January 16th Market Analysis from LBank Derivatives
BTC
It appears that the current market for Bitcoin (BTC) is in a range-bound pattern. The price range has been favoring bears over time. The important resistance level to watch is at $22,500, where a descending trend line is located. It is suggested that it is likely that the price will not be able to break above this level easily, and if there is no quick increase in the short term, there may be a risk of a pullback. Despite BTC’s overall strength, it’s important to remember that there are no markets that are always increasing or decreasing and it’s worth being cautious and watching for adjustments. It may be best to wait for a full adjustment before re-entering the market and in the meantime, it’s better to slowly accumulate.
Resistance level to watch out for: $22.5k
Support level to watch out for: $18.5k
ETH
Similarly, it is suggested that the market for Ethereum (ETH) is structurally similar to BTC. The market is expected to follow BTC’s movement and the resistance level to watch is around $1,650. There may be an opportunity to reach the $1,600 level before a possible adjustment. Patience is advised for those who have not yet entered the market and to wait for opportunities.
Resistance level to watch out for: $1650
Support level to watch out for: $1355
LBank perpetual contracts are settled in USDT and are not inverse contracts. 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/
