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January 16th Bitcoin Market Analysis: Short-term Range Consolidation Continues
This morning, a bearish candle with a long lower shadow appeared, repeatedly testing within a narrow range. From a daily chart perspective, 9.79 acts as resistance, and around 9.7, a multiple M-top pattern has formed. The effective support level is at 9.51.
Currently, short positions can be placed at 9.7, with additional entries at 9.79, and a stop-loss set at 9.89; meanwhile, there are also opportunities for long positions around 9.51. Consider adding to longs near 9.4, with a stop-loss at 9.31, and upside targets at 9.62 and 9.73.
This repetitive grinding within the range tests patience but also presents a good opportunity for positioning. Stay tuned daily for market updates, real-time levels, and market insights to help you seize trading opportunities.