February 17th Market Analysis from LBank Derivatives
Bitcoin
The 1-hour chart for $BTC shows that the price has reached its target of $25,000. Short-term traders should consider taking profits at this level and see if the support at $23,100 can hold.
If it does, there is a possibility of a bullish signal with a three-buy pattern. However, if the price falls below $22,500 then the rebound could face a major setback, and a larger correction could be possible. The support levels to watch for are currently at $23,100 and $22,500.
Resistance level to watch out for: $25,200
Support level to watch out for: $23,000
Ethereum
The 1-hour chart for $ETH is relatively simple, with key support levels at $1,600/$1,550 and $1,500.
The second support level is critical; if it holds, the current rebound will likely continue. However, the rebound may be in danger if it doesn’t hold. The third buy signal will only appear if the support levels hold.
Therefore, it is important to closely monitor these key support levels for any potential changes in market sentiment.
Resistance level to watch out for: $1,740
Support level to watch out for: $1,600
In conclusion, the market sentiment for $BTC and $ETH remains volatile. For $BTC, the focus is on whether the support at $23,100 can hold, and if not, the possibility of a larger correction may arise.
For $ETH, the key support levels to watch are $1,600/$1,550 and $1,500 and it is important to see if the second support level can hold for a continuation of the current rebound. Overall, traders should be cautious and closely monitor key support and resistance levels to make informed trading decisions.
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