On a macro level, the FOMC will be held on Wednesday, and the market currently believes that the probability that the Fed will not raise interest rates this month is close to 100%. Therefore, the FOMC will have little impact on the market. However, our research has observed a rebound in U.S. gasoline and diesel prices due to the impact of previous OPEC production cuts. If gasoline and diesel prices continue to rise in the future, it cannot be ruled out that the Fed will raise interest rates again at the FOMC in November.
Liquidity is currently low for the crypto market, with almost all of the volatility coming from news related to the Bitcoin ETFs. There was little news on this last week.
After falling close to our given support level, bulls strengthened and BTC started to rebound. The price rose with fluctuation and reached 27500 on Monday. Trading volume was above historical average on the way up. We maintain last week’s resistance level 28000 and support level 25000.
Last week we could see from the MBF indicator that bottom-buying sentiment increased after the price fell to 25000. It can be seen from the WTA indicator that a smaller number of whales participated in the transaction after the first four green candles appeared.
Switching to the 4h level, we can see that in the green rectangle, the price remains volatile, but the whale disappears and the trading volume decreases. This is not good. And the price appears in the red rectangle with a long red candle, and whale participation increases significantly when the price drops. This shows that the whale completed the take-profit in the green rectangle and red rectangle. If there are no whales participated in the transaction, BTC may continue to fluctuate.
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.
Liquidity is currently low for the crypto market, with almost all of the volatility coming from news related to the Bitcoin ETFs. There was little news on this last week.
After falling close to our given support level, bulls strengthened and BTC started to rebound. The price rose with fluctuation and reached 27500 on Monday. Trading volume was above historical average on the way up. We maintain last week’s resistance level 28000 and support level 25000.
Last week we could see from the MBF indicator that bottom-buying sentiment increased after the price fell to 25000. It can be seen from the WTA indicator that a smaller number of whales participated in the transaction after the first four green candles appeared.
Switching to the 4h level, we can see that in the green rectangle, the price remains volatile, but the whale disappears and the trading volume decreases. This is not good. And the price appears in the red rectangle with a long red candle, and whale participation increases significantly when the price drops. This shows that the whale completed the take-profit in the green rectangle and red rectangle. If there are no whales participated in the transaction, BTC may continue to fluctuate.
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.
