Hi fans, another week has passed. The cryptocurrency did not sustain strong buying power after the spree early last week, and the price falling back. With the benefit of the ETH merger, we see signs of a recovery in capital, and it is not in a hurry to leave the crypto looking for a safe haven for QT. But on the other hand, it should be noted that even if the capital is growing up, there is still a big gap from supporting a large-scale rebound.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
After BTC was driven by ETH at the beginning of last week, the bullish power increased, from a follower to a leader. But the bulls are not strong enough to move the price up near the resistance level, which has quite a distance. Price slowed down in mid-week and fell after forming pin-bar twice. This is very similar to the performance of the bulls at the 4h level in the previous two rebounds. Also after confirming the bullish decay, a long red bar formed yesterday with high volume, and the price fell back into the green range. The good thing is that during the last week's fall, the bears did not have a strong down-power at positions such as 40,000 and 30,000 (in the previous two green ranges), and the bearish power has weakened. It is unlikely that a dump will be formed on this place.
Conclusion:Mostly fluctuation. Although the rise were suppressed last week, the bears were not as strong as before. Therefore, we believe there is a high probability that the price will remain fluctuate. You need to pay attention on the FOMC and Q2GDP , which are more important than technical analysis this week. We lowered the resistance level to 23500 and kept support level at 17800 and subprime support level at 18900.
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.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
After BTC was driven by ETH at the beginning of last week, the bullish power increased, from a follower to a leader. But the bulls are not strong enough to move the price up near the resistance level, which has quite a distance. Price slowed down in mid-week and fell after forming pin-bar twice. This is very similar to the performance of the bulls at the 4h level in the previous two rebounds. Also after confirming the bullish decay, a long red bar formed yesterday with high volume, and the price fell back into the green range. The good thing is that during the last week's fall, the bears did not have a strong down-power at positions such as 40,000 and 30,000 (in the previous two green ranges), and the bearish power has weakened. It is unlikely that a dump will be formed on this place.
Conclusion:Mostly fluctuation. Although the rise were suppressed last week, the bears were not as strong as before. Therefore, we believe there is a high probability that the price will remain fluctuate. You need to pay attention on the FOMC and Q2GDP , which are more important than technical analysis this week. We lowered the resistance level to 23500 and kept support level at 17800 and subprime support level at 18900.
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.
