Weekly market recap(from August 18th to August 24th)
The long-term fluctuations drained the bulls’ energy. The price of crypto-tokens dumped more than 10% last Friday. Although there were no major economic indicators and meetings held in the last week, many kinds of assets have returned to price in the hawkish interest rate hikes. We have seen a rapid rise of the DXY, approaching ATH, and the gold price has entered a staged decline. The expiration of the $2 trillion stock options also made a sharp correction in U.S. stocks last Friday. These may have contributed to the crypto market’s bad performance last week. But on the other hand, BTC and ETH did not stand above 25,000 and 2,000 respectively, which made some profit-making chips choose to realize gains, which was the reason for last week’s dump.
BTC
Last week, the bulls failed to stand above 25,000 when the bears were not strong at that time. As a follower, the previous rise of BTC was not as much as that of ETH, and 25,000 is not a particularly stable resistance level for BTC itself. After the release of the last recap, the bears were not strong, the red candle was like a staircase, it was slowly descending step by step, and the trading volume was gradually shrinking, which is good timing for the bulls to attack the resistance level. But it didn’t happen. In the end, the bull’s energy was completely exhausted. After the price approached the given support level last Friday, the bears destroyed the support level with a high volume. This is disastrous for the rebound.
Conclusion: Mostly fluctuation. Such a Curve-decline has also occurred at the level of 30,000. We do not believe that it will bring a sharp decline which it used to do, but this is really a blow to the bulls. Six consecutive red candles almost confirm that the bulls are out of control and the price is set to fluctuate for a long time again. We think (19000, 23000) as a new support level and resistance level.
ETH
ETH didn’t remain the strength of the previous rebound, and also didn’t break 2000 in the last week. Different from the relatively passive performance of BTC ’s bears, the power of bears in ETH increased significantly after the price hit 2000. This can also be seen from the slope of the decline. In such a case, the bears were in control of the price, and on Friday, the price dumped a lot and broke the given support level with high volume.
Conclusion: Mostly fluctuation. The strength of bears has been confirmed, but the price is still a long way from the June lows, benefiting from the previous strong bull’s performance. Under the current circumstances, a direct rise becomes difficult. We lowered the resistance level to 1830, which is a bearish confirmation. At the same time, we lowered the support level to 1400.
SOL
SOL fell last week, but it didn’t break our given resistance level, and still moves within the given range. Seven consecutive red candles indicate that it had the weakest performance of the three last week. Even excluding Friday’s heavy losses across the market, prices have slumped 15% from a high of 46.6 on previous days. In terms of the performance of bulls and bears, SOL and ETH are similar. After approaching the given resistance level, the strength of the bears actively increased, and the strength of the bears was finally confirmed.
Conclusion: Mostly fluctuation. The last week was really bad, but the SOL didn’t go out of the given range, so this week we kept last week’s support level at 32 and 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.
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