After the cryptocurrency market fell back again, the price remained in a range and fluctuated last week . During the decline of some cryptocurrencies, the bullish power increased significantly. All three cryptocurrencies we studied stopped falling after touching their support levels. On the other hand, as we know, the Fed's tightening monetary policy has been creating strong selling pressure over the past six months. However, in the last week we have seen some data have revealed hope, yes, you read that right, hope. Although the CPI last week reached a 40-year high of 8.5%, in fact, the pressure on the Core CPI has been reduced for two consecutive months. The increase in CPI brought by the energy side may be temporary, and the price is developing in a positive direction.
Taking into account the weakness of BTC in the previous performance, we relatively conservatively gave a lower support level of 37800 in the last report. A week has passed and it's really good that BTC has not returned to this level. The pullback of the entire market is also full of bullish power. This is also what we mentioned earlier, all changes are meaningful. The bullish strength of the second half of March is confirmed here. Prices were traded in a narrow range , and on Apr.18, a pinbar was created. It's unclear whether a bullish start is here, but there is clear hope for the bulls.
Conclusion: Mostly fluctuation. We make this main conclusion and believe that the price has a higher probability of breaking out the range upwards than downwards. The resistance level remains at 42000. Support was raised to 39600 as most cryptocurrencies including BTC are being supported by the bulls.
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.
Taking into account the weakness of BTC in the previous performance, we relatively conservatively gave a lower support level of 37800 in the last report. A week has passed and it's really good that BTC has not returned to this level. The pullback of the entire market is also full of bullish power. This is also what we mentioned earlier, all changes are meaningful. The bullish strength of the second half of March is confirmed here. Prices were traded in a narrow range , and on Apr.18, a pinbar was created. It's unclear whether a bullish start is here, but there is clear hope for the bulls.
Conclusion: Mostly fluctuation. We make this main conclusion and believe that the price has a higher probability of breaking out the range upwards than downwards. The resistance level remains at 42000. Support was raised to 39600 as most cryptocurrencies including BTC are being supported by the bulls.
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.
Note
Sorry for the wrong title, it's for BTC not BTD
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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.