February 7th Market Analysis from LBank Derivatives

LBank Exchange
2 min readFeb 7, 2023

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BTC

The overall performance of Bitcoin ($BTC) last week was characterized by a surge followed by a decline.

Despite reaching new highs multiple times during the week, the price was subject to significant resistance, causing it to fall back after each surge. The weekly chart also showed a cross of bearish stars, indicating ongoing high-level adjustments.

However, the daily chart maintained an upward trajectory despite a slowdown in upward momentum. The support level to watch for Bitcoin is $22,500

Resistance level to watch out for: $23,600

Support level to watch out for: $22,500

ETH

Ethereum ($ETH) failed to stabilize at 1,680 over the weekend, experiencing multiple instances of resistance and decline.

While the daily chart still shows an upward trend, there is a possibility of a larger correction in the near future. Two key levels to watch for Ethereum are $1,580 the support line for the upward trend, and $1,500 which could act as a support level during a downward correction.

A valid break below $1,500 would indicate a confirmed break.

Resistance level to watch out for: $1,680

Support level to watch out for: $1,580

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