BTC

It is currently 17:30 Beijing time on January 6. Let's analyze today's trend of Bitcoin. Since New Year's Day, Bitcoin's price has been oscillating upward with weak pullbacks. Is this a trend reversal or a false breakout? Next, we will analyze it based on various technical indicators.

Bollinger Bands: From the 4-hour chart, after the price broke above the upper band in the early morning, it retraced downward. The current price has fallen to the 10-day moving average but has not broken below it effectively, then rebounded upward. The market is oscillating sideways between the 5-day and 10-day moving averages. On the 4-hour chart, the price has been above the middle band for a long time. If the subsequent decline does not break below the middle band effectively, there is a possibility of a second upward push. On the daily chart, the price is above the upper band, and the three Bollinger lines are trending upward.

On the 1-hour chart, the Bollinger Bands are narrowing, the short-term moving averages are forming a death cross and heading downward. After rebounding to the 10-day moving average, it has not broken through effectively, then declined again. The immediate resistance is near the middle band.

MACD: On the hourly chart, the MACD double lines are above the zero axis and are heading downward with a death cross. The fast line is below the slow line, indicating weakening bearish momentum. On the 4-hour chart, the fast line shows a downward trend toward a death cross. If a death cross forms later, the market may continue to decline.

RSI is in the oversold zone, with a value between 40 and 18.

Conclusion: Sideways consolidation with a slight downward bias.

Resistance levels: 94800-96600-98900
Support levels: 91500-89200-87300

High short strategy: Short positions near 94800, add on dips near 96600, stop-loss above 98900.
Low long strategy: Long positions at 91500, add on dips near 89200, stop-loss below 87000.

Currently in a high-level sideways state. It is recommended to mainly short at the highs. The overall upward trend has not yet fully played out.