We are in a bullish trend and just need to cool down and think how far ahead we are.
Last Thursday, the Federal Reserve announced a 25bp rate hike, and Powell's speech did not bring additional attitude. The market believes that Powell recognized the market's bullish performance in January and rose again. However, last Friday's employment data was unexpectedly better than the previous value, which was negative for assets other than the US dollar. So gold market, foreign exchange and bond markets all experienced significant declines. But the decline in US stocks and the crypto-market was relatively gentle. The market is think how far ahead we are. Powell is due to deliver a speech at noon on Tuesday, which may unify the price of various assets.
After the last Recap, the bulls of BTC tried to attack 24000 again, and then fell back to 23000. Affected by the macro aspect. The bears did not go straight into a deep pullback. Judging from last week's performance, it took longer for the bears to recover the two green candles. The trading volume of the five red candles is much less than the previous ones. These are all signs of bearish decay.
Conclusion: Mostly fluctuation. Based on decay of bears, we think the pullback will be softer than we thought last week. While the bulls took a break after pumping, the bears was corrected and weakened by macro. Before the bulls strengthen again, fluctuation will be the main trend. We maintain last week's support level at 21500 and resistance level at 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.
Last Thursday, the Federal Reserve announced a 25bp rate hike, and Powell's speech did not bring additional attitude. The market believes that Powell recognized the market's bullish performance in January and rose again. However, last Friday's employment data was unexpectedly better than the previous value, which was negative for assets other than the US dollar. So gold market, foreign exchange and bond markets all experienced significant declines. But the decline in US stocks and the crypto-market was relatively gentle. The market is think how far ahead we are. Powell is due to deliver a speech at noon on Tuesday, which may unify the price of various assets.
After the last Recap, the bulls of BTC tried to attack 24000 again, and then fell back to 23000. Affected by the macro aspect. The bears did not go straight into a deep pullback. Judging from last week's performance, it took longer for the bears to recover the two green candles. The trading volume of the five red candles is much less than the previous ones. These are all signs of bearish decay.
Conclusion: Mostly fluctuation. Based on decay of bears, we think the pullback will be softer than we thought last week. While the bulls took a break after pumping, the bears was corrected and weakened by macro. Before the bulls strengthen again, fluctuation will be the main trend. We maintain last week's support level at 21500 and resistance level at 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.
