The content of the Fed meeting announced last week caused a violent reaction in the market. The process of shrinking the balance sheet is expected to start in May, and most officials believe that more interest rate hikes by 50 bp are necessary. Risky assets fell rapidly. The market that has just turned around has been hit again. The USCPI released this afternoon will also have an impact on the market.
BTC met Waterloo last week. There was a chance to attack 50,000, but the bearish power has increased significantly. Not only Not only the rising has been stopped, but the price were pushed back below earlier support level. There is no doubt that the bears are currently in the lead. In the near term, the bears broke a key support level on Apr.11 with high volume, creating a strong bearish confirmation signal.
Conclusion: Mostly fluctuation. The power of the bears has been clearly felt, and our conclusion of a high probability of shock is based on the performance of the bulls in the second half of March and the long-term fluctuation range of BTC, which we mentioned in previous reports. Any abnormal changes are meaningful. So we have reservations about the downtrend. We have lowered the resistance level to 42000, which was mentioned above is a strong bearish confirmation level. We set the support level at 37800. If the price breaks the support level again, it will continue to decline for a while.
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.
BTC met Waterloo last week. There was a chance to attack 50,000, but the bearish power has increased significantly. Not only Not only the rising has been stopped, but the price were pushed back below earlier support level. There is no doubt that the bears are currently in the lead. In the near term, the bears broke a key support level on Apr.11 with high volume, creating a strong bearish confirmation signal.
Conclusion: Mostly fluctuation. The power of the bears has been clearly felt, and our conclusion of a high probability of shock is based on the performance of the bulls in the second half of March and the long-term fluctuation range of BTC, which we mentioned in previous reports. Any abnormal changes are meaningful. So we have reservations about the downtrend. We have lowered the resistance level to 42000, which was mentioned above is a strong bearish confirmation level. We set the support level at 37800. If the price breaks the support level again, it will continue to decline for a while.
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.