Jun.1-Jun.7BTC(1d)Weekly market recap
Global chaos continues. Last week we saw the EU pass a sixth round of sanctions against Russia, including energy-related restrictions. Even though the Eurozone experienced high inflation above 8% last month (mainly due to energy), the EU has opted for more tougher sanctions rather than easing relations with Russia to reduce energy pressures. At the same time, we have seen Russia's strong opposition to U.S. aid of medium-range missiles to Ukraine's and its fiery rhetoric attacking the core of decision-making. The war has not cooled down. On the other side of the world, India, the second-largest wheat exporter, is affected by high temperature, and now is restricting the wheat exports, which will also exacerbate the tension in global food supply.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
It remained fluctuating last week. Although many candles are long and accompanied with a certain volume, there is still no continuity. One day you are happy or angry about the floating profit and loss, but the next day the number is back to 0. Unlike in the past, this week's bulls are not as weak as they were in previous weeks. The price retesting our given support level (29000) also confirm this point of view. Likewise, the bears is always strong and the uncertainty of the trend increases.
Conclusion:Mostly fluctuation. We come to this conclusion because of the strength of the current balance between long and short. The given support level (29000) was tested many times last week, and the firmness will be reduced. By the time we published this recap, the decline has exceeded the range of yesterday's rise, so we reasonably lowered the support level to 29000 to guarantee validity this week. We lower the resistance to 31300.
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.
Last week, cryptocurrencies basically remained volatile. There was no continuity for both bears and bulls. The price has returned to its original level.
It remained fluctuating last week. Although many candles are long and accompanied with a certain volume, there is still no continuity. One day you are happy or angry about the floating profit and loss, but the next day the number is back to 0. Unlike in the past, this week's bulls are not as weak as they were in previous weeks. The price retesting our given support level (29000) also confirm this point of view. Likewise, the bears is always strong and the uncertainty of the trend increases.
Conclusion:Mostly fluctuation. We come to this conclusion because of the strength of the current balance between long and short. The given support level (29000) was tested many times last week, and the firmness will be reduced. By the time we published this recap, the decline has exceeded the range of yesterday's rise, so we reasonably lowered the support level to 29000 to guarantee validity this week. We lower the resistance to 31300.
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.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.