The CPI of December last year released last Thursday was in line with market expectations and lower than the previous value. The decreasing NFP and CPI data both mean that inflation is gradually improving and the degree of interest rate hikes in 2023 will be reduced and the pace will slow down. After the data was released, the DXY fall, other assets keep rising. The crypto
market made a crazy pump.
No important data will be released this week and the next one will be the FOMC in early February. If there is no unexpected event, the interest hike will be 25bp this time. On the macro, things started to change for the better.
ETH performed better than BTC at the beginning of last week, but was caught up and surpassed by BTC in the second half of the week, after the CPI was announced. ETH break above the given resistance last week and the bulls have rapidly increased their power with high trading volume. However, the current price has not reached the starting point of the November dump.
Conclusion: It will continue to rise after the correction. The bulls have faded over the weekend. But on a larger scale, the performance of last week has formed a reversal. It become bullish. Based on the appearance of the red candle and the pin-bar, we believe that there is a possibility of a correction, but it will continue to rise after that. We raised the resistance level to the early November high 1650. And the previous week's resistance level 1330 was turned to this week's support level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
market made a crazy pump.
No important data will be released this week and the next one will be the FOMC in early February. If there is no unexpected event, the interest hike will be 25bp this time. On the macro, things started to change for the better.
ETH performed better than BTC at the beginning of last week, but was caught up and surpassed by BTC in the second half of the week, after the CPI was announced. ETH break above the given resistance last week and the bulls have rapidly increased their power with high trading volume. However, the current price has not reached the starting point of the November dump.
Conclusion: It will continue to rise after the correction. The bulls have faded over the weekend. But on a larger scale, the performance of last week has formed a reversal. It become bullish. Based on the appearance of the red candle and the pin-bar, we believe that there is a possibility of a correction, but it will continue to rise after that. We raised the resistance level to the early November high 1650. And the previous week's resistance level 1330 was turned to this week's support level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
