The cryptocurrencies got strong bullish power from after hitting the support level. But as we mentioned all changes are meaningful, retesting the support level is not a good signal for bulls. After Mr. Powell made his comment on the pace of rate hikes last week, the entire risky-asset reacted with a long-lost sensitivity. While the comment doesn't include additional hawkish surprises, but as a catalyst, it has exacerbated the fear of a lack of bulls in the market, triggering a staged decline.
As mentioned in the preface, BTC generated a pin-bar again at a given support level. While the strength of the support level has been confirmed, we also remain skeptical that the bulls can hit next resistance level. The price is more like returning to a state of confrontation between the bulls and the bears. On the other hand, it is worth worrying that the fall before the rebound on Apr.25 was very similar to the fall in December 2021 (two yellow areas). There may be the impact of interest rate hike expectations, however, compared to the late stages of the decline, it is not a good phenomenon to appear after a 3-month fluctuation, at least it means that the energy of bulls to buy dips is very weak.
Conclusion:Mostly fluctuation. Respecting the current trend objectively, we have come to this conclusion. The current support level is very weak, and the bulls and bears are very close. This week's trend will determine whether the price will rise or fall for a period of time. We maintain support level as 39600 and the resistance level as 42000. Although it has been tested many times, it will still play a role in the short term.
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.
As mentioned in the preface, BTC generated a pin-bar again at a given support level. While the strength of the support level has been confirmed, we also remain skeptical that the bulls can hit next resistance level. The price is more like returning to a state of confrontation between the bulls and the bears. On the other hand, it is worth worrying that the fall before the rebound on Apr.25 was very similar to the fall in December 2021 (two yellow areas). There may be the impact of interest rate hike expectations, however, compared to the late stages of the decline, it is not a good phenomenon to appear after a 3-month fluctuation, at least it means that the energy of bulls to buy dips is very weak.
Conclusion:Mostly fluctuation. Respecting the current trend objectively, we have come to this conclusion. The current support level is very weak, and the bulls and bears are very close. This week's trend will determine whether the price will rise or fall for a period of time. We maintain support level as 39600 and the resistance level as 42000. Although it has been tested many times, it will still play a role in the short term.
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.