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"Market Analysis for January 12: As Expected, a Top Formation, Let's Discuss the Height Issue"
The Bitcoin at the 91500 level has attempted several times to break through and has finally been resolved, also reaching the pressure level of around 92500 given last week, with some pullback. Last week, we suggested a long position with support at 89700, targeting the two levels of 91500 and 92500. The upward push to form a top for Bitcoin is expected to continue, which has been our repeated view since last week. Therefore, recently, we need to discuss the issue of height.
$BTC One resistance level for Bitcoin here is at 93700. It will either pull back around this area without breaking the previous high of 94760, or it will break through the high and then pull back again near 95500. At the same time, around 95500 will also be a resistance from the 4-hour Vegas channel. Support below is currently at 91500 and 90500.
$SOL Last Friday, Sora mentioned that as long as 135 does not effectively break down, it can still rebound. The resistance is at 144.8, which is also close this morning. The next resistance level upward is around 147.6. Support below is at 139.6; if broken, support levels are at 136.6 and 133.8.
$ETH Ethereum is completely bullish. Choosing Ethereum is choosing to torment oneself. It took a long time to break above 3150. The next resistance is at 3250, with support at 3100 and 3080. If it continues to be bullish, the analysis will lose interest.
In summary, our expected top formation has become somewhat clearer over time. Next, we will discuss the height issue. At the corresponding resistance levels, do not FOMO. After a surge, it will likely pull back again into a narrow range. So, don’t be too rigid in your outlook. If you don’t understand the market or can’t determine the direction accurately, welcome to join the Chief. Click to join the Chief community (Follow the Chief for daily latest market analysis and precise entry points; long and short positions are for reference only. Strict stop-loss and take-profit).