A very crucial week has come. The Fed will announce its interest rate decision on Wednesday . As we have seen, expectations of tighter monetary policy have brought a half-year bear market to cryptocurrencies. With the meeting approaching, the decline has slowed down significantly and the bullish power is eager to try.If you've been following our weekly market recap, you'll see that the bulls and the bears have been battling around important support levels in the last month. It's still anyone's game until the decision come out.
The price fluctuated within a narrow range this week. After a tentative break above the given resistance level, the price didn’t hold and immediately fall back to the resistance level. The movement reflects the hesitant attitude in this week. Both bulls and bears want to establish their domination, but bursts are not sustainable. The range of fluctuation is gradually narrowing and a new trends will be born.
Conclusion: Mostly fluctuation and it is more likely to fall than to rise. We believe that based on the previous situation, the strength of bulls and bears is equal, and it is very likely to continue to fluctuate. With the narrowing of the range (shown by the blue line in the figure) and the overall strength of the bears is slightly stronger, we believe that if the fluctuation is end, the possibility of continued decline is greater than rise. We hold the support level (37000), but unlike before, the more tests on the support level, the weaker it will become. We raised the resistance to 39700.
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.
The price fluctuated within a narrow range this week. After a tentative break above the given resistance level, the price didn’t hold and immediately fall back to the resistance level. The movement reflects the hesitant attitude in this week. Both bulls and bears want to establish their domination, but bursts are not sustainable. The range of fluctuation is gradually narrowing and a new trends will be born.
Conclusion: Mostly fluctuation and it is more likely to fall than to rise. We believe that based on the previous situation, the strength of bulls and bears is equal, and it is very likely to continue to fluctuate. With the narrowing of the range (shown by the blue line in the figure) and the overall strength of the bears is slightly stronger, we believe that if the fluctuation is end, the possibility of continued decline is greater than rise. We hold the support level (37000), but unlike before, the more tests on the support level, the weaker it will become. We raised the resistance to 39700.
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.
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Disclaimer
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.