Yudong Market Analysis (January 9th Afternoon) Bitcoin BTC
From the chart, it can be seen that the current BTC price is at a critical support level around 92000. Technical indicators and trends indicate the following points that need special attention:
1. Trend Line Resistance: The blue descending trend line in the chart clearly shows that BTC is still under significant downward pressure, with the price attempting to break through multiple times but failing. Recent prices have consistently been suppressed below the descending trend line.
2. Key Support Level: 92000 serves as a significant support level, providing multiple opportunities for price rebounds. If the price continues to decline and effectively breaks below 92000, it may trigger further declines, testing lower support areas.
3. Technical Indicator Analysis:
• RSI (Relative Strength Index): The RSI is currently around 32, close to the oversold area, indicating potential rebound demand in the short term, but the oversold area may also persist for a while.
• MACD (Moving Average Convergence Divergence): The MACD shows a clear death cross state, and the histogram is still in negative territory, indicating that bearish forces are dominant, with significant downward risks in the short term.
• Moving Average System: The price is operating below several moving averages, particularly the short-term moving average resistance formed by MA7 and MA25, indicating that the current price is still weak and has not shown clear reversal signals.
4. Volume Observation: Recent volume increase in the price decline shows a bearish market sentiment, especially when the price approaches key support levels, caution is needed against panic selling triggered by support loss.
Operational Suggestions:
• Conservative Strategy: If BTC fails to effectively hold the 92000 support, it is recommended to wait and look for entry opportunities at lower levels.
• Aggressive Strategy: If the 92000 support holds, a small position can be attempted for rebound targets in the short term, with the first target at 96000 and the second target around the descending trend line position at approximately 98000.
• Stop-loss Setting: If it breaks below 92000, the stop-loss should be set 2-3% below the support level to avoid larger losses.
The current market is at a critical decision-making period, suggesting that investors remain cautious and pay attention to changes in technical aspects and macro news dynamics.