Important News on January 17:
- Options contracts with a nominal value of $2.19 billion in BTC and $610 million in ETH will expire today.
- Real-time AI concept coin rankings: AIXBT, VIRTUAL, FARTCOIN are in the top three.
- Trump plans to designate cryptocurrency as a national priority.
- Litecoin ETF has met all conditions and may become the first altcoin ETF in 2025.
- Tether launches cross-chain USD stablecoin USDT0.
Conveying the way of trading, enjoying a wise life.
The price of Bitcoin is currently at a very critical position, challenging the neckline of a double bottom. We see this area as a double bottom, and it is currently challenging $102,700. We can see that today it has made a spike upwards, and specifically at the hourly level, we find that Bitcoin's price has released a certain amount of volume at this point.
At this point, it has released volume and is pushing upwards, closing with a bullish candle. So it is just a step away from the position we mentioned, with only a few hundred points of space. For now, we set its support level at $100,878, which is this position. So this is a bowl-shaped bottom, with the neckline at $100,800.
If it can gain support at $100,800, is there a possibility of a breakout, moving directly to break the key neckline at $102,700? If this happens, Bitcoin may welcome a larger upward movement.
The indicators at the two-hour level show that at this position, the momentum is actually quite weak. When attacking the neckline at $102,700, the bullish energy bars released are still relatively small. If there is a real intention to break through, there should be a larger energy bar or something more normal.
It is now clear that there is some selling pressure at this point. So there are two scenarios: the first is a violent upward surge to break through the price we just mentioned; the second is a slow downward pullback.
If there is a pullback, where will the price of Bitcoin go? If the price pulls back, we first look at its support level, and I still believe that the first support level is $99,000, and the second support level is still very critical, around $97,000.
Returning to the four-hour level, we previously discussed two positions, one being $97,000, which actually reached yesterday, and the second position is $96,000, which has not yet been reached. So if it pulls back, we will still look at these two points. Of course, a breakout upwards would be better, leading to a higher position. We are closely watching the significant fluctuations in the market over the next few days, hoping for an upward breakout, even if the pullback is to $95,000 - $96,000, I believe the extent of the pullback will still be limited.
Ethereum is currently in a good shape. We can see that Ethereum had a pullback yesterday, dropping 5 points. The trendline resistance is very obvious, and if we return to the four-hour level, we might see it more clearly.
At this position, it is $3,300, with the lowest pullback to $3,260. At this position, the hourly level has actually broken through, with energy bars and MACD indicators breaking through at this point, at the neckline of $3,365, which serves as a temporary support, also the support for today.
So $3,365 cannot be broken; if $3,365 breaks, then it will have to go down, possibly testing $3,300 again. If $3,365 gains effective support, Ethereum's price may push upwards towards $3,470, which is the previous high point. I believe the probability of pushing upwards from this point is very high.
You can set a position at $3,365, and the breakout point to exit would be $3,310. Looking upwards, besides $3,473, there is also a neckline at $3,500. So what is $3,500? It is the trendline resistance at the daily level.
From the daily level, Ethereum is actually forming a descending wedge. If it can break through at this point, that would be even better. If it can move upwards and break this position, it indicates that this wedge adjustment is complete. If it cannot break upwards, it may pull back again. During the next pullback, it may need to go near $2,800.
Of course, we hope it won't pull back that deep; at least, the downward movement is still $3,365, as well as $3,000 and $3,200, all of which are very strong support levels. So, we will see if there are relatively significant changes in the market after Trump takes office, and whether it can break upwards. A breakout is what we are looking forward to; if it really cannot break through, then it will have to adjust downwards first.
This is the short-term and medium-term opportunity for today. For more content, everyone can follow the Binance Exchange's No. 7 Crypto Academy, where we will provide relevant updates.
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