We are in a bullish trend and just need to cool down and think how far ahead we are.
In the first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
Last week, after the price approached 24000, the rising speed slowed down, and the number of pins gradually increased. The next target position was the high point during the ETH merger period last year. Unlike the correction in mid-Jan(the gray part in the figure), the stagnation of the rise this time is accompanied with longer pins and take a longer period. The trading volume returned to low circulation again during the weekend. If you are an old-crypto, you know that this means that the bulls are gradually losing momentum. The most important point is that after the re-attack on 24000 was launched on Sunday, the price reversed obviously on Monday. The strengthening of bears was very obvious.
Conclusion: There is a high probability that the callback has not ended. We draw this conclusion based on the fact that at the beginning of this round of rise, the trading volume was not particularly large, and it can be seen that the overall trading volume is lower than that in Nov last year when it fell. Therefore, in the current situation where bulls decay and bears strengthen, we believe that the depth and duration of the callback will be relatively strong. We raised the resistance level to 25000 (the high of ETH merger period) and raised the support level to 21500.
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.
In the first month of 2023, the crypto market outperformed all other assets (nearly +40% gains). The slowdown in Fed rate hikes and the fall in CPI make people feel that the spring is approaching. At this time, what you need to know is what the rapid rise in risk assets means for the policy maker. This week will usher in FOMC and employment data. Although there is a high probability that the interest rate will be raised by 25bp, we believe that Powell's speech will bring uncertainty to the market.
Last week, after the price approached 24000, the rising speed slowed down, and the number of pins gradually increased. The next target position was the high point during the ETH merger period last year. Unlike the correction in mid-Jan(the gray part in the figure), the stagnation of the rise this time is accompanied with longer pins and take a longer period. The trading volume returned to low circulation again during the weekend. If you are an old-crypto, you know that this means that the bulls are gradually losing momentum. The most important point is that after the re-attack on 24000 was launched on Sunday, the price reversed obviously on Monday. The strengthening of bears was very obvious.
Conclusion: There is a high probability that the callback has not ended. We draw this conclusion based on the fact that at the beginning of this round of rise, the trading volume was not particularly large, and it can be seen that the overall trading volume is lower than that in Nov last year when it fell. Therefore, in the current situation where bulls decay and bears strengthen, we believe that the depth and duration of the callback will be relatively strong. We raised the resistance level to 25000 (the high of ETH merger period) and raised the support level to 21500.
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.
