Last week, the cryptocurrency was pumping. Many corporate investors such as Three Arrows Capital and LUNA Foundation, are actively participating in market transactions. The atmosphere of the market seems to have returned back to the way it was before November 2021. Traders and investors are no longer nervous to tight monetary policy. The regional situation did not intensify over the last week, which also served as a breeding ground for the price to break above important resistance level.
In the last week, BTC did not fall back after reaching the upper rail of the range, and the bulls erupted with great strength during the weekend's battle. A long green candle mad the price directly broke the previous high, taking it into new range. After fluctuating for nearly two months, the bullish power broke the deadlock. We think that the strength of the bulls has been confirmed. At this time, there is an opportunity to form a bullish channel. In the near term, after the bulls broke the upper track, the bears are still weak.
Conclusion: Mostly rising. The price has entered a new range, we set the original upper rail(44500) as a new support level, and adjust the resistance level to 51000. There will be a small amount of sell pressure at the current price level, but based on the characteristics of the cryptocurrency, we set the resistance at 51000, which is the starting point for the second part of the monthly decline. There may be small scale of corrections in the past two days, but in general the price remains on the rise.
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.
In the last week, BTC did not fall back after reaching the upper rail of the range, and the bulls erupted with great strength during the weekend's battle. A long green candle mad the price directly broke the previous high, taking it into new range. After fluctuating for nearly two months, the bullish power broke the deadlock. We think that the strength of the bulls has been confirmed. At this time, there is an opportunity to form a bullish channel. In the near term, after the bulls broke the upper track, the bears are still weak.
Conclusion: Mostly rising. The price has entered a new range, we set the original upper rail(44500) as a new support level, and adjust the resistance level to 51000. There will be a small amount of sell pressure at the current price level, but based on the characteristics of the cryptocurrency, we set the resistance at 51000, which is the starting point for the second part of the monthly decline. There may be small scale of corrections in the past two days, but in general the price remains on the rise.
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
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.
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.