Last week we talked about BTC bulls was stronger than NDX’s in a period of time before the FOMC, and the rebound was poised to take off. But the decision +75bp made the rebound short-lived. Concerns about the economy-recession and stagnation generated the weekend's decline. No important economic indicators will be announced this week, and the cryptocurrency market is mainly faced with its own leverage problem, which will take several days to resolve.
ETH, as we expected, rebounded after a quick drop to a given support level. During this period, the bulls gradually strengthened. Similar to BTC, ETH’s bulls hoped to enter the rebound caused by the dovish rate decision early, however +75bp made the rebound short and weak. After the market digested it, the price gradually moved lower and hit our given support level. The difference is that ETH rebounded strongly over the weekend. On Jun.19, the candle directly recovered the previous day's decline, and the final closing price was higher than the previous day's high. This is something to be aware of. In detail, volume gradually decreased over the weekend, making the price changes less credible.
Conclusion: Mostly fluctuation. Although the given support level (1050) was tested, the strength of the bulls caused the price to rebound quickly, so we left this support level unchanged. We lowered the resistance level to 1240. This level has the same logic as the resistance level we set for BTC, and it is the level confirmed by the bears.
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.
ETH, as we expected, rebounded after a quick drop to a given support level. During this period, the bulls gradually strengthened. Similar to BTC, ETH’s bulls hoped to enter the rebound caused by the dovish rate decision early, however +75bp made the rebound short and weak. After the market digested it, the price gradually moved lower and hit our given support level. The difference is that ETH rebounded strongly over the weekend. On Jun.19, the candle directly recovered the previous day's decline, and the final closing price was higher than the previous day's high. This is something to be aware of. In detail, volume gradually decreased over the weekend, making the price changes less credible.
Conclusion: Mostly fluctuation. Although the given support level (1050) was tested, the strength of the bulls caused the price to rebound quickly, so we left this support level unchanged. We lowered the resistance level to 1240. This level has the same logic as the resistance level we set for BTC, and it is the level confirmed by the bears.
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.
