January 31 Bitcoin Market Overview: Bearish trend continues. #比特币

Figure 1

(1) The current market is on a 12-hour timeframe. It can be seen that the price is consolidating around three low points. Pay attention to whether the price can effectively break below the previous low of 80,665. If it does, it indicates that the market is in the second wave of a downward move, a small wave. However, based on the structure, as long as the market does not form a strong V-shaped reversal, but instead consolidates sideways, it is part of a bearish correction. Watch for the market to complete the third wave and reach the low in the dense zone between 45,000 and 50,000. Currently, the market shows no upward trend, only small-scale corrections.

Figure 2

(2) The cautious logic is that the market has been oscillating above 80,665 without breaking below. Pay attention to a potential rebound after the bearish consolidation is exhausted. However, the current market has not yet shown signals of such an adjustment.

Figure 3

(3) The current market position is on an hourly timeframe, located at point 1. The price is under pressure from the hourly trend (84,871). As long as it does not break upward, be aware that after a small-scale consolidation at point 1, the market may decline to test the bottom, complete the range-bound oscillation, and then fall again. You can also wait for a pattern to form on a smaller scale, with a stop-loss placed at 84,871, aiming to capture the third small wave of the second major wave.

Figure 4

(4) The market is currently at point 1. If the price effectively breaks above the resistance on the hourly chart, the next levels are 90-minute (85,527), then 2-hour (96,009), and later 4-hour (87,437). This indicates that the small to medium correction wave is invalidated, requiring a broader correction zone. The downtrend needs to be further observed and confirmed.

Figure 5

(5) The current market is on a 15-minute timeframe, located at point 1, which is under the 1-hour resistance. After a 15-30 minute correction, if the price cannot rebound quickly (or induce a false breakout), and breaks below the 15-minute range at 83,509, it signals the start of a downtrend.

Summary: The larger timeframe indicates a correction within a downtrend. During rebounds, consider shorting at high points. Be cautious and wait for small pattern formations. Low-level long positions should be approached with caution, focusing on the trend. The bullish market is only a correction and retest of previous support.