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.
ETH started to rise after the CPI announcement and fell back after hitting our given resistance level. ETH gained 13.85% in the last week and has not struggled as much as BTC. On the one hand, ETH did not break the lower rail of the bullish channel (the yellow area). On the other hand, in the process of rising, the pin is not long. There was only one long pin yesterday accompanied by a certain volume. The benefits of the merger did make ETH a lot ahead of BTC.
Conclusion: There is a high possibility that the rebound has not ended. ETH, which took center stage, maintained its brilliant. Although the bears have increased near 2000, the bulls still dominate. We think ETH will take less time than BTC to break the given resistance level. We raised the support level to 1700 and maintained last week's resistance level at 2000.
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.
ETH started to rise after the CPI announcement and fell back after hitting our given resistance level. ETH gained 13.85% in the last week and has not struggled as much as BTC. On the one hand, ETH did not break the lower rail of the bullish channel (the yellow area). On the other hand, in the process of rising, the pin is not long. There was only one long pin yesterday accompanied by a certain volume. The benefits of the merger did make ETH a lot ahead of BTC.
Conclusion: There is a high possibility that the rebound has not ended. ETH, which took center stage, maintained its brilliant. Although the bears have increased near 2000, the bulls still dominate. We think ETH will take less time than BTC to break the given resistance level. We raised the support level to 1700 and maintained last week's resistance level at 2000.
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.
