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Last week, Favourable Information gathered and landed, and the market generally fell. It felt like we were planning a "conspiracy" game. The market is not as simple as we imagined, but we can't explain why. Since we are already here, we still need to be cautious. There was no expected big rise or fall, and the Long Wick Candle was like a roller coaster, washing away a group of blindly confident people. For the coming week, we will prioritize stability. The important events to follow this week are: first and foremost, the Intrerest Rate decision of the U.S. Federal Reserve and the U.S. non-farm payroll report, which will have a significant impact on the crypto world. Although the market generally expects the Federal Reserve to maintain the Intrerest Rate, investors will follow Powell's speech to see if it changes due to this week's higher-than-expected inflation report. In addition, there are other important economic data releases, such as job openings, consumer confidence surveys, Japan's Intrerest Rate decision, ADP employment data, UK Central Bank Intrerest Rate announcements, unemployment claims, and manufacturing PMI, etc.
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BTC is currently oscillating and consolidating around the 68000 area. The middle track area of the small cycle effectively prevented the downward trend of the currency price, and there is still a certain distance from the resistance at 68500. Currently, the position of 67500 is the key point for short-term long and short positions. Due to the strong alternating sentiment between longs and shorts, it finally formed a repeated pulling and oscillating rhythm. In the current range of operation, there is a lack of momentum to break through the range. In terms of the four-hour structural pattern, although the currency price has continuously fallen, the support of the middle track is still strong and reliable, and there will be no effective breakthrough due to a slight decline. Even if the market falls again, it will only be a rhythm of bottom probing and demand for support. In the short term, it is recommended to be bearish below 68500, and for long positions, it is better to wait for the price to stabilize above 68000 before taking action.
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The weekly chart of Ethereum shows a large triangular structure, with obvious support at the bottom, waiting for the general direction to be chosen. The current trend of Ethereum is unsatisfactory, as it has not reached a new high and continues to face selling pressure after the ETF approval, compressing the space for the coin price. The overall Rebound on the daily candlestick is weak, touching the BOLL midline and being pushed down again. It will retest the major support level in the 2800-3000 area. In the short term, there is a high rebound followed by a fall, with Whipsaw in the news. The decline encountered support level at 3210 and rebounded. Recent follow: the upper range is 3345-3375, the upper range is 3290-3260, and the lower range is 3090-3060. The recent minor support level is 3210.