1.24 Bitcoin Outlook

$BTC Due to the weekend, liquidity is generally low, and there may be news-driven movements. We will ignore that for now, as the market has already digested most of the news. In the current trading range, unless there is a very strong policy, it’s difficult to determine the direction. Currently, the upward channel is in operation with limited downside space. The four-hour Bollinger Bands are narrowing, with the EMA144 around 91,500, the one-hour EMA120 around 91,000, and the 15-minute around 89,500. It looks like a small-scale influence causing larger movements, but in reality, it’s just the result of price action, with moving averages and candlesticks gradually converging. For Ethereum, the four-hour EMA30 and one-hour EMA120, 144 are both around 3,050. We can consider this as short-term resistance. For Bitcoin, it is around the 91,200 level mentioned above.
The future movement still depends on whether the support zone around 89,500-90,500 can hold and break through. This zone is very important as it represents the mid-December pivot point and the late-month resistance zone, as well as the starting point of this recent rally in mid-month. If it can break above this level, the future trend will become clearer.
In the short term, we focus on wave trading, with the main range between 88,500-89,800. The expanded range or re-entry zone can be between 87,800 and 90,500. Stop-losses should be handled according to personal habits. Ethereum is slightly more conservative than yesterday, with a stop-loss between 2,880-3,000. For Bitcoin, the stop-loss below can be set around 2,850. Since resistance is still far away, there is room for expansion, so it’s better to favor long positions. #btc