February 3rd BTC/ETH:

The market has started to rebound. Is it time to clear out the long positions?

Previously, I have to mention today’s violent rebound in precious metals. As long as geopolitical tensions do not end, the market will not surge significantly, which also limits liquidity in the crypto space. The direct result is that today’s overall market is sideways. Therefore, as long as the US stock market opens lower tonight, the probability of a rebound will increase significantly!

BTC
The current market is in a clear consolidation pattern. The bullish engulfing candlestick and the golden cross of moving averages coexist. However, due to the liquidity drained by precious metals, trading volume is relatively low, and the rebound strength is insufficient. During the day, it retested support at 7760. As long as it does not break below the minor short-term trend, the upward trend remains intact. Yesterday’s second target was 7920; a breakout here would be a good opportunity to add to positions.

Range around 7770-7730, with a stop at 7670. The target is a breakout above 7920 towards 8150-8320.

ETH
Range around 2280-2305, with a stop at 2236. The target is a breakout above 2392 towards 2458-2556.

Short-term trading is flexible and depends on your actual position. Adjust your stop-loss accordingly! $BTC #BTC何时反弹？