Weekly market recap (from Aug 9th to Aug 15th)
Last Thursday, the US CPI for July was released. The actual value was 3.2%, which was close to the predicted value. Compared with the CPI for June, it has increased, but from the details, the core CPI has declined. This is what the Fed is most concerned about. After the release of the CPI, the probability of no interest rate hike for the next FOMC rose to 90%.
Last week, most tokens still maintained low volatility and the prices entered into fluctuation again after a sudden rise and fall.
BTC
Last Tuesday, BTC rose, and the price temporarily broke through 30000. But it fell slowly over the next few days, closely covering the gains last Tuesday. And volatility decreased again. In the process of entering the range, the trading volume is reduced again. BTC remains bullish on a large scale.
Conclusion: Mostly fluctuation. The situation now is the same as last week. Both bulls and bears are weak. Before the price breaks through the range (29000, 30000), there is a high probability that it will remain fluctuating. We maintain the resistance level at 31000 and the support level at 28000.
🤖AI-TradeGenius:
·Trend Sentinel Barrier
The indicator judged a bearish trend, but the price did not significantly break out of the wavy area.
·KD Momentum Matrix
The indicator is judged as weak momentum.
In summary, BTC is likely to remain fluctuating. It is recommended not to change any positions until the price forms a clear breakout.
ETH
ETH moved above the green dotted line, which is also a relatively weak support level. After the price approached it, the bulls strengthened. But like BTC, ETH is slowly falling again after rising on Tuesday. Volatility remains low. The trend has no direction. ETH maintains neutrality on a large scale.
Conclusion: Mostly fluctuation. The situation is the same as last week, and the gap between bulls and bears is not obvious. We maintain last week’s resistance level at 2000 and support level at 1700.
🤖AI-TradeGenius:
·Trend Sentinel Barrier
The indicator judged a bearish trend, but the price did not significantly break out of the wavy area.
·KD Momentum Matrix
The indicator is judged as weak momentum.
In summary, ETH is likely to remain fluctuating. It is recommended not to change any positions until the price forms a clear breakout.
SOL
After the price approached the given support level, the bulls strengthened and SOL started to rise again. Although in the second half of the week, the rising speed has slowed down, the bulls have not decayed. A red candle appeared on Sunday and the price made a callback. But yesterday, a long green candle appeared and covered the losses. The bulls are ahead of the bears.
Conclusion: There is a high probability that the rise has not ended. SOL remains neutral on a large scale, and bulls are stronger than bears on a small scale. So we come to this conclusion. The current rise is difficult to stop here and the price may reach 26. We maintain last week’s resistance level at 26 and support level at 22.
🤖AI-TradeGenius:
·Trend Sentinel Barrier
The indicator judged a bullish trend, and the price is above the wavy area.
·KD Momentum Matrix
The indicator is judged as weak momentum.
In summary, long positions can be held. But the decay of momentum will make it more risky to establish additional long positions.
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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