January 16th Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
Yesterday, BTC underwent a slight pullback and consolidation, with a significant increase in volume during the early morning hours. This is a normal consolidation. Currently, the downward momentum on the 1-hour chart has weakened, and the 4-hour chart awaits a further decrease in volume. The overall trend remains bearish (long-term). In the short term, a weekly rebound is still possible. The daily chart shows that upward momentum is recovering, indicators remain healthy, and there is still room for further gains. The weekly chart has begun to rebound; we await opportunities to short at higher levels after the rebound reaches its target.
Bitcoin (2) followed Bitcoin's (1) pullback in tandem with BTC. The 4-hour chart needs to see increased volume and further consolidation. On the daily chart, upward momentum hasn't increased significantly; watch for a pullback and stabilization. The larger timeframe remains bearish; a short-term stabilization could warrant considering further gains.
The altcoin market is consolidating in sync with mainstream trends, but overall liquidity remains poor. We'll wait for the altcoin market to stabilize before making any moves. Alpha activity points requirements are getting increasingly higher, so we've suspended point farming and will consider restarting it once the requirements decrease.
Intraday Market Analysis
BTC has returned to a healthy range on the 1-hour and 4-hour charts, and also on the daily chart. Intraday focus should be on volume changes; a sustained move above this level could warrant further buying. Intraday support levels are 94500-95000, while resistance levels are 96500-97500.
ETH has returned to a healthy range on the 1-hour and 4-hour charts, and also on the daily chart. Intraday focus should be on volume changes; a sustained move above this level could warrant further buying. Intraday support levels are 3250-3300, while resistance levels are 3400-3450.
