2026-01-19 19:28:07

Bitcoin currently exhibits a subtle balance. On the daily chart, the price is moving within a clear upward channel, approaching the upper resistance at 97,900, but the latest closing performance is not ideal—indicating that short-term buying enthusiasm is waning.

More concerning is that the channel is gradually narrowing, forming an ascending wedge pattern. This pattern often signifies a depletion of momentum, suggesting a technical adjustment is needed. Combining wave theory, the correction of wave 4 has already fallen below the high of wave 1, breaking our expectation of a standard five-wave upward trend. The market now needs to reorganize the wave structure and is likely to enter a consolidation or reversal phase.

The head and shoulders pattern is also gradually taking shape—94,800 is the left shoulder, 97,900 is the head, and if the price rebounds to around 94,500 at the right shoulder, it presents a shorting opportunity.

Zooming into the 15-minute timeframe, wave A correction has been completed, and the market is now in the process of wave B rebound. The recent key resistance is around 94,000, with a minor support below at 90,500, which is the last line of defense for the short-term bulls. A larger support level is at 94,100, the low point of the past two months. Once this level is broken, the correction space will further open.

The market is currently at a crossroads; each touch of key levels is a battle of sentiment between bulls and bears. I personally lean towards a bearish outlook, expecting to find opportunities around 84,000. Instead of chasing the highs and selling the lows, it’s better to wait for clear signals, as the market will always give us the next good entry point.

BTC-2,15%

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DeFiDoctor

· 10h ago

The diagnosis records show that this wave of market performance is concerning—buying enthusiasm is cooling off, the wedge is narrowing, and the wave patterns are all over the place. The detail of the closing line not being ideal is something I need to emphasize; the signals of momentum exhaustion are very clear. It is recommended that observers regularly review the key support at 94100. Once it breaks, the subsequent space will truly open up. I agree with the head and shoulders top diagnosis, but rather than chasing short positions, I am more concerned about the symptoms of capital outflow from those greedily chasing highs—84,000 is indeed a good gradual treatment plan, but only if the clear break signal appears first. Entering now would be akin to a high infection risk. Wedge narrowing + chaotic wave patterns + weak closing lines—after this combination, the short-term outlook still leans towards a bearish trend.

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StakeOrRegret

· 17h ago

The wedge narrowing wave is indeed interesting, and I also see the head and shoulders top framework from 94800 to 97900. It feels like the buying momentum has really dried up. --- Wait, 84000? Brother, your expectation is directly cut down by almost 20%, how pessimistic is that... I'll first see if 90500 can hold. --- Breaking 94100 is a warning, for real. If the lows from the past two months are broken, there's no psychological defense left. --- Instead of chasing and killing here, it's better to wait and see. The market is like this, no need to rush. --- The appearance of a head and shoulders top signal, a rebound to 94500 is indeed a shorting opportunity. It feels like this round is about to adjust. --- The wave has been broken; wave 4 fell below the high of wave 1, indicating the market isn't as strong as imagined. --- The key is whether 94000 can hold. If it can't, it will drop to find support at 90500. --- The crossroads is just a crossroads. Without a clear signal, don't move; waiting a bit is never wrong.

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ChainBrain

· 17h ago

It's that kind of "delicate balance" again, and I find it annoying to watch. If 97,900 can't be broken, then things might really turn bloody below. Once the head and shoulders top appears, the bears should start to act. Waiting for that rebound at 94,500, the shorting opportunity is here. 84,000? Feels a bit optimistic, maybe even lower. Anyway, I won't chase it; let the market confirm the direction first. The narrowing of the wedge pattern is indeed dangerous; the momentum is almost gone. In the short term, don't make reckless moves; just stick to the lines at 90,500 and 94,100. Breaking them is the real deal. Honestly, Bitcoin is in a bit of an awkward spot this wave—can't go up, can't go down. So boring.

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SnapshotBot

· 17h ago

It's the same wave theory again, always talking as if it's very convincing... Let's wait and see if it hits 84,000, but I won't be chasing it anymore.

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WhaleInTraining