Last week we talked about BTC bulls was stronger than NDX’s in a period of time before the FOMC, and the rebound was poised to take off. But the decision +75bp made the rebound short-lived. Concerns about the economy-recession and stagnation generated the weekend's decline. No important economic indicators will be announced this week, and the cryptocurrency market is mainly faced with its own leverage problem, which will take several days to resolve.
Last week we thought that BTC's decline would continue after low scale rebound, and in fact it was basically the same. We can see the intraday volatility on Jun.14 and Jun.15 magnified, and long shadow lines formed, which shows that some one want to bet on rebound due to a dovish rate decision on the Jun.16, but it didn't. The long red candle on Jun.16 declared that the bulls' efforts at the beginning of the week were in vain, and the bearish power was confirmed. And over the weekend, after the price continued to fall and touched our given support level, it rebounded. On the whole, the bullish power gradually increased in the last week, which will hinder the decline. In detail, the trading volume has been decreasing for several days, so that the power of any party has not been confirmed.
Conclusion: Mostly fluctuation. We make this conclusion based on the recent bullish power. The given support level (17800) is still effective. We lower resistance to 22700, which is a bearish confirmation point. In the past three days, the continuity of bullish power was weak, and the price level may retest the lower rail at the beginning of the week.
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 we thought that BTC's decline would continue after low scale rebound, and in fact it was basically the same. We can see the intraday volatility on Jun.14 and Jun.15 magnified, and long shadow lines formed, which shows that some one want to bet on rebound due to a dovish rate decision on the Jun.16, but it didn't. The long red candle on Jun.16 declared that the bulls' efforts at the beginning of the week were in vain, and the bearish power was confirmed. And over the weekend, after the price continued to fall and touched our given support level, it rebounded. On the whole, the bullish power gradually increased in the last week, which will hinder the decline. In detail, the trading volume has been decreasing for several days, so that the power of any party has not been confirmed.
Conclusion: Mostly fluctuation. We make this conclusion based on the recent bullish power. The given support level (17800) is still effective. We lower resistance to 22700, which is a bearish confirmation point. In the past three days, the continuity of bullish power was weak, and the price level may retest the lower rail at the beginning of the week.
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.
