Good morning, everyone! A new week is underway!
As for the broader market’s direction this week, I still expect it to trade mainly sideways on the weekly chart. BTC is expected to fluctuate within the $80,000–$87,000 range overall.
This week’s economic news is particularly important, especially the US CPI data and remarks from Fed Chair Warsh. The market is mainly watching to see whether the Fed will raise interest rates again this month and what policy signals Warsh will send. Before these key announcements, I believe the market will most likely continue to trade sideways as it waits for a clearer direction.
BTC: The short-term outlook remains bullish. On the daily chart, the broader market is gradually recovering from its previous trend and is still trading in a choppy, upward-leaning range. I therefore believe this rebound amid volatility is not over yet.
I remain bullish in the short term today. First watch the area around $85,000 above and $83,000 below. As long as there is no clear break below key support, there is still a chance of another short-term move higher.
ETH: Relatively weak overall. Ethereum’s recent price action has largely followed BTC, but ETH often sees a larger pullback when the broader market retreats, indicating that its current trend is relatively weak.
On the daily timeframe, price is expected to continue ranging between $2,500 and $2,600. On the weekly timeframe, watch the area around $2,370 for support and around $2,730 for resistance.
SOL: Watching for a breakout from the range and waiting for a catch-up rally. Although it has also been gradually moving higher along with the broader market, it remains range-bound on the 4-hour timeframe, and the daily chart is also relatively weak.
In the short term, first watch the area around $114 above and $108 below. The key thing to watch next is whether price can break out of the current range.
As for whether SOL will see a catch-up rally, I think it will depend on whether BTC can make a further push toward $85,000. If the broader market continues to rebound, SOL may also have a chance to strengthen along with it.
On the weekly timeframe, first watch the area around the previous low of $105 for support. If the broader market sees a significant pullback, the next level to watch is around $100. Resistance is around $120.
This week, I’m still treating the market as range-bound. The short-term rebound is not over yet, but whether price can truly break out of the weekly range will depend on this week’s key economic data and further confirmation from Fed-related news.
My overall bullish view remains unchanged for now. I expect a continued rebound in the short term, while waiting for a genuine breakout in the medium term!
