Last week, after the interest rate hike decision, the market accelerated decline again after a one-day honeymoon. Concerns about the economic system made the positive tone of interest rate hikes useless. After dumping below the previous low, the price continued its downward move without hesitation, reaching the support level of July 2021.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
In our last report, we thought that a downtrend was more likely than an uptrend. But such strength of this decline was unexpected. If you've been following our recap, you'll see that over the past month, the bulls have missed out on the uptrend channel several times and the support level have been retested for a long time. The lack of confidence in the bulls is evident, which may also have created the energy for this dump. Unfortunately, the bearish channel has opened again and the slope is steepening. To be sure, the bulls are unlikely to recover directly under the circumstances.
Conclusion:Mostly falling. Five consecutive red candles are enough to deduce this conclusion. Although the current price level is at last year's support level, it is also the support level for the entire second ATH. However, the bearish power has not weakened. The current price has rebounded, but even if the bulls counterattack, they need to wait for the bears to reduce. We simultaneously lowered support and resistance levels. Support is set as 29700, which is a strong support level, but with the current momentum, it should be tested multiple times. We set resistance as 35000, which is not only the previous low, but also the bearish confirmation level. Of course, there is a certain amount of selling pressure on the lower rail of the channel.
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.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
In our last report, we thought that a downtrend was more likely than an uptrend. But such strength of this decline was unexpected. If you've been following our recap, you'll see that over the past month, the bulls have missed out on the uptrend channel several times and the support level have been retested for a long time. The lack of confidence in the bulls is evident, which may also have created the energy for this dump. Unfortunately, the bearish channel has opened again and the slope is steepening. To be sure, the bulls are unlikely to recover directly under the circumstances.
Conclusion:Mostly falling. Five consecutive red candles are enough to deduce this conclusion. Although the current price level is at last year's support level, it is also the support level for the entire second ATH. However, the bearish power has not weakened. The current price has rebounded, but even if the bulls counterattack, they need to wait for the bears to reduce. We simultaneously lowered support and resistance levels. Support is set as 29700, which is a strong support level, but with the current momentum, it should be tested multiple times. We set resistance as 35000, which is not only the previous low, but also the bearish confirmation level. Of course, there is a certain amount of selling pressure on the lower rail of the channel.
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.