Last week, we observed the movement of BTC and NDX during the same period. It is not difficult to find that in almost every trading day, BTC’s high point and closing price are higher.The bulls of BTC performed better than that of NDX. This is not seen in previous weeks. We believe this information matter something. But US CPI(8.6%) dealt a big blow to bulls' confidence, triggering a new decline. And the stETH event exacerbated the panic over the weekend. Wounds that haven't healed were wounded again.
The FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Back to our TA. BTC dumped in the last week. After the CPI announcement on Friday, the price reached our given support level and dragged by ETH, fell sharply. Let's go back to Dec. 2020, or switch to a weekly view. After breaking down the given support level, it is almost difficult to find any other strong support level. That's why it dropped -20% over the weekend, and will also face this situation in the following period of time.
Conclusion:Mostly falling. Almost every candle this week has no lower shadow. There is no special point in the details. The current price has dropped to 20800 and then rebounded. This level is in the correction range in Dec. 2020. This support is not strong, and it should be broken within this week. We lower the resistance to 26500. We tried to find close strong support within 1 year, but it was difficult, and eventually, we lowered support to 17800. For the ultra-short-term judgment, we set an additional subprime support level of 21700, but it is really weak.
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 FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Back to our TA. BTC dumped in the last week. After the CPI announcement on Friday, the price reached our given support level and dragged by ETH, fell sharply. Let's go back to Dec. 2020, or switch to a weekly view. After breaking down the given support level, it is almost difficult to find any other strong support level. That's why it dropped -20% over the weekend, and will also face this situation in the following period of time.
Conclusion:Mostly falling. Almost every candle this week has no lower shadow. There is no special point in the details. The current price has dropped to 20800 and then rebounded. This level is in the correction range in Dec. 2020. This support is not strong, and it should be broken within this week. We lower the resistance to 26500. We tried to find close strong support within 1 year, but it was difficult, and eventually, we lowered support to 17800. For the ultra-short-term judgment, we set an additional subprime support level of 21700, but it is really weak.
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.
