Weekly market recap (from Aug 29th to Sep 4th)

Sypool Protocol
4 min readSep 5, 2023

Last Friday, the United States announced the employment data for August. The actual value was 18.7, which was close to the expected value of 17. The unemployment rate rose from 3.5% to 3.8% in August, the highest value in the past 12 months. In the details of the employment report, it can be found that the unemployment rate of various groups has risen, which will make the Fed cautious in its decision to raise interest rates. After the employment data, the market raised the probability that the FOMC will not raise interest rates in September.

The crypto market has been on a roller coaster over the past week. Affected by Grayscale and the SEC’s lawsuits, the token was pumped last Tuesday, but it didn’t last long. It went downhill and gave up all the gains of the pump. Volatility fell again after a brief surge.

We start with this Recap and will add our public script during the analysis. Mega Buying Force, an indicator used to quantify the sentiment of bottom buying. Whale Trend Analysis is an indicator for calculating the trading volume of different trading entities. If you have questions, you can find their full introduction on our home, and you can also ask us in the comment.

BTC

BTC (1D)

BTC remains neutral on a large scale. The gap between bulls and bears is close, and there is a high probability that BTC will continue to fluctuate. We maintain last week’s resistance level of 28000 and support level of 25000.

The MBF indicator shows that in June, during the price decline, there was a relatively obvious bottom-buying sentiment on BTC. The subsequent return to 31000 proved this signal. Currently, BTC has dropped to 26000, but there is no obvious gathering of bottom-buying sentiment. So it will be difficult for BTC to start rising directly here.

BTC (4H)

At the 4h level, we can also see on the MBF indicator that after the price fell back to 26000 last week, a bottom signal appeared. And it can be seen from the WTA indicator that at this time, there are certain whales participating in the transaction. The current price level is not far away from the whale’s cost of bottom-buying.

ETH

ETH (1D)

ETH remains neutral on a large scale. The bears are slightly ahead of the bulls, and there is a high probability that the ETH will continue to fluctuate. We maintain last week’s resistance level at 1820 and support level at 1500.

Judging from the MBF indicator, ETH had a certain bottom-buying sentiment after the dump in mid-August. Although it has been in fluctuation for more than half a month, it is unlikely that ETH will directly breakthrough 1600.

ETH (4H)

At the 4h level, after last week’s decline, there are certain giant whales involved in the transaction, which can be seen from the WTA indicator. However, the power of bottom-buying sentiment in 4h is not as obvious as that of BTC shown by the MBF indicator.

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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