2/11 Market Analysis
BTC is still dominated by bearish forces at the weekly level, and the overall trend remains downward. At the daily level, BTC has recently built a relatively stable bottom structure near 95,800 points.
Yesterday, the price rebounded quickly after a drop, and finally closed with a small positive line. The daily level has been arranged with small positive lines for three consecutive days, which indicates that the market is expected to continue the rebound trend in the short term. The key target position above needs to focus on the 99,600-100,600 range, which will become an important reference for judging the strength of the rebound.
Looking at the 4-hour line again, the double-needle bottoming pattern appeared in the early trading yesterday and then closed with a positive, which indicates that the market is gradually moving towards a steady upward channel. However, the current market bullish sentiment is relatively cautious, resulting in a slightly insufficient upward momentum, and there is certain resistance in the process of advancing the upward trend.
Based on the above analysis, the intraday operation strategy should be mainly to do more on pullbacks. The support level of 97200-96200 should be focused on the bottom. If the price stabilizes in this range, long orders can be actively arranged; the pressure level of 98800-99800 should be closely watched on the top. Once it is touched, be alert to the risk of price pullback.
In the ETH market, looking back at the trend of last week, ether fell sharply on the weekly level and finally closed with a long upper shadow line.
After three consecutive large negative lines, the technical level shows that there is a certain demand for rebound in the market. It is expected that the weekly line will go out of two small positive lines to repair the technical indicator divergence caused by the previous excessive decline.
However, from the perspective of the general trend, the short-selling pattern has not changed fundamentally.
At the daily level, ether fell and inserted a pin yesterday, and finally closed with a small positive line of a cross star. The price continued to rise in the morning, and the short-term rebound trend was relatively obvious.
However, we need to maintain a rational expectation for the rebound height, which is expected to be 50 points higher than the highest point of 2920 on February 4. In terms of the 4-hour line, after the double-needle bottoming out in the early trading yesterday, the price rose steadily, and the small-level trend showed that there is still room for growth.
In terms of intraday operations, the focus below is on the support level of 2650-2600. If the price falls back to this level, you can consider placing long orders; the focus above is on the pressure level of 2750-2800. Once it encounters resistance, you can appropriately reduce your position or stop profit.
