Gate Square “Creator Certification Incentive Program” — Recruiting Outstanding Creators!
Join now, share quality content, and compete for over $10,000 in monthly rewards.
How to Apply:
1️⃣ Open the App → Tap [Square] at the bottom → Click your [avatar] in the top right.
2️⃣ Tap [Get Certified], submit your application, and wait for approval.
Apply Now: https://www.gate.com/questionnaire/7159
Token rewards, exclusive Gate merch, and traffic exposure await you!
Details: https://www.gate.com/announcements/article/47889
January 5 Daily Market Analysis
Price Action Analysis
1. This morning, global markets generally rose, Asia-Pacific stocks also increased, precious metals went up, US stock futures rose before the market opened, and cryptocurrencies are also on the rise. Therefore, the negative news from Venezuela has been largely absorbed by the market.
2. Returning to the crypto market, I already mentioned yesterday that Bitcoin's pattern has been broken, so the logical stance is to remain bullish. During the live session, I also told everyone that shorting is not recommended; shorting can only be short-term and carries asymmetric risks and rewards, so it's not advisable.
Now, Bitcoin has broken through 93,000, and Ethereum has surpassed 3,200, indicating a strong bullish trend. On the daily chart, Bitcoin has shown five consecutive bullish candles, a very strong bullish signal. ETH is currently experiencing a false breakout above 3,200, but considering the previous background, the bullish trend is very strong. Once it breaks through 3,200, continue to go long.
3. On the smaller timeframes, Bitcoin's upward channel trend is very clear, with no significant breaches of the channel so far. The most significant resistance for Bitcoin is at 94500. Considering the current position is still a little below 94500, we should observe the price action around 945. If it cannot break through 94500, this bullish run may end here.
If a pullback occurs, pay attention to the 90500 level, which is currently the strongest support.
Logically, today’s strategy is still to buy on dips during pullbacks, as it’s more comfortable. Believing that the price is too high to buy is essentially giving away money.
4. Ethereum's pattern is similar to Bitcoin; just follow Bitcoin's trading approach.