"Market Analysis for February 10: Main Players Are Preparing for the New Year, After Volatility Still Downtrend"

The recent market has been stagnant, with no significant movements for three or four days. The main players have clearly indicated their stance: the market will remain sideways and oscillate in the coming weeks. The weekly chart shows that the moving averages are flattening, which takes time to complete, so it’s destined to stay sideways for the next one or two weeks. Once the sideways phase concludes, a downward move is likely to follow because, in the broader weekly trend, the big players have already chosen the direction—beginning a bear market. This is clearly visible on the weekly CCI, which has moved far away from the zero line. Therefore, the two-year bull market that started in October 2023 has come to an end. The most cost-effective strategy now is to short on rallies, and there’s no rush to guess the bottom.

$BTC Bitcoin continues to observe the 69,800 level today as a dividing line, with support at 64,400 and 62,500, and resistance above at 74,600 and 75,600. Key levels remain the same as yesterday.

$SOL Solana is still facing resistance at 89-90, with upward pressure at 98, and support below at 75.3 and 71.

$ETH Ethereum’s support levels are at 1,895 and 1,825, with resistance at 2,375, unchanged from yesterday.

In summary, this brief respite, based on weekly expectations, is just a preparation for the next drop to new lows. Until key levels on the daily chart are broken, there remains a chance for new lows. Additionally, with the weekly chart entering a bear trend, the more profitable approach is to short on rallies. We won’t speculate on the bottom for now, as the time cycle is not yet complete, and guessing the bottom is pointless. If you don’t understand the market or can’t determine the direction accurately, welcome to join the Chief Analyst. Click to join the Chief Analyst community (Follow the Chief for daily market analysis and precise entry points. Long and short strategies are for reference only. Strict stop-loss and take-profit are recommended).