Most cryptocurrencies fall back to their one-year-low and fluctuated in a narrow range over the past week. We can find that US stocks, which are also risky assets, fell back to the previous low, but its bulls are more dynamic than BTC in the same time last week. So it may take a long time for the crypto-market to restore bullish confidence after the LUNA event.

Last time, we mentioned the sell-pressure of the lower rail of the bearish channel (yellow area). This time, the bulls have attacked the lower rail many times, but it can be clearly seen from the graph that the bears still have strong energy. The price is currently below the support level after being squeezed by the lower rail. In terms of details, this week’s red candles are accompanied by large volume . While eliminating the gains of the previous day, the bears repeatedly tested the strong support level of July 2021. The only good news is that this week’s fluctuation has reduced the risk of a high-slope decline.
Conclusion: Mostly falling. Although the slope becomes flat, we come to this conclusion based on the performance of bears this week. The support level formed in July 2021 can provide upward force, but so far, it is not as strong as the bears. Based on the performance of the past two weeks, we lower the resistance level to 31300. The price is still within the protection of the support level in July 2021. In terms of details, we believe that 29000 is a short-term support level .

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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.