Bitcoin and Ethereum Market Analysis for February 3rd: Key Points for BTC and ETH Today
Market Review
Yesterday's BTC oversold rebound was weak, with limited upward momentum on the 4-hour chart. Patience is advised as the overall trend remains bearish (long-term). Expectations for a significant short-term rebound have weakened. The daily chart shows a breakdown, awaiting stabilization. While the weekly chart hasn't broken down yet, the rebound expectation is diminishing.
Bitcoin (2) rebounded in tandem with BTC), but the 4-hour rebound was not strong. We should patiently wait for it to stabilize. The daily chart shows a breakdown, and the larger timeframe remains bearish. In the short term, we should wait for it to stabilize before considering buying on oversold rebounds.
Altcoins are consolidating in tandem with mainstream cryptocurrencies, but overall liquidity remains poor. It's advisable to wait for them to stabilize before making any decisions.
Intraday Market Analysis
BTC is below the healthy range on the 1-hour and 4-hour charts, and also below the healthy range on the daily chart. Watch for stabilization today. Intraday support is at 76000-76500, and resistance is at 78500-79500.
ETH is below its healthy range on the 1-hour and 4-hour charts, and also on the daily chart. Intraday focus should be on whether it can stabilize. Intraday support is at 2200-2250, and resistance is at 2300-2400.
