Weekly market recap (from Aug 2nd to Aug 8th)
Crypto ignored US employment data, which was in line with expectations. The CPI for July will be released this Thursday. If nothing unexpected happens, the market will run at its pace.
Compared with the macro data, the attack on Curve and the positions of Michael Egorov in many lending agreements attract more attention from the market. Recently, these lending protocols like AAVE, Abracadabra, etc. have adopted proposals to isolate the risk of Curve. In this way, if the price of CRV falls, the systemic risk for DeFi will drop significantly, but it will be concentrated on Curve itself. In the last week, Michael Egorov raised funds through OTC and other methods and gradually repaid the loans of each agreement.
As we mentioned in the Trend Sentinel Barrier demo we posted yesterday. The volatility of most tokens in the entire market has decreased and the volatility of BTC is at a historical low. Historically, low volatility for long periods of time may lead to big swings later. You can seize opportunities and capture profits with Trend Sentinel Barrier.
BTC
BTC volatility increased last Tuesday, breaking through the upper rail of the past range. But the price soon fell back on Wednesday, covering gains from the previous day. In the days that followed, the market became boring again. The price entered a new narrow range to maintain the fluctuation. Compared to the previous weeks, the trading volume of BTC has decreased.
Conclusion: Mostly fluctuation. Since mid-July, BTC has experienced several fluctuations (yellow interval) that last for several days, and the volatility has dropped significantly. While BTC remains bullish on a large scale, for now, the gap between bulls and bears is small. So we come to this conclusion. We lowered the resistance level to 31000 as volatility fell, and maintained the support level at 28000.
ETH
After last Wednesday, ETH entered a narrow range again. The price movement in the last week is the same as BTC. The difference is that ETH is currently close to the previous low of 1820. This level will provide some support for the price. ETH maintains neutrality on a large scale.
Conclusion: Mostly fluctuation. Bulls and bears are weak. The gap is low. So we come to this conclusion. We maintain last week’s resistance level at 2000 and support level at 1700.
SOL
Last week, SOL maintained a decline, the price fell below the previous low last Thursday and then entered into a range. Although the rising process started on June 15 was very strong, in the subsequent callback process, the bulls almost gave up. The price continued to fall, approaching the given support level. Bears are stronger than bulls. SOL is maintained neutral on a large scale.
Conclusion: Mostly fluctuation. The bulls will strengthen after the price approaches the given support level to offset the current gap. So we draw this conclusion. We lowered the resistance level to 26 and maintain the support level at 22.
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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