Weekly market recap (from Sep 19th to Sep 26th)
Last Wednesday, the Federal Reserve announced that it would not raise interest rates this time, basically in line with market expectations. But as we said before, OPEC’s production cuts have caused a rebound in U.S. refined oil prices in the near future. There is a certain possibility that the FOMC will continue to raise interest rates in November, and the timing of QE will be further postponed.
BTC
After reaching above 27000, BTC fell with fluctuation, returning to around 26000. The trading volume was the same as before. The bears dominate but not many are ahead. We maintain last week’s resistance level of 28000 and support level of 25000.
On the daily level, we can see on the WTA indicator that when long red candles appear, whale participation increases. We have mentioned before in our analysis of other Tokens that when this happens, it means that whales are eager to take profits.
At the 4h level, the MBF indicator shows that there were three waves of bottom buying sentiment in BTC yesterday. However, judging from the WTA indicators, the participation of whales is average, and more of them are bottom-buying by retail investors.
ETH
ETH also fell after the last recap and then continued to fluctuate, with 1600 forming a short-term resistance level. The bulls and bears diminish. At the weekly level, we maintain the previous resistance level of 1820 and support level of 1500.
On the daily level, ETH is back to peace once again. The trading volume is down. Neither the WTA indicator nor the MBF indicator gives out signals.
At the 4h level, the blue column on the WTA indicator is not obvious. After the price approached 1600, the participation of whales began to decline.
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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