Macro Overview
- US Federal Funds Rate: The Fed kept rates unchanged, which is neutral to positive for crypto. The market reacted positively post-announcement, indicating investor and trader optimism.
- US Unemployment Claims: Jobless claims came in slightly lower than expected, having a neutral effect on the overall market.
Crypto Markets Overview
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- Bitcoin (BTC) has continued its uptrend this week, maintaining a strong bullish price action (PA) supported by solid EMA levels. The broader macroeconomic environment remains bullish, and global sentiment is stable. With positive technicals and supportive market conditions, our outlook for BTC remains bullish for the near term.
- Key support levels to consider are around $101,500 and $99,500. On the upside, resistance level is at $104,500 and $106,300.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- Ethereum is continuing its upward momentum and remains bullish. ETH is expected to potentially outperform Bitcoin in the near term, as Ethereum’s dominance is on the rise while Bitcoin’s dominance is declining. Given the positive market conditions and Ethereum’s strong technical setup, our outlook for ETH remains bullish in the upcoming days.
- Significant support levels include $2090 and $1820, while resistance levels to watch are at $2820 and $3297.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
