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.
Like BTC, after the fall in early June, the price entered a stable range. From the chart, you can see how well the market has a tacit understanding of this range. Last week, the price retreated after surpassing the resistance level, almost back to where it was a week ago, and is now moving close to the support level. In terms of trading volume, last week's rising had a high trading volume, but yesterday's decline also had a high trading volume. The bearish power never gone.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. The bulls are not out of the woods and there is a stage of bears on a large scale, so we reserve the possibility of a downside. We do not plan to change the support level(1050) and resistance level(1240) this week.
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.
Like BTC, after the fall in early June, the price entered a stable range. From the chart, you can see how well the market has a tacit understanding of this range. Last week, the price retreated after surpassing the resistance level, almost back to where it was a week ago, and is now moving close to the support level. In terms of trading volume, last week's rising had a high trading volume, but yesterday's decline also had a high trading volume. The bearish power never gone.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. The bulls are not out of the woods and there is a stage of bears on a large scale, so we reserve the possibility of a downside. We do not plan to change the support level(1050) and resistance level(1240) this week.
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.
