February 7th Market Analysis from LBank Derivatives
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: $22,500
Ethereum ($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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