After the pump, though BTC did not continue to hit 35000, it remained fluctuating around 34000. If you are an experienced cryptoer, you must know that many altcoins will experience violent pumps at this time. It also should be noted that our research department noticed through on-chain data that there were a lot of profit-taking events in BTC last week. This does not mean that BTC will quickly turn downward, but the FOMO has gradually weakened.
On the macro level, this Wednesday, the Federal Reserve will hold the FOMC. The market predicts that there is a high probability that interest rates will not be raised. Whatever, this has less and less impact on crypto. Only when QT turns to QE, crypto will be affected by monetary policy. But this may have to wait until the end of 2024.
As we expected last week, 35000 gave BTC a lot of resistance. More FOMO is needed to help BTC take 35000. BTC remains bullish on a larger level. Both bulls and bears are weak now. We maintain last week’s resistance level of 35000 and support level of 30000.
We can see from the WTA indicator that after BTC approached 35000, the blue column representing the whale disappeared, but no destructive candle appeared. At the daily level, BTC continues to fluctuate. The ME indicator has turned into a purple bullish trend.
Switching to the 4h level, the most obvious thing is the decline in trading volume. Whether it is a blue whale a gray shrimp or other participants, they all decrease during the fluctuation.
Based on all the above information, we believe that it is difficult for BTC to directly reach 35000. The possibility of fluctuation or callback increases.
Over the last week, ETH has seen a lot of upward pin-bars. We previously expected that ETH might perform better than BTC, but it did not. ETH remains near 1800, and the power of bears has not directly increased, which is a good thing. And the resistance faced by ETH is not as great as that faced by BTC. We maintain last week’s resistance level of 1900 and support level of 1750.
Although on the WTA indicator, the blue column representing the whale disappeared, there was no destructive candle, and the whale did not urgently take profit. This is similar to BTC. The ME indicator maintained a bearish trend over the last week.
At the 4h level, it is similar to BTC. On this level, ETH maintains the bullish trend, but trading volume has declined and market participation has declined amid the ongoing choppy trading.
Based on all the above information, it is possible for ETH to reach 1800 and continue to rise. But with fewer whales, fluctuation is more likely.
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.