Aug.24-Aug.30ETH(1d)Weekly market recap
During the Jackson Hole meeting, Powell said it was too early to discuss when to slow down the QT unless a sharply fall in CPI could be seen. Hawkish signal was quickly spread through risk assets. But is this really the case? Coincidentally, the PCE data released on Friday morning was the lowest data since October last year, and this economic data was once used by Powell to put off the fire when the CPI hit 40-years-high. But in this time, Powell ignored the PCE and become hawkish. It's hard not to wonder if the Fed is really sticking to a long QT, or is it regulating the short-term market or making a show for the democratic supporters.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
ETH remains the market leader, but the certainty is starting to blur after Friday's drop. At the beginning of last week, the bulls did not start the attack. This situation continued for two weeks, and the bulls were not as firm and strong as before. But the good news is that in such a scenario, the bears are not strengthening sustainably, the long red candle are not paired, and a large-scale downside trigger is unlikely. And on Monday, price rose with high volume and the bulls intensified.
Conclusion: Mostly fluctuation. Although the price dumped on last Friday, in the context of the beginning of last week, the the bears is unconvincing. And yesterday, the bulls created a V-reversal attack, indicating that the power of the bulls still exists. As far as the current situation is concerned, we have given a fluctuation conclusion. But if the bulls can show its strength in these days, we still keep the possibility to the upside. We hold previous support level at 1400 and resistance level at 1830.
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.
Of course, cryptocurrencies and U.S. stocks were hit hard on last Friday. The one-day loss erased the previous six-day gain and continued to fall on last Saturday and Sunday.
ETH remains the market leader, but the certainty is starting to blur after Friday's drop. At the beginning of last week, the bulls did not start the attack. This situation continued for two weeks, and the bulls were not as firm and strong as before. But the good news is that in such a scenario, the bears are not strengthening sustainably, the long red candle are not paired, and a large-scale downside trigger is unlikely. And on Monday, price rose with high volume and the bulls intensified.
Conclusion: Mostly fluctuation. Although the price dumped on last Friday, in the context of the beginning of last week, the the bears is unconvincing. And yesterday, the bulls created a V-reversal attack, indicating that the power of the bulls still exists. As far as the current situation is concerned, we have given a fluctuation conclusion. But if the bulls can show its strength in these days, we still keep the possibility to the upside. We hold previous support level at 1400 and resistance level at 1830.
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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