Market Overview for January 17: Bitcoin consolidates sideways, Ethereum oscillates and gathers strength

【Bitcoin Price Analysis】

From the daily chart, after spiking yesterday, Bitcoin failed to continue upward and closed with a small bearish candle, but the 95,000 level remains defended. The Bollinger Bands are not widening much, and the moving averages are still arranged upward, indicating that the bulls still have confidence. However, although the MACD fast and slow lines continue to rise, trading volume is clearly shrinking, and the KDJ golden cross has started to turn down, suggesting that upward momentum may be weakening. The VR indicator fluctuates around 110, and market sentiment remains cautious.

Looking at the 4-hour chart, the situation is clearer. 95,000 is the current critical level—if it falls below, the price could test 93,800. Conversely, 98,000 is the dividing line between bulls and bears—whether it can hold here is crucial. If it breaks through 98,000 and stabilizes, a push toward 100,000 is possible. But if it fails to break through, a reversal is likely. Currently, the Bollinger Bands are narrowing, the moving averages are flat, the MACD has already formed a death cross, the green volume bars are expanding, and the KDJ is heading downward—all signals pointing to a bearish trend.

【Ethereum's Rhythm】

On the daily chart, Ethereum attempted a rebound yesterday to break through the 256-day moving average but was unable to do so, being held down around 3400. This resistance level is very important—without a clear breakthrough and stabilization, sustained bullish momentum will be difficult to develop.

On the 4-hour chart, the upper band is being tested downward, while the middle and lower bands are expanding, and the price is supported by the middle band to halt the decline. However, bearish momentum continues to expand, with the KDJ forming a death cross downward, and RSI trending lower—these are all bearish signals. Interestingly, the retracement is not very deep, which may hide some trap-the-trend tactics.

On the hourly chart, signals are shifting. The MACD bearish volume bars have significantly shrunk, the KDJ has formed a golden cross and is diverging upward, and RSI is turning up from low levels—short-term downward momentum is clearly weakening.

【Trading Strategy】

Bitcoin: Consider going long when the price retraces to the 94,080–94,730 range, with targets at 96,200–97,400. If the rebound reaches 97,530–99,100, consider reversing to short positions, with downside targets at 93,600–88,600.

Ethereum: Look for long opportunities at 3,221–3,253, with rebound targets at 3,315–3,430. If the price rebounds to 3,433–3,470, consider shorting, with targets at 3,220–3,080.

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