After price touched the resistance level(39,700) at the early of last week, the strength of long side increased significantly and once rebounded to 44,000. We can see a strong support level(40700) which is the start of second part of bullish channel last year. This also makes the subsequent price rebound to the 44000. But the price did not stand firm at 44,000 after two days of rising and it entered fluctuation of narrow range in the following days.Neither long nor short have a clear confirmation.As the volume of short side increased yesterday, the price may retest the support level.
Conclusion:High probability of fluctuation and it is more likely to fall than to rise. At 1D level, long side is still weak in the process of rebound. It is difficult to say the price was in the bottom. The price will mostly fluctuate in the range(40500, 44000) until the direction is confirmed.
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.
Conclusion:High probability of fluctuation and it is more likely to fall than to rise. At 1D level, long side is still weak in the process of rebound. It is difficult to say the price was in the bottom. The price will mostly fluctuate in the range(40500, 44000) until the direction is confirmed.
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.