Market Briefing for the Morning of January 12

Bitcoin's chart early this morning clearly shows signs of short-term bottoming. The 4-hour chart displays two consecutive bearish candles, with the price reaching as high as 91,252 in the evening before encountering resistance and pulling back. Currently, it is trading below the middle band of the Bollinger Bands. The Bollinger Bands are tightening, indicating that short-term volatility is converging. The upper band at 91,000 USD will act as resistance, while the lower band at 90,500 USD provides support.

Looking at the 1-hour timeframe, after testing the 91,250 USD key resistance last night, the price quickly retreated to around 90,310 USD and stabilized, with a particularly clear lower shadow. This line clearly indicates that the 90,000 USD round number has a strong support effect, and buying pressure is holding up well. Meanwhile, the Bollinger Bands on the hourly chart are slowly opening, showing a technical pattern of consolidation and potential volatility.

Regarding technical indicators, the three lines of the KDJ are operating below the neutral 50 zone, with the J value turning downward, suggesting that short-term momentum is weakening. However, it has not yet entered the oversold zone, so the downside space is limited. The MACD histogram has shifted from red to green, hinting at initial signs of bearish momentum but without volume expansion. The bulls and bears are still in a tug-of-war.

Considering the overall chart structure, support and resistance levels, and indicator performance, the current market is in the process of forming a bottom. After short-term consolidation, a rebound is highly likely to trigger.

Morning strategy suggests using a pullback to buy, relying on key support levels:

Bitcoin: Buy on dips in the 89,300-90,000 USD range, with a target of 91,500 USD;
Ethereum: Buy in the 3,040-3,080 USD range, with a target of 3,200 USD.