Last Friday NFP was released at 52.8, an astonishing number. We're not going to discuss why it's double the market forecast, it may be based on the Democratic Party’s specific formula. However, after this number was announced, some traditional markets like interest rate swap,DXY, gold and bond markets began to price in +75bp in September, and there was even talk of a temporary FOMC in the August. Hawkish atmosphere intensified. However, risky assets such as U.S. stocks and BTC did not show a major decline, but fluctuated at a high level. In the crypto-market, some altcoins have made new highs of nearly two months. That’s a magical phenomenon. This Wednesday, July's CPI will be released, which is very important for the trend of the following month.
BTC is consistent with our judgment. After the decline at the beginning of last week, the bulls started a new round of attacking, and soon the price was close to the previous high again. If you have been paying attention to the tradingview of crypto-tokens in the past few months, you will find that the trading volume of tokens will be very low during the weekend. Because of the correlation with U.S. stocks, the major capitals dislike betting on the uncertainty of the weekend. This is also the basis for our following discussion. If you cover the weekend on the chart, you will find that while the price rose in high volume on Friday, it still maintained the strength of the bulls on Monday, and the current price is close to the given resistance level. This is a positive sign. It might transform BTC from a rising follower to a leader.
Conclusion: There is a high possibility that the rebound has not ended. After excluding weekend performance, the bulls are still strong in the near term and the bullish channel (yellow area) is supporting. So we come to this conclusion. We hold the support level at 20800 and move up the resistance level to 27000.
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.
BTC is consistent with our judgment. After the decline at the beginning of last week, the bulls started a new round of attacking, and soon the price was close to the previous high again. If you have been paying attention to the tradingview of crypto-tokens in the past few months, you will find that the trading volume of tokens will be very low during the weekend. Because of the correlation with U.S. stocks, the major capitals dislike betting on the uncertainty of the weekend. This is also the basis for our following discussion. If you cover the weekend on the chart, you will find that while the price rose in high volume on Friday, it still maintained the strength of the bulls on Monday, and the current price is close to the given resistance level. This is a positive sign. It might transform BTC from a rising follower to a leader.
Conclusion: There is a high possibility that the rebound has not ended. After excluding weekend performance, the bulls are still strong in the near term and the bullish channel (yellow area) is supporting. So we come to this conclusion. We hold the support level at 20800 and move up the resistance level to 27000.
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.
