The long-term fluctuations drained bulls' energy. The price of crypto-tokens dumped more than 10% on last Friday. Although there were no major economic indicators and meetings held in the last week, many kinds of assets have returned to price in the hawkish interest rate hikes. We have seen a rapid rise of the DXY, approaching ATH, and the gold price has entered a staged decline. The expiration of the $2 trillion stock-options also made a sharp correction in U.S. stocks from last Friday. These may have contributed to the crypto-market's bad performance last week. But on the other hand, BTC and ETH did not stand above 25,000 and 2,000 respectively, which made some profit-making chips choose to realize gains, which was the reason of last week's dump.
Last week, the bulls failed to stand above 25,000 when the bears were not strong at that time. As a follower, the previous rise of BTC was not as much as that of ETH, and 25,000 is not a particularly stable resistance level for BTC itself. After the release of the last recap, the bears was not strong, the red candle was like a staircase, it was slowly descending step by step, and the trading volume was gradually shrinking, which is a good timing for the bulls to attack the resistance level. But it didn't happen. In the end, the bull's energy was completely exhausted. After the price approached the given support level last Friday, the bears destroyed the support level with a high volume. This is disastrous for the rebound.
Conclusion: Mostly fluctuation. Such a Curve-decline has also occurred at the level of 30,000. We do not believe that it will bring a sharp decline which it used to do, but this is really a blow to the bulls. Six consecutive red candles almost confirm that the bulls are out of control and the price is set to fluctuate for a long time again. We think (19000, 23000) as new support level and resistance level.
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 week, the bulls failed to stand above 25,000 when the bears were not strong at that time. As a follower, the previous rise of BTC was not as much as that of ETH, and 25,000 is not a particularly stable resistance level for BTC itself. After the release of the last recap, the bears was not strong, the red candle was like a staircase, it was slowly descending step by step, and the trading volume was gradually shrinking, which is a good timing for the bulls to attack the resistance level. But it didn't happen. In the end, the bull's energy was completely exhausted. After the price approached the given support level last Friday, the bears destroyed the support level with a high volume. This is disastrous for the rebound.
Conclusion: Mostly fluctuation. Such a Curve-decline has also occurred at the level of 30,000. We do not believe that it will bring a sharp decline which it used to do, but this is really a blow to the bulls. Six consecutive red candles almost confirm that the bulls are out of control and the price is set to fluctuate for a long time again. We think (19000, 23000) as new support level and resistance level.
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.
