From the LBank blog.
Yesterday, $BTC experienced a surge to around $25,200–$25,300 followed by a return to the balance point of around $24,300.
As of the early morning of today, the weekly candle is about to close, and the daily candle’s ability to maintain stability around $24,000 will be a key factor to watch. Currently, the K-line is still under pressure from the upper Bollinger Band of around $25,000 while the support point is around $23,500.
The Bollinger Band is expanding upward, while KDJ is being resisted in its upward trend, indicating a period of weakness, the same as the MACD. The 4-hour K-line has already moved above the EMA moving average, while the MACD is showing a shrinking volume and downward trend.
With plenty of downside potential from the high, the KDJ is showing signs of a downward dive, with the support point currently at $24,500 and the focus on the downside being at $23,600.
Overall, the $BTC market is currently experiencing pressure on both the upper and lower ends of its K-line.
The market is also experiencing a period of weakness, which could lead to further declines in the short term. However, the market still has a strong support level at around $23,500.
The $ETH market is on the brink of a new high but needs enough support to reach it.
The market experienced little fluctuation before the weekly candle closed, with resistance around $1,760 and support around $1,620.
The daily K-line is in a sideways trend with high resistance around $1,750 while the support point is at $1,620. KDJ is being resisted in its upward trend, while MACD is showing an increasing volume and upward trend.
The EMA is stretching upward, providing a new standing point for the K-line. The 4-hour K-line has been in a sideways trend for a long time and has fallen below the middle rail, with the support point at $1,650. The bearish trend has not fully opened up, and there is still the possibility of a pullback.
In summary, the $ETH market needs sufficient support to break through to a new high. The market is currently experiencing resistance at the upper end of its K-line, with support around 1620. The market is in a period of a sideways trend, with a possibility of a pullback in the short term.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/february-20th-market-analysis-from-lbank-derivatives-327d164acca1?source=rss-87c24ae35186——2