Macro Overview
- US CPI Y/Y: Came in as expected but higher than the previous figure, making it neutral for the crypto market.
- US PPI Y/Y: Came in at 3.0% versus 2.6% expected and previous. This is slightly negative for the market due to its inverse relationship with crypto, but the market remained resilient.
Crypto Markets Overview
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- This week, Bitcoin remained range-bound, experiencing choppy price action expected to continue within this range for a few more days. Despite the short-term fluctuations, BTC is holding above key EMAs, indicating a bullish trend on higher timeframes. However, on lower timeframes, the outlook remains neutral.
- Key support levels to consider are around $97,000 (20EMA D) and $90,000. On the upside, resistance level is at $103,500.
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 .
- ETH also remained range-bound this week but now appears to be in a stronger position. The ETH/BTC pair shows strength, indicating that ETH could outperform BTC. With solid price action and decent EMA support, ETH looks poised for a rally in the coming week. Our outlook for next week is bullish.
- Significant support levels include $3700 and $3550, while resistance levels to watch are at $4000 and $4425.
- 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.
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