Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 18:14, January 22, Beijing time
Market Information
- Since the approval of the spot Bitcoin ETF, the trading volume of Proshares Bitcoin ETF has plummeted by 75%.
- A US presidential candidate who opposes the introduction of CBDC announced his withdrawal from the campaign.
- 2024 Beijing Municipal Government Work Report: This year will promote the landing of a number of major projects such as the national blockchain hub node.
- Google searches for spot Bitcoin ETF have plummeted.
- Important events schedule for this week: The US SEC will hold a court hearing with Binance.
- Goldman Sachs: It is currently expected that the Fed will slow down the pace of balance sheet reduction starting from June.
Market Review
Last week, it was expected that the market would decline. Bitcoin traded sideways over the weekend, while Ethereum experienced a slight decline. There was basically no significant fluctuation. The market fell last night, with Bitcoin hitting a low point of 40658 during the day, but it has not dropped below 40000 yet, and it is still a little distance away from 38500. However, the short-term decline has been realized. Ethereum hit a low point of 2394 during the day, which is close to the predicted decline range of 2385-2310 from last week. Although the progress was slow, the profit from the decline was achieved. For those who positioned themselves over the weekend, although the waiting time was long, as long as the result is profitable, it is good. After the verification of the decline during the day, the market will continue to decline in the future.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin's trend is relatively weak. There hasn't been a decent rebound after the previous decline, and there is not strong support below to support a significant rebound. From a news perspective, after the announcement of the spot Bitcoin ETF, funds have been continuously attracted, but Bitcoin has not shown signs of rebound. This indicates that the market is currently under pressure, and more funds are needed to drive the market up. Personally, I am not optimistic about a significant rebound. Both the weekly and short-term charts are bearish. Bitcoin is likely to continue to decline in the evening. Bitcoin is expected to break through 40000 in the evening. Once it drops below 40000, the next support level will be around 39000. After the short-term support is reached, we will look at the closing situation below to position long orders. Trade cautiously and manage risks on short-term trades.
ETH:
Looking at the 4-hour chart, Ethereum's trend is basically in a downtrend channel. It continued to decline during the day, and after the previous decline, there was a small rebound, but the strength of the rebound was not significant. This indicates that the Ethereum market is also dominated by bears. There is still a lot of room for Ethereum to decline in this wave, and the nearest support for Ethereum is in the range of 2315-2205. There may be a long opportunity once this range is reached. Ethereum is expected to continue to decline in the evening, with the target being the range of 2315-2205. The resistance above is at the 2470 level. If this level is not broken, short positions can be held. Trade cautiously and manage risks on short-term trades.
In summary:
Bitcoin and Ethereum are expected to continue to decline in the evening, with a strong bearish trend. Pay attention to seizing opportunities.
The article is time-sensitive, be aware of the risks, and the above is for personal reference only!
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