January 16th Market Analysis from LBank Derivatives | by LBank Exchange | Jan, 2023

From the LBank blog.


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


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

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This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/january-16th-market-analysis-from-lbank-derivatives-97583693272a?source=rss-87c24ae35186——2

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