Bitcoin and Ethereum Market Analysis (January 8th)

Bitcoin Technical Analysis — On the daily chart, Bitcoin closed with a solid bearish candlestick, breaking below the 7-day moving average. Intraday trading opened at the 7-day moving average and encountered resistance, currently testing the 60-day moving average area. The Bollinger Bands are narrowing and flattening, with short-term moving averages showing signs of turning downwards. The MACD fast and slow lines have broken below the zero line and are showing signs of turning downwards, with decreasing volume. The KDJ indicator is crossing downwards, and the VR indicator is consolidating around 85. On the 4-hour chart, after breaking below the middle Bollinger Band, the price has been trending downwards towards the lower band, currently testing it. The Bollinger Bands are slightly widening, with short-term moving averages turning downwards. The MACD fast and slow lines have crossed downwards, with increasing volume. The KDJ indicator is trending downwards, with support around the zero line. The VR indicator is consolidating around 100. Overall, this rebound of over $7,000 has seen a pullback and adjustment. If the key support holds, it will likely retest the upside after the pullback. The consensus for short-term support is around $90,000, hence the potential for a false break. Watch for support around $88,800, and resistance around $93,000. See short-term suggestions. Bitcoin short-term suggestions: Short at $92,500, Long at $89,300 (Take profits as needed). Ethereum technical analysis — Ethereum's strong daily bullish candle did not continue; the previous candle followed Bitcoin's closing with a solid bearish candle, unable to escape its following fate. The second-largest cryptocurrency can only follow the leader. I won't elaborate much on the technicals; it's still linked to Bitcoin. The $3300 area has become a short-term high, so consider shorting below that level. Key short-term support is around $3050. A pullback to the 4-hour 60-day moving average and the EMA200 area is expected to lead to a rebound. See short-term suggestions. Auntie's short-term trading suggestion: Short at 3238, long at 3088 (manage profits as needed when the strategy is activated).