Weekly market recap
Weekly market recap(from September 21st to September 27th)
Last week, the FOMC announced its decision to raise interest rates, economic projections, and the midpoint of the target range or target level. A hike of 75 basis points was in line with market expectations. But the Fed lowered the economic forecast and forecasted an unemployment rate of 4.4% in 2023. Throughout U.S. history, as long as the unemployment rate is above 4%, it will trigger a recession. A soft landing may not happen. Even worse is the midpoint, this time the 2022 terminal rate is a total of 100 basis points higher than that given in June, which shows that the FOMC in November and December is still hawkish. The reversal point will come in 2024. As soon as the news came out, non-dollar assets all fell, and the market bottom may not have arrived yet.
BTC
BTC’s bullish power increased after falling below the support level last week. The green candles on Sep. 23 and Sep. 26 pulled prices back into the given range. We can see a lot of shadows on last week’s chart. The bears didn’t dwindle ahead of Monday’s rebound, though some long-term investors see 19,000 as a cheap price. This situation has occurred many times within the 3-month period. On Sep. 26, the price rose with high volume, and the price is now rebounding above the given resistance level.
Conclusion: Mostly fluctuation. We maintain our previous support level at 19000 and resistance level at 20000. While the bulls are strong, there is no confirmation, and over the course of the early last week, we did not see a decline in the bears. This time the 19000-rebound does not have a good foundation, so we give this conclusion. If the price can stabilize at 20,000 in the next few days, it will continue to remain fluctuating. If the price falls back quickly, a new bottom could be in sight.
ETH
ETH was fluctuating within our given range. After the price fell to the given support level, the bullish power increased significantly. ETH's rebound was relatively weak because the price was not as close to a bottom as BTC’s. The bears were not significantly consumed over the weekend, and a low-flow weekend doesn’t mean the bottom provided enough support for a reversal.
Conclusion: Mostly fluctuation. The strength of the bulls and bears is currently close, so we give this conclusion. And for ETH, this support level has not been repeatedly tested, so the bullish power provided is stronger than that of BTC. We maintain the support level at 1230 and the resistance level at 1460 given last week.
SOL
As told last week, SOL has rebounded stronger than BTC and ETH due to the importance of these support levels. The price is almost up to where it was two weeks ago. It can also be seen from the volume of the last week that the increase in bulls is obvious. But at the same time, it should be noted that after breaking away from the support level, the initiative of SOL will decrease. If the market does not give a bullish atmosphere, the bulls of SOL will rapidly decay.
Conclusion: Mostly fluctuation. After the bulls strengthened, the overall movement returned to fluctuation. We maintain last week’s support level at 30 and resistance level at 37.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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