Weekly market recap(from April 6th to April 12th)
The content of the Fed meeting announced last week caused a violent reaction in the market. The process of shrinking the balance sheet is expected to start in May, and most officials believe that more interest rate hikes by 50 bp are necessary. Risky assets fell rapidly. The market that has just turned around has been hit again. The USCPI released this afternoon will also have an impact on the market.
BTC
BTC met Waterloo last week. There was a chance to attack 50,000, but the bearish power has increased significantly. Not only has the rising stopped, but the price was pushed back below the earlier support level. There is no doubt that the bears are currently in the lead. In the near term, the bears broke a key support level on Apr.11 with high volume, creating a strong bearish confirmation signal.
Conclusion: Mostly fluctuation. The power of the bears has been clearly felt, and our conclusion of a high probability of shock is based on the performance of the bulls in the second half of March and the long-term fluctuation range of BTC, which we mentioned in previous reports. Any abnormal changes are meaningful. So we have reservations about the downtrend. We have lowered the resistance level to 42000, which was mentioned above is a strong bearish confirmation level. We set the support level at 37800. If the price breaks the support level again, it will continue to decline for a while.
ETH
ETH had a perfect month, but it broke the support level just as quickly on Apr.11, creating a bearish confirmation. We mentioned in the last two reports that ETH’s original performance was very similar to the start of the bullish channel last year (blue area). This time, it should be noted that the strong bears last week was not a simple pullback. Compared with BTC, ETH has the advantage of bulls, and the adjustment time may be prolonged due to the obstruction of bears. The overall trend is upward.
Conclusion: Mostly fluctuation, and it is more likely to rise after fluctuation. Judging from the performance of this week, it does not affect the previous excellent score of ETH. This pullback just tells us that the bearish power still exists, but whether it will affect the larger-level trend is uncertain. It is more likely to fluctuate in a range this week, with the resistance at 3290 and the support level at 2870.
SOL
Affected by the market, SOL faces a similar situation to BTC and ETH. In terms of details, the price of SOL struggled to catch up with other crypto assets before, but the pullback in the last week was equally large. You know, Solana is always full of surprises. Regardless, SOL’s bullish power, which is between ETH and BTC, is generally positive.
Conclusion: Mostly fluctuation. Considering the location of the bulls’ confirmation points on the upside, we think SOL could fluctuate in a narrow range this week, with resistance at 112 and support at 99. Whether the price will break above this range or break down will have an impact on the subsequent judgment of a larger level.
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.
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