Last week, the price of cryptocurrencies reached previous-high and then fell. Although Friday's pump was exciting, it did not last. The price fell again after the U.S. stock market opening.
The good performance of the employment data on Friday may be a factor. Although the NFP is lower than that in May, it is significantly higher than the forecast value, which gives the hawkish raising interest rate a better basis. The U.S. CPI data will be released on Wednesday. At present, the White House gave a warning that the CPI of June may be worse. This is likely to prompt the Fed to announce a 100bp hike at the end of July.
Price retreated after breaking resistance last week, and the weakness in funding makes it difficult for the bulls to sustain. And after the weekend, price fell back to where they were a week ago. The daily level has entered a stable fluctuation, but the larger trend remains bearish. If you go through the rebounds around 40,000 and 30,000 (green zone), you'll see that the current situation is so similar, a dump followed by a weak rebound, followed by another dump. Now this is still possible.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We maintain the support level at 17800 and the resistance level at 21700. Similarly, we also maintain the subprime support level (18900) last week to assist short-term judgment. Bearishness on a larger level makes us think a downside is possible.
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.
The good performance of the employment data on Friday may be a factor. Although the NFP is lower than that in May, it is significantly higher than the forecast value, which gives the hawkish raising interest rate a better basis. The U.S. CPI data will be released on Wednesday. At present, the White House gave a warning that the CPI of June may be worse. This is likely to prompt the Fed to announce a 100bp hike at the end of July.
Price retreated after breaking resistance last week, and the weakness in funding makes it difficult for the bulls to sustain. And after the weekend, price fell back to where they were a week ago. The daily level has entered a stable fluctuation, but the larger trend remains bearish. If you go through the rebounds around 40,000 and 30,000 (green zone), you'll see that the current situation is so similar, a dump followed by a weak rebound, followed by another dump. Now this is still possible.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We maintain the support level at 17800 and the resistance level at 21700. Similarly, we also maintain the subprime support level (18900) last week to assist short-term judgment. Bearishness on a larger level makes us think a downside is possible.
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.
