Weekly market recap(from April 13rd to April 19th)
After the cryptocurrency market fell back again, the price remained in a range and fluctuated last week. During the decline of some cryptocurrencies, bullish power increased significantly. All three cryptocurrencies we studied stopped falling after touching their support levels.
On the other hand, as we know, the Fed’s tightening monetary policy has been creating strong selling pressure over the past six months. However, in the last week we have seen some data have revealed hope, yes, you read that right, hope. Although the CPI last week reached a 40-year high of 8.5%, in fact, the pressure on the Core CPI has been reduced for two consecutive months. The increase in CPI brought by the energy side may be temporary, and the price is developing in a positive direction.
Taking into account the weakness of BTC in the previous performance, we relatively conservatively gave a lower support level of 37800 in the last report. A week has passed and it’s really good that BTC has not returned to this level. The pullback of the entire market is also full of bullish power. This is also what we mentioned earlier, all changes are meaningful. The bullish strength of the second half of March is confirmed here. Prices were traded in a narrow range, and on Apr.18, a pinbar was created. It’s unclear whether a bullish start is here, but there is clear hope for the bulls.
Conclusion: Mostly fluctuation. . We make this main conclusion and believe that the price has a higher probability of breaking out the range upwards than downwards. The resistance level remains at 42000. Support was raised to 39600 as most cryptocurrencies including BTC are being supported by the bulls.
The price stopped above the support level after falling. Almost the entire market is at this pace. Relative to BTC, ETH’s early bullish strength makes the current position very optimistic. The price took the first step of deceleration (shown by the red arrow last week), and then the second step (like the green arrow) will be taken. Last week, it also fluctuated within a narrow range, and a pinbar was generated on Apr.18 too. There is no special information on the performance of each candle, but it is just waiting for the confirmation of a new trend.
Conclusion: Mostly fluctuation, and it is more likely to rise after fluctuation. We maintain the conclusions of the last report, the support level and the resistance level remain unchanged. The range(2870,3290) is still valid.
The price is in the same situation as BTC and ETH, which were traded in a narrow range. It was also raised above the given support level by the bulls. But in the details of last week’s performance, unlike the strength in the second half of March, SOL has become very passive like a market driver (as shown by the red arrow). But in any case, at least the bullish of the market saved the price from falling, and SOL was no exception.
Conclusion: Mostly fluctuation. For SOL, the performance last week was not as good as BTC and ETH, so it is more likely to continue to fluctuate in the (99, 112) range, and it is equally possible to rise or fall after the correction.
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 made 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.