February 7th Market Analysis from LBank Derivatives

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

There is no expiration or settlement of perpetual Contracts. We now offer $BTC, $ETH, $DOT, $SOL, and over 100 other popular cryptocurrencies as perpetual contracts. Leverage is available between 1–125x. One of the key benefits of USDT-settled contracts is that you can easily calculate your returns in fiat. When the market suffers a wild fluctuation, this tool can help you lower your risk.

Click here to download it for iOS or Android

Website: https://lbank.com
Twitter: https://twitter.com/LBank_Exchange
Facebook: https://www.facebook.com/LBank.info/
YouTube: https://www.youtube.com/c/LBankExchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Medium: https://medium.com/LBank
Reddit: https://www.reddit.com/r/LBank2021/