February 3rd Market Analysis from LBank Derivatives
BTC
Bitcoin broke the resistance at $23,500 to reach $24,150 and then faced selling pressure so the price declined to around $23,300 where it is currently fluctuating.
According to the four-hour chart, the price hit the upper band of the Bollinger Band, but the Bollinger Band is narrowing, and the bullish momentum bar is decreasing.
From the short-term hourly chart, the price has fallen to near the lower band of the Bollinger Band, the Bollinger Band is opening, and the moving average has a bearish cross. The bearish momentum bar has increased.
Resistance level to watch out for: $23,600
Support level to watch out for: $22,500
ETH
Ethereum showed a surge in the early hours, breaking through the $1,700 level to reach $1,717 but the price failed to sustain its upward momentum.
Whether the daily level will break remains to be seen. In the morning, the price retraced to $1,625 while the overall trend remains bullish on a day-to-day level. In the short term, the movement is still adjusting, with the price trending higher in a choppy manner over the past few days. If the price can stabilize above $1,680, it may accelerate its upward trend after the release of the non-farm payroll report tonight.
Resistance level to watch out for: $1680
Support level to watch out for: $1625
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