Bitcoin and Ethereum Market Analysis (January 23rd): Key Points for Today (BTC & ETH)
Market Review
BTC remained range-bound yesterday, and the 4-hour chart shows decreasing volume. A sustained move above this level could be a short-term entry point. However, the overall trend remains bearish (long-term). A weekly rebound is possible in the short term. While the daily chart shows upward momentum stalled, there's no clear sign of weakness. A sustained break above this level suggests further upside potential, and the weekly chart also indicates a potential rebound. Wait for a rebound to reach a suitable entry point for shorting opportunities.
Bitcoin (2) is consolidating in tandem with BTC ( 1), and volume has decreased on the 4-hour chart. Consider entering a short-term position if it holds above this level. On the daily chart, watch for a pullback and subsequent stabilization. The larger timeframe remains bearish, but a short-term stabilization could be a good entry point.
The altcoin market is consolidating in sync with mainstream trends, but overall liquidity remains poor. We'll wait for altcoins to stabilize before considering further action. Alpha activity points requirements are increasingly stringent, so we've suspended point farming and will consider restarting it once the requirements decrease.
Intraday Market Analysis
BTC is below its healthy range on the 1-hour and 4-hour charts, and also below its healthy range on the daily chart. Watch for stabilization today and consider short-term entry/exit. Intraday support is at 88500-89000, and resistance is at 90700-91200.
ETH is below its healthy range on the 1-hour and 4-hour charts, and also on the daily chart. Watch for stabilization today and consider short-term entry/exit. Intraday support is at 2900-2950, and resistance is at 3000-3050.
