Waves in the Cryptocurrency Sea: 1.20 Latest Market Analysis and Insights for Bitcoin (BTC) and Ethereum (ETH)

Bitcoin maintained a narrow range of fluctuations over the weekend. Yesterday morning, the market began to correct, with a strong downward break in the short-term trend. A low spike near the 91800 level triggered a rebound, and as of the time of writing, the price is running around 92500. Observing the daily chart, Bitcoin's daily candlestick rose sharply before retreating with consecutive bearish candles. The current price has fallen to the middle band of the Bollinger Bands, receiving short-term support at EMA30 (92000). The KDJ indicator is diverging downwards, the MACD histogram is shrinking, and there are signs of a death cross forming between the fast and slow lines above the zero axis. The RSI is currently in a neutral zone but continues to decline, indicating an increase in bearish momentum. Moving forward, it is crucial to monitor the key support level at the middle band of the Bollinger Bands (92300) on the daily chart. If this level is effectively broken, it may open up further downward space. The short-term pressure above can be focused on the 94000 level.

The 4-hour chart shows a relatively weak trend, with the price having fallen below the middle band of the Bollinger Bands and short-term moving averages, currently running above the lower band. The KDJ indicator has entered the oversold territory, the MACD histogram remains red, and the DIF and DEA are continuously diverging downwards below the zero axis. The RSI has entered the oversold range, reflecting that short-term bearish momentum is dominant. Although there is a technical rebound demand, there is a lack of clear bullish signals. The 1-hour chart continues to show weak fluctuations, with Bitcoin's price slightly rebounding after probing the low of 91800. It is currently running between the lower and middle bands of the Bollinger Bands, which are showing signs of narrowing, indicating a decrease in short-term volatility. The KDJ indicator is still diverging downwards, and the MACD shows signs of a death cross below the zero axis. The RSI is in a neutral but low area and continues to decline. Overall, the short-term price is likely to remain in weak fluctuations, with a possibility of further declines. The upper resistance to watch is at 93400 (the upper band of the Bollinger Bands). The lower support can focus on the previous key low of 91800 and the round number of 90000.

Waves in the Cryptocurrency Sea: 1.20 Short-term Reference for Bitcoin:

Long Position: Buy in the 90000-91000 range, stop loss at 500 points, target at 91500-92000.

Short Position: Sell in the 93500-94500 range, stop loss at 500 points, target at 93500-92500.

Waves in the Cryptocurrency Sea: 1.20 Short-term Reference for Ethereum:

Short Position: Sell in the 3240-3270 range, stop loss at 30 points, target at 3200-3150.

Long Position: Buy in the 3050-3100 range, stop loss at 30 points, target at 3150-3200.

【The above analysis and strategies are for reference only. Please bear the risks yourself. The article may have delays in review and publication, and the strategies may not be timely. Do not operate blindly.】

The content of this article is originally shared by 【Waves in the Cryptocurrency Sea】 and represents personal opinions. The article may have delays in sending and is for reference only. Please do not operate blindly! If you want to get more real-time trades daily, follow my public account. Here, you can engage in online technical learning and understand knowledge related to exiting positions. I have years of research experience in the market, focusing on the major trends in the cryptocurrency space. I am mainly responsible for analyzing and guiding investment operations for BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. Welcome to study and research together.

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