Weekly market recap(from August 10nd to August 17nd)

Last Wednesday, July’s CPI was announced at 8.5%, which was lower than the June CPI and the forecast. This is confirmation that inflation has peaked. Risk assets such as U.S. stocks and BTC rose further. Another interesting point is that in our observation, the yields of U.S. short-term bonds are rising, which means that there is capital outflow from the bond market, which may play an additional role in the judgment of the U.S. economy.

In the first half of last week, BTC and ETH created a one-month high, and some Altcoins rose even higher. In the second half of last week, the bearish power of BTC and ETH increased, and 25,000 and 2,000 became their checkpoints in this week. The benefits of the ETH merger still exist. Compared with the earlier rise of ETH, the chain-data last week showed that the participants betting on BTC’s compensation of rise.



The price of BTC rose by 4.88% last week, but it is far from the given resistance level, and 25000 has become a key position for bulls and bears. With the positive CPI, the bulls began to attack the 25,000 point from Aug.11. Even on Saturdays and Sundays, when the market is usually not active, the bulls still want a chance to try. Similarly, yesterday as the first working day, the price surged to 25000 again. But the results can already be seen from the TradingView, the 4-day independent attack failed. And with the exception of Saturday, the remaining three failure accompanied by high volume. This will not change our view of the bulls, but it may be a long process to stand above 25,000, and the price will have a obvious correction.

Conclusion: There is a high possibility that the rebound has not ended. While still in the bulls’ home, the strengthening of the bears is evident. We don’t think the rebound from July will end here, but the bulls need to be well-prepared before the step on the accelerator. We raised the support level to 23000 and lowered the resistance level to 25000.



ETH started to rise after the CPI announcement and fell back after hitting our given resistance level. ETH gained 13.85% in the last week and has not struggled as much as BTC. On the one hand, ETH did not break the lower rail of the bullish channel (the yellow area). On the other hand, in the process of rising, the pin is not long. There was only one long pin yesterday accompanied by a certain volume. The benefits of the merger did make ETH a lot ahead of BTC.

Conclusion: There is a high possibility that the rebound has not ended. ETH, which took center stage, maintained its brilliant. Although the bears have increased near 2000, the bulls still dominate. We think ETH will take less time than BTC to break the given resistance level. We raised the support level to 1700 and maintained last week’s resistance level at 2000.



SOL’s price broke above the highs of the previous rebound last week, up 10.51%, but retreated after attacked by the bears near the given resistance level. While there has been some initiative in price, SOL still plays a follower role in terms of trading volumes that remained low last week. In detail, the candles pattern of SOL last week was very close to ETH’s. It’s a positive combination and the resistance level did not give it a very large bearish power.

Conclusion: Mostly fluctuation. We maintain last week’s conclusion because SOL has remained passive throughout the rebound from the July lows, with only a slight change in the previous week. Overall, the bulls and bears maintain close strength. We also maintain the support level at 32 and the resistance level at 47.

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.

📟 If you want to know more about Sypool, follow us on Twitter, join us on Telegram, join us on discord.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Sypool Protocol

Sypool Protocol


Sypool is a synthetic asset management protocol.This is another innovation that we have migrated finance from off-chain to on-chain.