Weekly market recap(from August 31st to September 6th)
Based on the White House’s warning last Monday and the ADP data last Wednesday, the market has already priced in the soft NFP and a higher unemployment rate last Friday. When this time did come, the market didn’t magnify the volatility. After entering September, the pace of B/S reduction will double, but the impact will be small in recent months. The reason is that the TGA account and RRP on the B/S will share the pressure on the reserve account up front, slowing down the decline of Cheap Money in the market.
This week, the first step of the ETH merger, Bellatrix’s upgrade will begin. Judging from the market, the merger's success will determine the trend of the next cycle.
BTC
BTC has not kept up with ETH this week. After the dump at the end of August, the price of BTC remained within a narrow range near the previous low, and the trading volume gradually decreased. Smaller volumes and lower price volatility are challenging to get information. BTC has no direction.
Conclusion: Mostly falling. We give this conclusion based on the current bulls and bears and did not add content other than TA, such as the possibility of the success of ETH’s merger, and the Aug CPI released next week. On a larger scale, we prefer the bears to maintain control. This week we still maintain the previous support level at 19,000 and lowered the resistance level to 20,800.
ETH
Last week, ETH was more active than BTC. After approaching the given support level, the strength of the bulls has increased significantly. The price kept an upward trend. After a short stay in 1570, it continued to rise and stood firm in 1600. Although the trading volume has gradually decreased, the price volatility is in line with the judgment of bulls and bears. In detail, the bulls has weakened last week, but the bears have also been weak, making it still under the control of the bulls.
Conclusion: Mostly rising. The price is currently in the middle of our given range, and with the bulls not losing power, we think the price still has room to rise before hitting resistance. Here’s
technical analysis, and as the shrinking volume shows, people will be more focused on the ETH merger process starting this week. We maintain the previous support level at 1400 and the resistance level at 1830.
SOL
Carried by ETH last week, Sol moved upward slowly near the previous low. Compared to BTC’s, SOL’s performance last week was not bad. But from another point of view, after approaching the key support level, the growth of bulls is not significant. Even with the drive of ETH, the current gain of rebound is too small compared to the loss stated from mid-Aug, and it is more like a rebound before a new dip. Likewise, trading volumes have decreased over the last week, and SOL could have now fallen below the key support level if it weren’t for an ETH merger.
Conclusion: Mostly falling. While last week’s rebound was better than BTC’s, it was too weak for the previous drop. And the bulls provided by the key support level seem to be getting smaller and smaller, so we come to this conclusion. We hold last week’s support level at 28, a level that has become fragile but is difficult to break right now. Meanwhile, we maintain the previous resistance level at 38.
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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