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January 16 Technical Observation
From the hourly chart, Bitcoin experienced a complete correction last night, with a rise followed by a fall. The price left a long upper shadow during the rally, indicating that selling pressure above is quite heavy. The previously supported key minor levels have been broken, and the bullish momentum for further upward movement is clearly weakening.
There are interesting changes on the technical indicators. The MACD has already formed a death cross and is clearly diverging downward, indicating that short-term bearish forces are gaining control. The Bollinger Bands are also opening downward in sync, further opening the downside space for the market. Overall, the market remains in a relatively weak state.
In this situation, how to operate? When a rebound occurs, it is more prudent to establish short positions at relatively high points. A rebound itself is an opportunity to escape, so chasing highs is not advisable. Currently, it is indeed not a good time to go long, but any upward correction should prompt consideration of exiting or reversing positions.
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Another bearish rhythm, this time it’s really a bit uncomfortable
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MACD death cross signal... I think we still need to listen
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Bounce and then run, really, don’t be greedy
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Such a long upper shadow, indicating significant resistance above
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Short position setup? I’d still wait and see, entering now doesn’t feel like low risk
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I agree that the bullish momentum is weakening, but who knows where the bottom is
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In this kind of market, there’s no need to force long positions; exiting is the best strategy
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Long upper shadow, people always hype it up, but what’s the result?
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Saying don’t chase the high sounds nice, but when the rebound happens, aren’t you itching to buy?
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You short, I’ll observe for a while first.
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Bollinger Bands opening downward... Yesterday someone said it was going up, but that’s just how this market is.
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Rebound escape opportunities? Ha, the next rebound will have a different story.
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If the MACD forms a death cross, should I run? Then I would have been dead for the past two years.
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Heavy selling pressure is a good thing, the price becomes cheaper.
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This kind of analysis can be seen every day, but the money is still so much.
Sell on rebound, don't be greedy
Another death cross, so annoying
The bears are in control, the bulls have no chance
I agree with this trading approach, a rebound is a chance to escape
Bitcoin's current rhythm is a bit disgusting, stay on the sidelines and observe
Are the Bollinger Bands opening downward? Signal to run away is here
The MACD death cross has been obvious for a while, just waiting for the rebound to smash the bears.
No matter how nicely you put it, it's still betting on a rebound. I don't believe this wave can turn around.
If you can get out, do it quickly. Don't wait until the support is broken and then cry for your mother.
I've seen the Bollinger Bands open downward too many times, and you all know the ending.
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With such obvious long upper shadows, who still dares to buy the dip? Laughing to death.
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Is the bear controlling the rhythm? I feel like the rhythm is being dictated by my losses.
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Waiting for the rebound to open short positions... It's easy to say, but at the moment of the rebound, everyone wants in, and the result is chasing the high and getting trapped.
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Are there really people still "operating cautiously" now? I think everyone is becoming more gambling-oriented.
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I saw the Bollinger Bands opening downward, but my account is also opening downward.
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I've heard a hundred times that not to chase the high, but every rebound still attracts people to rush in.