Weekly Market Recap(From 24th of Jul to 31th of Jul)
Trump inspires crypto market at Bitcoin 2024. He stated that if he enters office, it will remove Gary Gensler from SEC leadership as soon as possible. And the US government will not sell BTC holdings, whether currently held or potential future purchases, as a special way for strategic reserve. The market was attracted by his promise and BTC began to rise away from ETH, touching 70000. If Trump is elected and keeps his promise, BTC will start a new bullish channel after November.
On the other hand, this week is a big data week. The FOMC will be held on Thursday. Although we all know that there will be no interest rate cuts, as long as there are no hawkish views in Powell conference and the FOMC statements, the market will price in further interest rate cuts. On this Friday, the U.S. Department of Labor will release employment data for July. Likewise, as long as the employment data does not strengthen significantly, the rise will not be interrupted.
Looking at the candle charts, overall trading volume was low last week. The only hot spot is that Bitcoin 2024 attracted retail investors on Saturday, which made the trading volume on Saturday significantly higher than previous weekend levels. Judging from the WTA indicator, there were no whales involved in trading last week. From the ME indicator, the purple wavy area gradually widens, and the market turns to an upward trend.
In summary, we believe that though short sellers have hindered the rise, BTC still has the possibility of standing above 70000 this week. We maintain the previous resistance level 74000 and support level 58000.
ETH’s performance last week was weaker than BTC’s. Because Bitcoin 2024 did not mention ETH, ETH trading volume on Saturday was the same as usual. Judging from the WTA indicator, the number of blue columns representing whales increased significantly last week, which is different from BTC. Perhaps it is because the listing of the ETH ETF has attracted whales to hold ETH. Judging from the ME indicator line, the long-term fluctuation has further narrowed the purple wavy area.
In summary, we continue to maintain a bullish view on ETH. ETH is more likely to rise than fall this week. We maintain our previous resistance level 4000 and support level 2800.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article 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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