January 12 Morning Market Analysis

Last Friday, after the release of US non-farm payroll data, the employment and unemployment rate figures dampened market confidence, and expectations for interest rate cuts were once again postponed.

From a technical perspective, cryptocurrencies are currently in a horizontal consolidation phase of false equilibrium: on the four-hour chart, the Bollinger Bands are nearly parallel, with major players repeatedly testing the market’s patience through rhythmic moves. The bulls and bears are temporarily stalemated, with no clear direction, which is a typical downtrend continuation pattern.

The larger cycle trend indicates that the bears still dominate, with rebound strength gradually weakening and upward momentum insufficient. This is more of a short-term emotional correction rather than a trend reversal, with technical downward momentum clearly stronger than upward.

Trading Suggestions
Short at around 92,400-93,000 on rebounds, with targets down to 91,200-90,500. If broken, continue to watch the 9W level.