Weekly market recap (from Aug 15th to Aug 21st)
The strong performance of DXY has had an impact on many financial assets. US stocks, gold, foreign exchange and crypto have entered a callback. Powell will deliver a speech at the Jackson Hole conference this Friday, and the content of the speech will determine whether the strong DXY will be terminated.
In addition, the long-term fluctuation caused most tokens to dump last week. BTC and ETH almost covered the rise brought about by the BTC spot ETF. Many Alts came to the year-lows. Market confidence took a hit.
BTC
Last Thursday, BTC experienced a sharp dump, successively breaking through the lower rail of the range 29000, and the given support levels 28000 and 27000. During the course of the dump, trading volume increased significantly. BTC turns neutral on a large scale. After the dump, the bulls did not increase significantly, and the price remained within a narrow range over the weekend. BTC now is near the level of early June. There is an accumulation zone that will provide bullish power.
Conclusion: There is a high probability that the fall has not ended. Although the bears have decayed, the bulls have not strengthened. So we came to this conclusion. We lower the resistance level to 28000 and the support level to 25000. If BTC breaks down to 25000, it will turn from neutral to bearish on a large scale.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
Indicators are frequently reversed. BTC may enter fluctuation.
·KD Momentum Matrix
The indicator is judged as weak momentum. BTC may enter fluctuation.
In summary, BTC is likely to fluctuate. It is recommended not to change any positions until the price forms a clear breakout.
ETH
ETH had a significant dump with increased trading volume last Thursday, the price broke through our given support level and approached the low of Jun.15, 1650. Volatility fell again after a brief spike, and prices have remained fluctuating since Friday. ETH remains neutral on a large scale, but if the price breaks 1650, then it will turn bearish.
Conclusion: There is a high probability that the fall has not ended. Although the strength of the bears has decayed after the dump, bulls aren’t strengthening. We lower the resistance level to 1820 and the support level to 1500. The bulls may strengthen around 1650, but we think 1500 is more appropriate as a weekly support level.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
The indicator judged a bearish trend.
·KD Momentum Matrix
The indicator is judged as weak momentum. After the dump, the short-term bullish momentum has strengthened, but at present the momentum of both bulls and bears has decreased. The price is more likely to fluctuate.
In summary, ETH is likely to fluctuate. It is recommended not to change any positions until the price forms a clear breakout.
SOL
SOL has not continued to rise as we thought it would. The bears strengthened significantly, covering the gains of the previous week directly and breaking through the given support level. After that, the price has remained fluctuating to now. During the dump, the trading volume of SOL was not as obvious as that of BTC and ETH.
Conclusion: There is a high probability that the fall has not ended. SOL remains neutral on a large scale. Bulls were not strengthening amid bears decayed. So we think the price will continue to fall after the bears take a break and come back. We maintain last week’s resistance level at 26 and lower the support level to 19.
🤖AI-TradeGenius:
·Defensive Nexus Shield
The indicator judged a bearish trend.
·Trend Sentinel Barrier
The indicator judges a bullish trend, but the candle is already below the wavy area, which is not a valid signal.
·KD Momentum Matrix
The indicator is judged as weak momentum, and the volatility has risen. At this time, the risk of opening a position is higher.
In summary, SOL is likely to remain fluctuating. It is recommended not to change any positions until the price forms a clear breakout.
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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