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Wednesday, 1.21 Bitcoin and Ethereum Morning Analysis
Bitcoin has effectively broken below the key support level of 90,000, further declining to around 87,800. Current technical indicators show a clear bearish dominance, with a significant bearish candle closing on the daily chart, and all moving averages across different timeframes displaying a bearish alignment. The 4-hour chart indicates an accelerated downtrend, with strong downward momentum and a lack of effective support levels below. Based on this market structure, it is recommended to maintain a short trading strategy.
Bitcoin around 88,500 looking at 87,000
Ethereum around 2,950 looking at 2,850
#BTC #ETH #BNB