This Week in Crypto: Key Drivers for Bitcoin and Altcoins
Mixed Crypto Market Performance: The crypto market experienced a mixed week, with Bitcoin and most altcoins retreating, while some tokens like Bittensor and Ethena saw gains. Upcoming events, including the US inflation report and China's Fourth Plenum, are expected to influence market reactions.
Impact of US Inflation Report: The upcoming US inflation report is crucial, with expectations of a rise in the Consumer Price Index. A disappointing report could lead to a continued downtrend in the crypto market, while higher-than-expected inflation may pressure the Federal Reserve regarding interest rates.
China's Fourth Plenum Meeting: The Fourth Plenary Session of China's Communist Party will review the country's long-term plans, potentially impacting the financial market. There is a slight chance that cryptocurrency discussions may arise, particularly in relation to the digital yuan.
US-China Trade Talks: A meeting between US and Chinese officials in Malaysia is anticipated, with potential positive outcomes for the crypto market if trade tensions ease. Recent trade threats have contributed to market volatility, making this meeting a focal point for traders.
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Technical Analysis for CFX
Technical Sentiment Analysis for Conflux (CFX) As of , Conflux (CFX) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for CFX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, CFX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Conflux (CFX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0177 | 0.029 | 0.0403 | 0.0516 | 0.0629 | 0.0742 | 0.0855 |
| Fibonacci | 0.029 | 0.0376 | 0.043 | 0.0516 | 0.0602 | 0.0656 | 0.0742 |
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