Last week, we saw that when ETH fell, BTC was supported and did not fall synchronously, and in the second half of the week, we saw a large drop on the correlation between NDX and BTC that remained high for half a year. Will these phenomena lead to new market trends? Our followers will know that we have talked about the lack of bullish power again and again over the past few weeks. Most tokens was pumping with high volume yesterday. This degree of bullish confidence has not been seen in nearly a month. Starting this week, important economic indicators of U.S. will be announced one after another, hoping that bullish confidence can be maintained.
Fortunately, the price moved like V this week. After the initial week, the price dumped,then the bullish power intensified, recovering the part of the new low and returning above the support level(1900) again. The price is back in the yellow zone after Monday's rising with high volume. Considering the momentum of destructive decline in the early last week,ETH is still weaker than BTC.
Conclusion: Mostly fluctuation. Although the price are coming back, it’s currently at lower levels in the bearish channel. The dumping last week made sense, and there will be still significant bearish power in the trend this week.And the support level may be retest. Based on last week's performance, we maintain the support level at 1900 and the resistance level at 2150.
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.
Fortunately, the price moved like V this week. After the initial week, the price dumped,then the bullish power intensified, recovering the part of the new low and returning above the support level(1900) again. The price is back in the yellow zone after Monday's rising with high volume. Considering the momentum of destructive decline in the early last week,ETH is still weaker than BTC.
Conclusion: Mostly fluctuation. Although the price are coming back, it’s currently at lower levels in the bearish channel. The dumping last week made sense, and there will be still significant bearish power in the trend this week.And the support level may be retest. Based on last week's performance, we maintain the support level at 1900 and the resistance level at 2150.
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.
