Weekly market recap (from Sep 5th to Sep 11th)
On a macro level, the U.S. CPI for August will be released this Wednesday, with the previous value being 3.2% and the forecast value being 3.6%. Affected by OPEC’s crude oil production cuts, the market expects last month’s CPI to rebound. However, as long as it does not deviate too much from the predicted value, it will have little impact on the crypto market.
On the other hand, there is news that FTX will receive a liquidation permit for its crypto assets this week. FTX may sell off its $3.4 billion in crypto assets and use USD to pay creditors. The main assets are BTC, ETH, SOL, FTT, APT, etc. However, due to reasons such as the lock-up period and token type, the only currency pairs that are really affected may be FTT, APT, etc.
BTC
Over the last week, BTC has attempted to move up or down but ultimately remained within its previous range. BTC remains neutral on a large scale, and there is a high probability that it will continue to fluctuate. We maintain last week’s resistance level, 28000 and support level, 25000.
The MBF indicator suggested that there was a relatively obvious bottom-buying sentiment yesterday. Although the price has been fluctuating, this is the first time that it has prompted a signal of increased bottom-buying sentiment in the range at the daily level. We can see that the last time the bottom buying sentiment increased was in mid-June. After the signal appeared, BTC quickly rose from 25000 and hit 31000 again. Prices now are close to what they were back then. Despite the emergence of bottom-buying sentiment, we still need to pay attention to subsequent changes.
It should be noted that for BTC, the comparison between the MBF value of June and the current value is meaningless. They are not within the same trend, which we already mentioned in the MBF indicator.
ETH
After ETH fell, although the price began to rebound today, it has not covered yesterday’s decline for the time being. We maintain last week’s resistance level, 1820 and support level, 1500.
From the MBF indicator, at the daily level, ETH had a bottom-buying sentiment yesterday, but it was not strong. Compared with mid-August, the value this time is smaller, and the possibility of the price rising directly from here is low, and we need to pay attention to the subsequent changes.
It is important to note that for ETH, you can compare the current MBF value with that of mid-August, as they are part of the same decline. But comparing current values to mid-June is meaningless.
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.
Twitter | TradingView | Telegram | Indicators Intro | Free Trials
