Last week, the interest rate decision has basically been priced in by the market, and +75bp did not bring much volatility. The U.S. Q2 GDP released on Thursday morning was -0.9%, and the consecutive negative value for two weeks announced that the U.S. economy has entered a technical recession. Risky assets performed strongly again last week, and most market participants believe that the CPI is already at the top, and the economic is at the bottom. The pace of rate hikes will gradually be dovish, which will benefit risky assets. From this week, the economic data for July will be released one after another, confirming whether inflation has peaked and whether the economy has bottomed..
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
After last week's economic data released, the bulls held up again, pushing prices directly above the given resistance level, testing the 24,000 for four days from Friday. It is a pity that the strength of the bulls did not continue over the weekend, and the low circulation consumed the energy brought by the emotional side. The price still did not stabilize above 24,000 and entered a correction range again. It can be seen from the trading volume that green candles were accompanied by larger gains and high volume, while red candles were accompanied by small loss and low volume at the daily level. More than 40 days of fluctuation have formed a reversal on a larger scale.
Conclusion: There is a high possibility that the rebound has not ended. Based on the shift in the bulls and bears, we give this conclusion. We raised support level to 20800. At the same time, the resistance level was raised to 24500, which was the highest point of the last week. For BTC, the selling-pressure is not strong until it reaches 27000, and there is still a lot of profit margin.
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.
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
After last week's economic data released, the bulls held up again, pushing prices directly above the given resistance level, testing the 24,000 for four days from Friday. It is a pity that the strength of the bulls did not continue over the weekend, and the low circulation consumed the energy brought by the emotional side. The price still did not stabilize above 24,000 and entered a correction range again. It can be seen from the trading volume that green candles were accompanied by larger gains and high volume, while red candles were accompanied by small loss and low volume at the daily level. More than 40 days of fluctuation have formed a reversal on a larger scale.
Conclusion: There is a high possibility that the rebound has not ended. Based on the shift in the bulls and bears, we give this conclusion. We raised support level to 20800. At the same time, the resistance level was raised to 24500, which was the highest point of the last week. For BTC, the selling-pressure is not strong until it reaches 27000, and there is still a lot of profit margin.
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.
