February 1st Market Analysis from LBank Derivatives
The market’s overall trend is still upward, but there is a short-term correction. $BTC is currently experiencing consolidation, with the market fluctuating around the $23,500 level.
The analysis suggests that if the market doesn’t fall below $22,500 it may oscillate at this level. However, if the market falls below this level, then it may seek support between $21,500-$20,500.
If the market chooses to break higher, then the target may be $24,500- $25,000.
Resistance level to watch out for: $23,600
Support level to watch out for: $22,500
Ethereum is currently oscillating within a rectangular pattern, with the consolidation range being $1,600–$1,500.
If $ETH can break above its previous high, it would mean a strong resurgence, with a target of $1,750. If it doesn’t break higher, then the market will need to observe the duration and magnitude of the oscillation.
Resistance level to watch out for: $1,660
Support level to watch out for: $1,217
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