Bitcoin and Ethereum Market Analysis for February 4th: Key Points for BTC and ETH Today
Market Review
BTC remained range-bound yesterday, then fell again in the early morning. The 4-hour rebound lacked strength, so patience is needed while waiting for 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 need to wait for stabilization. The weekly chart hasn't broken down yet, but the expectation of a rebound is weakening.
Bitcoin (2) followed BTC(1) in its decline, showing weakness in the 4-hour rebound. 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 recovery before considering attempting a rebound from oversold levels.
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 75000-76000, and resistance is at 77000-77500.
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 2150-2200, and resistance is at 2300-2350.
