January 29 BTC/ETH:

Silver hits a new all-time high. Will the flow of funds in the crypto market rebound again?

It was mentioned yesterday that the Federal Reserve meeting will 100% not cut interest rates. Early this morning, several tech companies released earnings reports, and the market's positive expectations have already been priced in. Coupled with the announcement of no rate cuts, a correction in the US stock market and the crypto market is an inevitable result. That’s why I’ve been advising caution in trading. Yesterday, after a short rebound from 8870 to above 9000, I reversed my position. The trend was smooth and consistent, with the lowest correction at the second target of 8780. Now that the biggest positive—interest rate cuts—seems unlikely, the next phase will be a long winter!

BTC
After last night’s correction and shakeout, the current market is in a consolidation phase. The candlestick shows a bearish engulfing pattern, with the price below the moving averages and VWAP. Trading volume is extremely thin, with insufficient upward momentum. The market may test a second dip, with resistance at 8870 during the intraday rebound. Only a stable break above this level can generate a meaningful rebound.

Focus on the 8850-8900 range, with support at 8970, and a target of 8770. If broken, look towards 8690-8600.

ETH
Focus on the 2976-2998 range, with support at 3046, and a target of 2942. If broken, look towards 2895-2784.

Short-term trading should be flexible and adapt to your actual position! $BTC #中东局势升级