January 18th Market Analysis from LBank Derivatives | by LBank Exchange | Jan, 2023

From the LBank blog.


The current market for Bitcoin (BTCà is in a short-term uptrend, but after three rounds of acceleration, it is now in a state of high volatility. The resistance level to watch is at $21,500, a break above this level and stabilization could lead to further upward movement. On the downside, two key support levels to watch are around $20,000 and $19,360. A normal pullback would not break $20,000, but if there is a sharp correction, it’s likely that the market will test the $19,360 level.

It’s important to note that traders who hold a large position or have a significant amount of capital should be cautious and consider making technical adjustments to their position or implementing risk management strategies to protect against market fluctuations.

Resistance level to watch out for: $21.5k

Support level to watch out for: $20k


As for Ethereum (ETH), the market has been steadily climbing and breaking above $1,460. It has also been able to hold support at $1,520, which has been confirmed as a short-term support level. The focus is now on whether the market will be able to break above $1,610, if so, the next resistance level would be at $1,636. With strong upward momentum, the market for ETH is stronger than BTC, however, it is still dependent on the direction of BTC. A break above$ 21,500 for BTC would likely lead to a further upward movement for ETH.

Resistance level to watch out for: $1636

Support level to watch out for: $1520

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Website: https://lbank.com

This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/january-18th-market-analysis-from-lbank-derivatives-926ce2d02158?source=rss-87c24ae35186——2

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