We are in a bullish trend and just need to cool down and think how far ahead we are.
After the strong increase in NFP of Jan. and Powell's hawkish speech, U.S. stocks and crypto-market made a decline last Thursday, catching up with the loss of other market such like foreign exchange and gold. Market sentiment turned cold. The CPI for Jan. will be released today, in which the prices of gasoline and used cars have increased. Although the impact on the long-term trend become low, it may still fall further in the short term to erase the additional gains brought by FOMO.
BTC dumped last Thursday, and the price left the shock range that lasted for half a month. The given support level took effect and the price moves above it. After the long red candles appears, the price fluctuates within a narrow range. The bulls and bears decayed at that time. The trading volume during the pullback period is lower than before, which shows that the strength of the bears is weak at a larger level.
Conclusion: There is a high probability that it will rise after the fluctuation. The price has held above the support level for four days and like we said at the beginning, we are still in a bullish trend. So we came to this conclusion. We maintain last week's support level at 21500 and resistance level at 25000. However, extra attention should be paid to the fact that macro data may change the trend under the current circumstances.
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.
After the strong increase in NFP of Jan. and Powell's hawkish speech, U.S. stocks and crypto-market made a decline last Thursday, catching up with the loss of other market such like foreign exchange and gold. Market sentiment turned cold. The CPI for Jan. will be released today, in which the prices of gasoline and used cars have increased. Although the impact on the long-term trend become low, it may still fall further in the short term to erase the additional gains brought by FOMO.
BTC dumped last Thursday, and the price left the shock range that lasted for half a month. The given support level took effect and the price moves above it. After the long red candles appears, the price fluctuates within a narrow range. The bulls and bears decayed at that time. The trading volume during the pullback period is lower than before, which shows that the strength of the bears is weak at a larger level.
Conclusion: There is a high probability that it will rise after the fluctuation. The price has held above the support level for four days and like we said at the beginning, we are still in a bullish trend. So we came to this conclusion. We maintain last week's support level at 21500 and resistance level at 25000. However, extra attention should be paid to the fact that macro data may change the trend under the current circumstances.
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.
