Mar.1-Mar.7BTC(1d)Weekly market recap
We are in a bullish trend and just need to cool down and think how far ahead we are.
After the poor-performed data of Jan. caused the financial market to pull back, gold, forex, and U.S. stocks made gains of rebound last week. But the crypto, affected by the delayed release of the Silver Gate 10K report, experienced FUD last Friday, and causing dump. This week, Powell will go to the Senate and the House of Representatives to deliver semi-annual monetary policy reports, and on Friday, the NFP data of Feb. will be released. This is the last employment data before the FOMC on Mar.22. and will determine whether the strong data was a surprise or a trend. So the waves may be more violent this week.
As we predicted, the price fell near the lower rail of the channel. But the rise did not happen in the next few days. BTC was traded in a narrow range. Now is the round of the bulls, but you can clearly see from the daily level (or 4-hour level) that the power of the bulls has not increased when the bears decayed. The lower trading volume and movement above the lower rail indicate that the strength of bulls and bears has been refreshed.
Conclusion: There is high probability that the callback is not over. Although the price fell close to the lower rail of the channel as we predicted, but such a rapid way scared off the bulls. Therefore, we believe that the callback is not over. Fluctuation or breakdown of the lower rail may occur. But on a larger level, we maintain the judgment of a bullish trend. The price may continue to fall this week. We maintain last week's support level at 21500 and resistance level at 25000.
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.
After the poor-performed data of Jan. caused the financial market to pull back, gold, forex, and U.S. stocks made gains of rebound last week. But the crypto, affected by the delayed release of the Silver Gate 10K report, experienced FUD last Friday, and causing dump. This week, Powell will go to the Senate and the House of Representatives to deliver semi-annual monetary policy reports, and on Friday, the NFP data of Feb. will be released. This is the last employment data before the FOMC on Mar.22. and will determine whether the strong data was a surprise or a trend. So the waves may be more violent this week.
As we predicted, the price fell near the lower rail of the channel. But the rise did not happen in the next few days. BTC was traded in a narrow range. Now is the round of the bulls, but you can clearly see from the daily level (or 4-hour level) that the power of the bulls has not increased when the bears decayed. The lower trading volume and movement above the lower rail indicate that the strength of bulls and bears has been refreshed.
Conclusion: There is high probability that the callback is not over. Although the price fell close to the lower rail of the channel as we predicted, but such a rapid way scared off the bulls. Therefore, we believe that the callback is not over. Fluctuation or breakdown of the lower rail may occur. But on a larger level, we maintain the judgment of a bullish trend. The price may continue to fall this week. We maintain last week's support level at 21500 and resistance level at 25000.
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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