The CPI:9.1% was announced on last Wednesday, higher than expected, the voice of raising interest rates by +100bp became higher, and the cryptocurrencies dumped directly, but the dovish remarks of Biden and Fed officials have gradually turned the market to +75bp, risk assets turned to rise. The merger of ETH catalyzed the rising. ETH has gone out of the independent trend, and it has also driven the rise of the whole cryptocurrency market, and the sentiment is positive.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
BTC started to rebound after reaching to subprime support level last week, than the price gradually increased and broke our resistance level on Monday and is currently waiting for a bullish confirmation. In fact, in the first half of the rise, the bulls were not firm, the decline of the trading volume and the upper shadows of the short candles are more like movement in the fluctuation. After the price hit our resistance level, the bears started to increase and the price fell back with a regular pattern. However, Monday's rising with high volume broke the upper rail of the range, but whether it can continue requires bulls to confirm above the upper rail.
Conclusion: Mostly fluctuation. The price is currently breaking above the upper rail, but it takes nearly two days to confirm, and the bears are currently pushing the price lower again, so we give this conclusion. If the bulls can finally hold their ground, which will bring more bullish power, the rebound will continue for some time and there is a lot of space to the new resistance level at 26500. If the bears sink the price into the range again, a valid breakdown has not occurred. We kept support level at 17800 and subprime support level at 18900 and raised resistance level to 26500.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
BTC started to rebound after reaching to subprime support level last week, than the price gradually increased and broke our resistance level on Monday and is currently waiting for a bullish confirmation. In fact, in the first half of the rise, the bulls were not firm, the decline of the trading volume and the upper shadows of the short candles are more like movement in the fluctuation. After the price hit our resistance level, the bears started to increase and the price fell back with a regular pattern. However, Monday's rising with high volume broke the upper rail of the range, but whether it can continue requires bulls to confirm above the upper rail.
Conclusion: Mostly fluctuation. The price is currently breaking above the upper rail, but it takes nearly two days to confirm, and the bears are currently pushing the price lower again, so we give this conclusion. If the bulls can finally hold their ground, which will bring more bullish power, the rebound will continue for some time and there is a lot of space to the new resistance level at 26500. If the bears sink the price into the range again, a valid breakdown has not occurred. We kept support level at 17800 and subprime support level at 18900 and raised resistance level to 26500.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
