The ADP was higher than that of November last Thursday, so many risk assets fell in advance while the market lowered the expectations for NFP. Finally the market reversed as the NFP was lower than that of November. Crypto-market, gold, foreign exchange market, and U.S. stocks all rose, recovering the losses from the previous day.
On Tuesday, Powell will deliver a speech in Switzerland, which will cover the monetary policy in the 2023. If nothing else, Powell will continue to express his determination to reduce the inflation and oppose the pricing about expansionary policy. On Thursday, the Labor Department will announce the U.S.CPI for December. The expectation value is 6.6%, which is likely to be reached. On the macro, it is gradually changing for the better. Under such circumstances, we believe that the increase of funds has become important. If funds continue to flow into the crypto-market, it will be more conducive to the price.
ETH performed better than BTC last week, and the price touched 1300, which is close to the given resistance level and the previous high. The length of the candle is also much longer than that in the previous two weeks. Like BTC, the candles combination of ETH is bullish, with volume increasing in the presence of green candles.
Conclusion: The high probability rebound has not ended. Based on the increase in volatility, we draw this aggressive conclusions. It should be noted that the price is close to the resistance level and the previous high, which will most likely lead to a correction, so we conclude that there is a high probability that the rebound has not ended, rather than mostly rising. In any case, it's already a lot better than the previous two weeks for the bulls. We maintain last week's resistance at 1330 and support level at 1160. If the resistance level at 1330 is broken, then 1380 is the next target.
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.
On Tuesday, Powell will deliver a speech in Switzerland, which will cover the monetary policy in the 2023. If nothing else, Powell will continue to express his determination to reduce the inflation and oppose the pricing about expansionary policy. On Thursday, the Labor Department will announce the U.S.CPI for December. The expectation value is 6.6%, which is likely to be reached. On the macro, it is gradually changing for the better. Under such circumstances, we believe that the increase of funds has become important. If funds continue to flow into the crypto-market, it will be more conducive to the price.
ETH performed better than BTC last week, and the price touched 1300, which is close to the given resistance level and the previous high. The length of the candle is also much longer than that in the previous two weeks. Like BTC, the candles combination of ETH is bullish, with volume increasing in the presence of green candles.
Conclusion: The high probability rebound has not ended. Based on the increase in volatility, we draw this aggressive conclusions. It should be noted that the price is close to the resistance level and the previous high, which will most likely lead to a correction, so we conclude that there is a high probability that the rebound has not ended, rather than mostly rising. In any case, it's already a lot better than the previous two weeks for the bulls. We maintain last week's resistance at 1330 and support level at 1160. If the resistance level at 1330 is broken, then 1380 is the next target.
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.
