Good evening, friends! First of all, I wish everyone a Happy New Year! The closing situation this round is not very reasonable, with significant divergence on both sides. Bitcoin has formed a continuation of a downward channel at the close, but it could also be the beginning of an upward channel. It can be said to be a turning point within a turning point. The liquidity throughout the day was particularly poor.
Starting from December 30, I indicated in the post to pay attention to 92800 and 91600. Bitcoin reached these two positions in succession, then began to rebound strongly from 91600. At 2 AM on the 31st, it bounced to around 94500, and after a slight tug-of-war between bulls and bears, it peaked at around 95000 at 4 AM before starting to slide down. Before the US stock market closed, it unceremoniously dropped to 91850, a fierce drop of three thousand points!
What went up has come back down! After the decline, it started a weak rebound. By 4 PM on the 21st, Bitcoin was pulled to 93000. The bulls were unable to support it but refused to let it drop. However, after the options settlement, the situation reversed! In just one hour, Bitcoin surged over a thousand points. After some back and forth, it rose again to around 96200!
It has gone through three extreme situations! Moreover, at around 96000, there was a serious divergence between volume and price on the fifteen-minute chart. At 10:30 PM on the 31st, after a bearish doji was formed on the fifteen-minute chart, Bitcoin started to slide down! It dropped another three thousand points!
It went down to around 93000, and after a rebound during the New Year's day trading, it returned to around 92800! Recently, there have been fluctuations above three thousand points, moving back and forth five times! This shows the significant divergence at the year-end closing and the beginning of the month! It currently returned to the central point of 94000! During this period, whether bullish or bearish, those who were oriented towards both sides got slapped by the market twice, while those who didn’t adjust their positions ended up with good results! If one was trading around the 94000 mark by selling high and buying low, the results would have been even better. The current structure is very special, trapped on an important time line, and the structure is prone to two reversals. Previously, it was mentioned to expect wide fluctuations, and unexpectedly, after two days, it is still wide fluctuations...
Focus on the upper levels: 95200-96400-97200
Currently, the key focus for Bitcoin below is the old range
93400-92800-91600
For Ethereum, the key focus above is 3350-3380-3520
Below, the key focus is 3320-3280-3180