Yueying: Bitcoin and Ethereum Market Analysis (January 29th) - Will Bitcoin Short Positions Be Proceeding and Support Break Down, Leading to Accelerated Decline?

The short position strategy for Bitcoin at 90500 was executed precisely. The current low is around 87650, and the long position at 87800 currently has limited profit potential. Looking at the daily chart, the previous candlestick tested the 60-day moving average and was resisted, pulling back to close with an upper shadow doji. Intraday, the price opened lower, testing the Bollinger Bands' opening. Short-term moving averages are flat, the MACD fast and slow lines are extending downwards with decreasing volume, the KDJ is crossing upwards, and the VR indicator is consolidating around 110. On the four-hour chart, the price touched the EMA200 and then fell below the middle band. The Bollinger Bands are narrowing, and short-term moving averages show signs of turning downwards. The MACD fast and slow lines are turning downwards near the zero line with decreasing volume, the KDJ is crossing downwards, and the VR indicator is consolidating around 100. Overall, the news released in the early morning did not cause significant fluctuations. After a slight dip at the open this morning, the market movement was as expected. The resistance level above has been difficult to break through and stabilize, so the short-term strategy is mainly to sell on rallies. The resistance level to watch is around the 7-day moving average on the 4-hour chart, and the support level is around the lower Bollinger Band. See the short-term recommendations below. Bitcoin short-term recommendations: Long at 87300, Short at 89000 (Take profits as needed). Ethereum's rebound failed to break through the previously mentioned 3050 resistance, and the market has turned to a pullback. The daily and 4-hour technical charts are linked to Bitcoin's chart. Continue to watch the short-term support level around 3050, and the support levels below are around 2900, followed by 2800. See the short-term recommendations below. Ethereum short-term recommendations: Short at 3015, Long at 2908 (or 2838) (For more coin analysis, click the image to see the homepage introduction). —I am Zhou Yueying, a teacher specializing in technical analysis. If you have any questions about trading or trends, feel free to discuss and learn with me! Let's exchange ideas and profit together!