Thoughts on January 6 afternoon:
After experiencing an unexpected dip, the price of Bitcoin has quickly rebounded, successfully reclaiming lost ground and achieving an extension. The overall market trend also shows a shift from weak to strong. The range between 97500 and 99000 is a noticeable area of oscillation, and there has been no strong breakout, which may indicate that the market is still in a phase of consolidation.
Recent market trends and the overall trend still maintain the previously established judgment, which is to position for shorting near the upper band, aiming towards the lower band area, as the overall downward trend of the market has not changed. In terms of short-term operations, we are still in a consolidation pattern, and the contraction of the Bollinger Bands conveniently provides us with an ideal trading range, making it suitable to operate according to the strategy of shorting at the upper band and taking profits at the lower band. Currently, the Bollinger Bands are showing a slight opening. From the perspective of market structure analysis, yesterday, after the Bitcoin price touched the lower band of the Bollinger Bands, it quickly rebounded, which raises doubts about the stability and persistence of the price drop in the short term. Therefore, it is highly probable that the market will first exhibit a certain degree of rebound.
Current price can be shorted
Bitcoin 99800-100000 short, target 98200-98500
Ethereum 3680-3700 short, target 3600-3620
