January 11th Market Analysis from LBank Derivatives
BTC
It appears that Bitcoin (BTC) is showing signs of potential resistance at the $17,500 level. Furthermore, the release of the United States CPI data tomorrow may add to market uncertainty, and therefore it may be wise to exercise caution by reducing exposure to the market. Despite this, it’s worth noting that the market overall is relatively stable, with a healthy level of volatility and activity.
Resistance level to watch out for: $17.5k
Support level to watch out for: $16.5k
ETH
In terms of Ethereum (ETH), the 4-hour chart indicates an upward trend on the Bollinger Bands, however, the price is currently experiencing high volatility. Yesterday, there was a move to a new high, but it was quickly met with bearish pressure, resulting in ongoing fluctuations. The bullish momentum seems to be slowing, and both moving averages are trending downward, indicating a potential trend reversal. Additionally, ETH has yet to break above the resistance level at $1,350, and the short-term outlook remains uncertain. In the short term, it suggests a bearish bias, with support at $1,300 and resistance at $1,350. Overall, it’s suggested to be vigilant within the market and keep an eye on developments in order to make informed decisions.
Resistance level to watch out for: $1350
Support level to watch out for: $1300
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