Bitcoin January 17 Market Analysis and Trading Strategies

Figure 1 shows the 3-day level trend. The resistance level above the 3-day trend is at 98,572. The key question is whether the upcoming correction can effectively break through 98,572. Therefore, a high-level correction is very critical. If the price breaks through 98,572 and continues to rise, completing the head and shoulders top pattern, the next resistance zone is at 104,000. If the market consolidates and cannot effectively move higher after the correction, attention should be paid to whether the 3-day trend will form a subsequent rebound or decline. The specific trend depends heavily on the smaller time frame adjustments, which are very important.
Figure 2: (1) The current market is supported by the 3-hour trend line. The market has completed a downward channel and the 3-hour trend has been established. The support level below is at 94,166. The next focus is whether the 3-hour time frame will form an effective rebound, meaning the 3-hour trend must strongly rise and break through 98,600 to form a one-sided upward movement. If the market cannot sustain the upward momentum, a consolidation phase may occur. Based on weak upward momentum, consider shorting at higher levels and supporting at lower levels (for intraday short-term trading). The resistance above is at 98,600, with support at 93,600.
Figure 3: The current market is at the 1-hour level. The 1-hour trend is supported by the 3-hour trend line and is also in a zero-line correction. The key point now is whether the 1-hour trend will form a rebound or continue to decline. If the decline persists and the price does not break below 93,772, the bullish upward trend will be invalidated. If the decline is weak and the price remains within a small oscillation without breaking below 93,772, then a rebound at the 3-4 hour level should be watched. Refer to Figure 2 for understanding.
In summary, the market is in a bullish oscillation correction. The key is whether the correction can effectively break through 98,572. Currently, the intraday trend is slightly bearish on the 1-hour level. If the 1-hour trend cannot decline effectively, consider long positions in the 94,200–93,600 range, and wait for a small time frame correction and pattern reversal. Be cautious that rapid declines on the 1-hour level are unlikely to sustain and may trigger stop-losses. Avoid chasing short positions. #比特币 #Gate广场创作者新春激励