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1.13 Tuesday Midday Market Analysis
Tonight there will be CPI data released; please be cautious to avoid risks.
The recent trend of Bitcoin has been quite similar, as it hasn't broken out of a clear direction, continuously oscillating within the 92643-90345 range. You can consider buying low and selling high around this oscillation range.
Bitcoin has attempted to break through the 92643 resistance twice but failed both times, and the second upward breakout did not reach the previous high. If it tries again and still cannot surpass the support at 90345 below, it may not hold, as the number of downward retests exceeds upward breakthroughs. A support level that has been tested multiple times tends to weaken.
Currently, within the Bitcoin triangle pattern, a head and shoulders pattern has appeared, and the price has been operating below 91477. The neckline of the head and shoulders is at 90345; if it breaks below this level, it will test the support at 89265. If it holds, the price may oscillate within the 89265-90345 range; if it cannot hold, it could lead to a sharp decline.
BTC Trading Suggestion: Short at 91700-92500, stop loss above 93200, take profit at 90800-89500.
ETH Trading Suggestion: Short around 3130-3170, stop loss at 3210, take profit at 3100-3050-2980.