January 30th Market Analysis from LBank Derivatives
Bitcoin is currently undergoing consolidation around the $23,600 level.
The white candle is expected to remain stable with no significant fluctuations. After a morning pullback, it will take time for the market to recover.
Resistance level to watch out for: $23,600
Support level to watch out for: $20,000
Ethereum had four consecutive weekly bullish closes and its Bollinger Bands are opening upwards.
On a daily chart, yesterday saw a large bullish candle close and after a surge to the $1,680 level on the 20th, the market began a high-level correction. In the early morning, there was a further attempt to reach the $1,660 level, but now the market is undergoing consolidation around the $1,635 level.
Last week saw a volatile market with frequent reversals, so it’s important to avoid chasing trends in this kind of market. Only participate in the market at key support and resistance levels.
Resistance level to watch out for: $1,660
Support level to watch out for: $1,217
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