January 31st Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
BTC saw a slight rebound after yesterday's oversold condition, with the 4-hour downtrend showing a slight recovery. Patience is advised as we await stabilization. The overall trend remains bearish (long-term), and short-term rebound expectations are weakening. The daily chart shows a break below support, awaiting stabilization. While the weekly chart hasn't broken down yet, rebound expectations are diminishing.
Bitcoin (2C) is consolidating in tandem with BTC). The downward momentum on the 4-hour chart is showing slight signs of recovery. We should patiently wait for stabilization. While the daily chart hasn't broken down yet, the larger timeframe remains bearish. In the short term, we should wait for a stable breakout before considering a potential rebound.
Altcoins followed the mainstream trend and fell in tandem. Overall liquidity remains poor. We'll wait for altcoins to stabilize before making any decisions.
Intraday Market Analysis
BTC is below the healthy range on both the 1-hour and 4-hour charts, and also on the daily chart. Watch for stabilization today. Intraday support is at 81000-82000, and resistance is at 84000-85000.
ETH is below its healthy range on the 1-hour and 4-hour charts, and also below its healthy range on the daily chart. Intraday focus should be on whether it can stabilize. Intraday support is at 2650-2700, and resistance is at 2800-2850.
