Yesterday, it was mentioned that Bitcoin is converging. If it breaks below 22700-2300, demand will be formed. There is a slight rebound at present, but the long volume is not obvious, so this position needs to be cautiously long. In addition, if it falls below the lower track, the upper limit of 23200 will be formed. pressure. At the same time, due to the first decline over the weekend, a futures gap of 23000-23500 appeared, so we need to consider the possibility of covering. At the same time, since there is currently no top structure, we are more inclined to rebound upward to test, but we still maintain yesterday’s view that it will not rise too much. , and the probability of new highs is very low, even testing the middle track and covering the gap will be under pressure. The weekly closing forms a negative line, but there is no yin and yang situation, indicating that the short position is not strong for the time being, but the supply formed at this position will be adjusted back in the future. It will probably come under pressure again. In addition, for the 4-hour level, it will still not fall below 22,500 to maintain the long structure, so caution is still needed.
Resistance level【23400, 23780, 24300】
Support level [22500, 21500, 20900]
Ethereum mentioned yesterday that it fell below the trend, and then it fell directly and fell below the previous low of 1627. Then a double top structure was formed for the small level, but for the structure above the 4-hour level, it did not fall below 1518. They are all bullish structures, so the overall trend is still a bit volatile. You still need to consider the level expansion when the small-level linkage Bitcoin covers the gap. In any case, for the 4-hour structure, two attempts to go up were rejected, so even if it goes up again It is difficult to attack a new high. In addition, an evening star structure appears on the daily level, which is a top structure. It needs to be observed whether the subsequent supply will continue. However, no matter what, 1518 is still the second low. If it does not fall below, it will not be overly bearish.
Resistance level【1664, 1695, 1738】
Support level [1518, 1490, 1433]
The market is changing rapidly. If you make a profit, move the stop loss to the opening price in time. The point can only be used once. Do not open the same point again after being stopped. Do not place orders at high times. You must bring a stop loss. Stop the loss twice and close the position gradually. Open a position and gradually reduce the position. If others are greedy, I will be fearful. If others are fearful, I will be greedy. It is not recommended for novices to do futures contracts.
February 6, 2023
The above analysis is for reference only and does not constitute investment advice.