Dec.13-Dec.18(BTC)Weekly market recap
On Tuesday last week, the U.S. Department of Labor released the CPI for November, and the CPI dropped further. At Wednesday's FOMC press conference, Powell said that although the possibility of raising interest rates will be retained in the FOMC report, for him, the interest rate hikes are basically over, and various factors will be considered in subsequent monetary policy adjustments. Shortly after Powell finished his speech, CME's interest rate path showed that the market predicted that there would be five 25bp interest rate cuts in 2024, with the earliest one occurring in March 2024. This provides conditions for BTC to rise further.
The performance of BTC last week exceeded our expectations. The long red candle did not repel the bulls and declines were not seen. Although BTC has not broken through the given resistance level upward, maintaining fluctuation is already the best way. We maintain our previous resistance level 43000 and support level 38000. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range widens. However, WTA indicators do not show optimism. The blue column representing the whale does not appear on the daily level.
Switching to the 4h level, the ME indicator still remains bullish, but the fluctuation makes the purple wavy area narrow. Although the WTA indicator shows that blue columns representing whales appeared during the recent rise, there are too few whales, and even the gray bars representing retail investors are short.
To sum up, we believe that it is difficult for BTC to continue to rise at this position, and there is a high probability of fluctuations or corrections.
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 performance of BTC last week exceeded our expectations. The long red candle did not repel the bulls and declines were not seen. Although BTC has not broken through the given resistance level upward, maintaining fluctuation is already the best way. We maintain our previous resistance level 43000 and support level 38000. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range widens. However, WTA indicators do not show optimism. The blue column representing the whale does not appear on the daily level.
Switching to the 4h level, the ME indicator still remains bullish, but the fluctuation makes the purple wavy area narrow. Although the WTA indicator shows that blue columns representing whales appeared during the recent rise, there are too few whales, and even the gray bars representing retail investors are short.
To sum up, we believe that it is difficult for BTC to continue to rise at this position, and there is a high probability of fluctuations or corrections.
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.
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