Last Wednesday, July's CPI was announced at 8.5%, which was lower than the June CPI and the forecast. This is confirmation that inflation has peaked. Risk assets such as U.S. stocks and BTC rose further. Another interesting point is that in our observation, the yields of U.S. short-term bonds are rising, which means that there is capital outflow from the bond market, which may play an additional role in the judgment of the U.S. economy.
In the first half of last week, BTC and ETH created a one-month high, and some Altcoins rose even higher. In the second half of last week, the bearish power of BTC and ETH increased, and 25,000 and 2,000 became their checkpoints in this week. The benefits of the ETH merger still exist. Compared with the earlier rise of ETH, the chain-data last week showed that the participants betting on BTC’s compensation of rise.
The price of BTC rose by 4.88% last week, but it is far from the given resistance level, and 25000 has become a key position for bulls and bears. With the positive CPI, the bulls began to attack the 25,000 point from Aug.11. Even on Saturdays and Sundays, when the market is usually not active, the bulls still want a chance to try. Similarly, yesterday as the first working day, the price surged to 25000 again. But the results can already be seen from the TradingView, the 4-day independent attack failed. And with the exception of Saturday, the remaining three failure accompanied by high volume. This will not change our view of the bulls, but it may be a long process to stand above 25,000, and the price will have a obvious correction.
Conclusion: There is a high possibility that the rebound has not ended. While still in the bulls' home, the strengthening of the bears is evident. We don't think the rebound from July will end here, but the bulls need to be well-prepared before the step on the accelerator. We raised the support level to 23000 and lowered the resistance level to 25000.
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.
In the first half of last week, BTC and ETH created a one-month high, and some Altcoins rose even higher. In the second half of last week, the bearish power of BTC and ETH increased, and 25,000 and 2,000 became their checkpoints in this week. The benefits of the ETH merger still exist. Compared with the earlier rise of ETH, the chain-data last week showed that the participants betting on BTC’s compensation of rise.
The price of BTC rose by 4.88% last week, but it is far from the given resistance level, and 25000 has become a key position for bulls and bears. With the positive CPI, the bulls began to attack the 25,000 point from Aug.11. Even on Saturdays and Sundays, when the market is usually not active, the bulls still want a chance to try. Similarly, yesterday as the first working day, the price surged to 25000 again. But the results can already be seen from the TradingView, the 4-day independent attack failed. And with the exception of Saturday, the remaining three failure accompanied by high volume. This will not change our view of the bulls, but it may be a long process to stand above 25,000, and the price will have a obvious correction.
Conclusion: There is a high possibility that the rebound has not ended. While still in the bulls' home, the strengthening of the bears is evident. We don't think the rebound from July will end here, but the bulls need to be well-prepared before the step on the accelerator. We raised the support level to 23000 and lowered the resistance level to 25000.
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.
