February 8th Market Analysis from LBank Derivatives
Bitcoin has been trying to break through the support level of $22,600 recently, but it has not fallen below it. Yesterday, the market was volatile in the white panel and was affected by news in the early hours, causing the market to fluctuate.
Currently, the market is running around $23,110 and after the four-hour level fluctuation, the market continues to rise with multiple bullish trends. The MACD has changed from a bearish to a bullish double-cross and the MA7 is pointing upwards.
Although the short-term market is biased towards the bulls, the rebound strength is gradually weakening. On a daily level, after several days of decline, the market has stopped falling and the short-term trend is temporarily stabilized. However, the long-term trend of Bitcoin is likely to be bearish.
Resistance level to watch out for: $23,600
Support level to watch out for: $22,500
As for Ethereum, the overall structure is strong. After two days of fluctuation, the market chose to break through to the upside.
After stretching in the early hours, the market quickly fell and then continued to rise with a bullish trend. Currently, the price of the coin is running around $1,675. The hourly trend is expected to continue with a break through the resistance level.
The bullish trend is strong, and short sellers should be cautious. The four-hour level K-line is bullish and the MACD has changed from a bearish to a bullish double-cross. If the resistance level of $1,700 cannot be effectively broken through, the market may go back down.
There is not much room for the market to go higher without breaking the previous high, so do not blindly chase the trend.
Resistance level to watch out for: $1,680
Support level to watch out for: $1,580
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