a previously thriving market to enter a cooling period. The initiation of a bull market still requires a catalyst.
Currently, the price is below the 50ema, and after three days of positive closes, there is a possibility of a breakout after a backtest confirmation. However, Tian Ge is not very optimistic about whether this round will commence. The reason is that although there was a rapid drop in price over three days followed by a quick V-shaped recovery, the subsequent performance has shown a clear lack of strength, and the market's reaction has been more subdued rather than excited. Additionally, the market has been in a downward fluctuation state over the past week. Therefore, even if there is a successful breakout above the 100k level in the next two days, the market may not necessarily become enthusiastic.
Future upward opportunities may arise after the market accelerates, leading to a dip below 90k, quickly creating a pit below 90k before accelerating back up. Moreover, it was mentioned during the weekly analysis at the 108k correction that there is downward space at the 80k level within the upward trend. If the opportunity for an upward breakout in February does not materialize soon and the market remains sluggish, then a dip below 90k in March is inevitable.