February 2nd Bitcoin and Ethereum Market Analysis: Key Points for BTC and ETH Today
Market Review
BTC continued its decline yesterday, with a slight divergence appearing on the 4-hour chart. Patience is advised as we await stabilization. The overall trend remains bearish (long-term), and the expectation of a significant short-term rebound has weakened. The daily chart has broken down, and we await stabilization. While the weekly chart hasn't broken down yet, the expectation of a rebound has diminished.
Bitcoin (2) followed BTC ( 1) in its decline, currently undergoing a recovery within the downtrend on the 4-hour chart. Patience is advised while waiting for stabilization. The daily chart shows a breakdown, indicating the overall trend remains bearish. In the short term, wait for a stable breakout before considering attempting a rebound from oversold conditions.
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 75,000-76,000, and resistance is at 77,000-78,000.
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 2150-2200, and resistance is at 2300-2400.
