January 13th Market Analysis from LBank Derivatives
BTC
BTC had a strong breakout yesterday, breaking through the upper trendline of a triangular pattern and the 120-day moving average. The bullish indicators and an increase in trading volume support this.
The corresponding resistance level is around 20200.
However, it’s worth noting that the 200-day moving average at around 19,500 remains a significant level of resistance for BTC, as it has been trading below it for over a year. A breakout above this level could open up considerable upside potential. The KDJ indicator on the daily chart also shows a bullish “W-bottom” pattern.
Resistance level to watch out for: $19,500
Support level to watch out for: $17,000
ETH
Moving to Ethereum (ETH), the market appears to have quickly recovered from a dip following the release of the CPI data, with prices quickly rising back to the 1,355 level. This demonstrates the recent bullish trend, and the market seems to be gradually stabilizing with increasing opportunities.
On the 4-hour chart, the Bollinger Bands have opened up, with bullish momentum in a stair-step pattern and sustained volume. The overall outlook for ETH appears to be improving, and it will be worth watching to see if the market can establish support for around $1400.
Resistance level to watch out for: $1,600
Support level to watch out for: $1,355
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