January 7 Daily Market Analysis

Price Action Analysis
1. Bitcoin attempted twice to break through 94,500 but failed both times. After the US stock market opened yesterday, trading volume increased and the market weakened directly. The trend line has been broken, and the upward channel structure has also been disrupted. This round of rise from 87,000 to 94,500 can basically be declared over. Breaking through 94,500 later is no longer significantly related to this movement; it marks the start of a new trend.

2. Bitcoin now shows a clear climax pattern. The surge to 94,500 last night was one phase, and the large bearish candle at 1 a.m. was another phase. Those who frequently watch live streams should be able to judge this. Bitcoin is moving rapidly between 91,500 and 94,500, which is a typical trading range, but it’s irregular. Support and resistance levels can be drawn in many ways, and the structure is not ideal for trading.
Only attempt to short at 94,500 and go long at 91,500.
$BTC

3. Mainstream altcoins like doge, sui, and others are very weak in bullish momentum. Once the main market weakens, these altcoins will directly flood out. If the main market is in a sideways correction, they will turn into a downward channel. So, only when the main market is strong are they not necessarily strong; but if the main market weakens, they will directly end their rally.
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