May.25-May.31BTC(1d)Weekly market recap
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.
The price continued to be affected by the lower rail of the yellow area at the beginning of last week, and the price was squeezed lower, but it never fell under the 28,000 level. As bears were exhausted, the bulls moved the price into the yellow zone with a high volume on Monday. The prices has risen above the previous high.
Conclusion: Mostly fluctuation. While the rising has brought the situation back to a positive side, it is important to note that the recovery of the bulls is a bit late. When the bears continued to decay and the support level was tested , the price just began to rise slightly. Although the price has broken the previous high, whether the bullish power can continue, there needs to be a bullish confirmation point. So under the current analysis, we think it is more likely to fluctuate. We raised the support level to 29400, the last bullish confirmation point. For the resistance level, we move up to 34000, where there is strong bearish power.
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.
The price continued to be affected by the lower rail of the yellow area at the beginning of last week, and the price was squeezed lower, but it never fell under the 28,000 level. As bears were exhausted, the bulls moved the price into the yellow zone with a high volume on Monday. The prices has risen above the previous high.
Conclusion: Mostly fluctuation. While the rising has brought the situation back to a positive side, it is important to note that the recovery of the bulls is a bit late. When the bears continued to decay and the support level was tested , the price just began to rise slightly. Although the price has broken the previous high, whether the bullish power can continue, there needs to be a bullish confirmation point. So under the current analysis, we think it is more likely to fluctuate. We raised the support level to 29400, the last bullish confirmation point. For the resistance level, we move up to 34000, where there is strong bearish power.
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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