Weekly market recap (from Jun.4th to Jun.10th)
Employment data was released last Friday. Although the unemployment rate rose to 4%, the number of NFPs exceeded expectations, reaching 272,000. The data performed average, but due to market expectations being too high, there was a correction after the data was released. Not only in crypto, gold has also seen an obvious correction.
The market currently predicts that the number of interest rate cuts in 2024 will be reduced to two times, in September and December. The CPI and FOMC for May will be announced on Wednesday and Thursday this week. We believe this will determine the medium-term trend. Regardless, we are heading towards a rate cut.
BTC
BTC is as we predicted last time, after rising and falling. It is slightly lower than last week’s price. Although the price has corrected, there has been no continuous decline for the time being. Trading volume is low. From the WTA indicator, after the last analysis released, a small number of blue columns representing whales appeared, but they quickly disappeared. The ME indicator continues to maintain a bullish trend.
To sum up, we believe that the volatility of BTC will increase this week and continue to fluctuate, with the probability of rising higher than falling. We maintain our original resistance level of 74000 and support level of 61000.
ETH
ETH has underperformed BTC over the last week, falling below 3600. The resistance level 4000 is too powerful. Judging from the WTA indicator, there is no blue column representing whales, and the trading volume has further decreased. However, judging from the ME indicator, the wavy area has not narrowed, which shows that the correction did not destroy the bull trend.
To sum up, we believe that ETH is likely to fluctuate this week. We maintain our original resistance level of 4000 and support level of 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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