We are in a bullish trend and just need to cool down and think how far ahead we are.
After gold and forex have fallen for a while, the cryptocurrency market entered into correction last week. Financial markets reacted to the strong employment and a slight drop in CPI. However, the next FOMC will be held on Mar.22, and there will be a new employment data and a new CPI data of Feb. before that, and the reduction of interest rate hike is undoubted. So the decline is an adjustment to the rush, but it is difficult to change the macro environment.
With no major economic data and speeches to come out this week, markets will move relatively freely.
BTC did not take 25000 last week, and entered into a correction after the release of our last recap, and the low broke 23000. The red candles of last week all have downward pin, and the trading volume of the correction is not obvious, which gives us a reason to think that at a larger level, we are still in a bullish trend. We have drawn a bullish channel based on highs and lows since 2023. The price will receive the resistance near the upper rail and get support near the lower rail before a big macro shift.
Conclusion: There is a high probability that it will rise after the correction. Based on the fact that the bullish trend at a larger level has not been reversed, the current price is in the middle of the bullish channel, and there is space to go down, so we give this conclusion. We maintain the support level of 21500 last week and lower the resistance to the earlier level of 25000.
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 gold and forex have fallen for a while, the cryptocurrency market entered into correction last week. Financial markets reacted to the strong employment and a slight drop in CPI. However, the next FOMC will be held on Mar.22, and there will be a new employment data and a new CPI data of Feb. before that, and the reduction of interest rate hike is undoubted. So the decline is an adjustment to the rush, but it is difficult to change the macro environment.
With no major economic data and speeches to come out this week, markets will move relatively freely.
BTC did not take 25000 last week, and entered into a correction after the release of our last recap, and the low broke 23000. The red candles of last week all have downward pin, and the trading volume of the correction is not obvious, which gives us a reason to think that at a larger level, we are still in a bullish trend. We have drawn a bullish channel based on highs and lows since 2023. The price will receive the resistance near the upper rail and get support near the lower rail before a big macro shift.
Conclusion: There is a high probability that it will rise after the correction. Based on the fact that the bullish trend at a larger level has not been reversed, the current price is in the middle of the bullish channel, and there is space to go down, so we give this conclusion. We maintain the support level of 21500 last week and lower the resistance to the earlier level of 25000.
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.
