In the previous recap, we mentioned that most cryptocurrencies will have strong bullish power around the support level. The trend in this week also confirms this view. At the macro level, there is no obvious sign of easing the regional crisis and negotiations between Ukraine and Russia may continue. Based on the large-scale purchase of cryptocurrencies by Russian and Ukrainian civilians, the price of BTC rose to 44000. On the other hand,in this week, the State of the Union Address which include the inflation and regional crisis will be released, US.NFP will be announced. Many uncertainties will affect the market.
The price rebounded rapidly after hitting the support level(35000). As we thought, there is much bullish power around the previous low. After that, the price has remained above the level (37000) few days and pumped to 44000. From the graph, neither the long side nor the short side has established control. Before a clear signal come out, the price will fluctuate in a range.
Conclusion: Mostly fluctuation. Whether the bullish strength is sustainable remains to be seen. The resistance level above is a test for the long side. We think it is unlikely that the price will break out of the resistance level directly.We set 44800 as the resistance level and 37000 as the support 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.
The price rebounded rapidly after hitting the support level(35000). As we thought, there is much bullish power around the previous low. After that, the price has remained above the level (37000) few days and pumped to 44000. From the graph, neither the long side nor the short side has established control. Before a clear signal come out, the price will fluctuate in a range.
Conclusion: Mostly fluctuation. Whether the bullish strength is sustainable remains to be seen. The resistance level above is a test for the long side. We think it is unlikely that the price will break out of the resistance level directly.We set 44800 as the resistance level and 37000 as the support 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.
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.
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.