Bitcoin bounces and Ethereum approaches an important level - White Paper February 2, 2022

Analysis of the current market situation on the BTC and ETH market in a new review from Cred and DonAlt, authors of the Technical Roundup newsletter.

https://coinmarketcap.com/coins/views/all/

bitcoin monthly bounce

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Bitcoin/dollar bounced off support on multiple timeframes.

The price closed above monthly support at $35-37k.

As we have said in previous reviews, thiskey area. This is the lower limit of the range on several timeframes, the weekly structure is at the level of $32-34 thousand, the monthly structure is $35-37 thousand, and so on.

Levels of higher time frames are rarelyideal, and they need to be given more time and &#171;space&#187; (depending on the length of the wicks) so that they do their job properly. That's why we took the liberty of generalizing this area and calling it $30K.

Monthly and weekly closings were constructive. Support is support. Stocks are also rising, which contributes to this growth.

Our general views have not changed much, and they can be summarized in three points.

Firstly, in the short term it is stillactual technical resistance is slightly higher than current prices. Specifically, we're looking at weekly and daily resistance in the $38K-$40K area. In a worst-case scenario, the market will stall at that immediate level and whimper down to the mid-$30K range. &#171;Cheap&#187; $30K buys are now less attractive given that the market is at an intermediate resistance level.

Secondly, the goal of macroreversion remains at the level$46 thousand or so. There's a bunch of stuff in there. All boomer moving averages, monthly and weekly averages, breakout points and so on. This would be a very sensible area to get rid of the garbage you regret in the first place.

Third, conditions limited by range,most likely to be preserved. We don't see any good reasons for the market to trend on the higher timeframes yet and we continue to take a defensive approach when it comes to taking profits, selecting trade targets, and so on. Until proven otherwise, we are in opposition from level to level.

In the short term, things went wrong.With each rise, new long positions become less attractive. There is resistance at $38-40K and, more importantly, at $46K. Buyers at the bottom of the range are quite comfortable, but late entrants are likely to have a tough time. With the stock at major retest levels, the best we can do this week is to stay on the sidelines.

Medium-term support in the region of $30,000., seems to persist across all timeframes. You can't be too pessimistic as long as the most important structure remains intact - just don't marry bounces.

P.S. Don sold his lower longs, opened at the lower border of the range, Cred took a wait-and-see attitude and is outraged. Please get back up as soon as possible for maximum editorial pain.

Ethereum is approaching significant levels for a retest

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The Ethereum/USD pair is on its way to a breakout level retest around $3,000.

There may be a hidden resistance level around $2,700 (which the market is trading above at the time of writing), but $3,000 remains a major tipping point.

There is no unequivocal opinion here. As before, most of the comments on the bitcoin/dollar pair apply here.

We have three main ideas.

First, if the market crashes to a low inin the $2K range (currently untested), it's probably worth a try. If we are going to gamble anywhere, then we prefer to do it only in extreme cases.

Secondly, the return of the $3,000 mark.will mean that the bearish retest was not successful in the first case and will signal more growth. A move from $3,000 to $4,000 would be worth fixing. For now, $3k is resistance until proven otherwise.

Thirdly, the clearest sign of a trend reversalwill be at $4k. We are acutely aware that buying at all-time highs left a sour taste given how it went last time, but next time it will be different. May be. At least the cancellation will be clear!

Oh, and the ETH/BTC pair is still uninteresting. There is little argument for a higher low in this area, but a failed break above ₿0.077 remains the main driver.

How about Alts?

We do not cover altcoins.

At this stage, we do not find them particularly interesting.

Here are a few reasons.

First, retail flows and more riskydeals are focused on NFTs, not altcoins. NFTs are slightly different when it comes to liquidity, market capitalization, etc., so we cannot include them in the review. Although Don would love to do it. He needs sell orders ASAP.

Secondly, many of them look rude.The general market breakout changed the structure of the market on higher timeframes in most pairs. There are bounces, but many of them have already recovered a bit from their lows and are closer to resistance than support. There is no risk/reward ratio here.

And the last:there is no compelling narrative in the market right now. We included DeFi every week in 2020 when they were trending and gaining momentum every week. We covered SOL-LUNA-AVAX for several weeks in a row when it was relevant. At the moment, if we discard the NFT, we do not see comparable strength.

Our approach has always been to cover things that are either highly relevant or personally appealing to us. Sometimes this list turns out to be short, as is the overview as a result.

Sorry!

Something like that.

 

BitNews disclaim responsibility for anyinvestment recommendations that may be contained in this article. All the opinions expressed express exclusively the personal opinions of the author and the respondents. Any actions related to investments and trading on crypto markets involve the risk of losing the invested funds. Based on the data provided, you make investment decisions in a balanced, responsible manner and at your own risk.

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