The impact of interest rate hikes is gradually emerging in the market, and we see that whether it is the oil price or the real estate market, or some indicators such as the consumer confidence index and the US PMI are all declining. Even in the cryptocurrency market, when you switch to 4h or lower-level chart, you will find that in the main trading-time in the United States, there is few cash-flow into the exchanges, and price is under selling pressure at this time. The slowdown in demand spread to all the markets in US.
At present, the market predicts that there is a 92.1% probability that the FOMC will raise interest rates by 75bp in July. In the case of a sharp decline in demand, there may be a new expectation gap.
After BTC price rose, many bearish power had joined in before reaching the given resistance level. The reduction in the amount of cash-flow makes the energy missing. Looking closely at mid-week rebound, the whole thing happened on shrinking volume, and another attack on Monday failed. Although the bulls can defend 20,000 level, it is still difficult to form a scaled rebound. This situation has occurred many times during the decline which lasted for almost half a year.
Conclusion: Mostly fluctuation. Although the magnitude of fluctuation has decreased significantly, we still maintain last resistance level (22700) and support level (17800). This week, the range may be narrowed, so we give an additional subprime range (20000, 21750). The support and resistance of this range are not stable, but it can play a certain role in the case of reduced trading volume.
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.
At present, the market predicts that there is a 92.1% probability that the FOMC will raise interest rates by 75bp in July. In the case of a sharp decline in demand, there may be a new expectation gap.
After BTC price rose, many bearish power had joined in before reaching the given resistance level. The reduction in the amount of cash-flow makes the energy missing. Looking closely at mid-week rebound, the whole thing happened on shrinking volume, and another attack on Monday failed. Although the bulls can defend 20,000 level, it is still difficult to form a scaled rebound. This situation has occurred many times during the decline which lasted for almost half a year.
Conclusion: Mostly fluctuation. Although the magnitude of fluctuation has decreased significantly, we still maintain last resistance level (22700) and support level (17800). This week, the range may be narrowed, so we give an additional subprime range (20000, 21750). The support and resistance of this range are not stable, but it can play a certain role in the case of reduced trading volume.
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.
