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: 13:18, January 30th, Beijing time
Market Information
- Anson Fund Management Company: It is expected that the excitement brought by the approval of the spot Bitcoin ETF this year will fade.
- The Australian ASX is expected to approve a spot Bitcoin ETF in the first half of this year.
- Grayscale official data: As of January 29th, the GBTC Bitcoin holdings fell below 500,000 coins.
- Republican Congressman: Optimistic about the prospects of new encryption legislation in 2024.
- President of Bone Fide Wealth: Bitcoin is "digital gold".
Market Review
Yesterday, our market was under pressure around 42500, with fluctuations during the day. At midnight, the price surged directly to the 42500 level in the last hour of trading. The market suddenly changed direction. Basically, the short positions mentioned in yesterday's article should have been stopped out. After midnight, a reverse position was suggested, but the article and news were not updated in time. After all, platform review also takes time. The market is too fast, please forgive us. The high point of Bitcoin was at 43775, and the high point of Ethereum was at 2326. Ethereum is still weak, while Bitcoin's rebound is stronger. After breaking through the 42500 resistance level, Bitcoin has a good chance of testing 45000-46500. Short positions should be abandoned for now, and we should wait for the rebound before considering short positions in the future.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin's rebound has been pushing higher since the close at midnight, also breaking through the 42500 resistance level and the previous short-term high. After reaching the resistance near 43770, the rebound did not continue, but since the bulls have already broken through, they will start to push higher. This rebound should be considered as a rebound from the decline of 49027-38545. The pressure range for this rebound is 45000-46800. Bitcoin needs to reach this range before a decline can occur. The possibility of breaking the previous high of 49000 is not very high, but reaching the 45000 level is quite likely. In day trading, pay attention to long positions on pullbacks, with support near 42500. After breaking through, the pressure will turn into support, and the target will be 43800-45000. After reaching this level, we will see if the bulls can continue to push towards 46800. Exercise caution in entering the market for short-term trading, and manage risks on your own.
ETH:
Looking at the 4-hour chart, Ethereum's rebound is relatively weak and cannot keep up with the rise, indicating that there is not much capital in Ethereum. When the market starts to decline, Ethereum will fall even deeper. Ethereum has also broken through, breaking the 2315 resistance level. Although it did not achieve a high surge, it can still be considered a breakthrough. The rebound of Ethereum may not be as strong as Bitcoin's, and it is expected to reach the range of 2440-2500, which may be difficult to achieve without a surge. After Bitcoin reaches the resistance, Ethereum can follow Bitcoin in shorting. In day trading, Ethereum's support is near 2240, with the target above at 2300-2380. Enter long positions near the support and manage your own entry opportunities for short-term trading. Exercise caution in entering the market, and manage risks on your own.
In summary:
Bitcoin and Ethereum have broken through in the short term, and the market will start to rebound in the future.
The article is time-sensitive, please be aware of the risks, and the above is for reference only!
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