Weekly market recap(from December 28th to January 3rd)
Happy New Year, Sypoolians. The market did not form a trend during the New Year holiday, maintaining a movement within a narrow range. This week the U.S. Department of Labor will release the first important indicator of the new year, employment data. After the slowdown in rate hikes, the Federal Reserve has repeatedly stated that employment data will be used as an important indicator of economic slowdown. Compared with the decline of CPI, the increase in the unemployment rate and the reduction of NFP are more meaningful.
In the market, we are concerned that the contradiction between Gemini and DCG still exists, and both parties to the $1.7B borrowers hold their own explanations. At present, Gemini requires DCG to give a clear answer before Jan.8. This will also bring volatility to the price.
BTC
The price of BTC has dropped by about 200 compared to last week, but it has not broken out of the narrow range. The trading volume is close to that of the previous week and relatively low. Because the stablecoins in the market continue to decrease, the power of bulls and bears is very weak. This situation is similar to the previous few weeks, and there is no possibility of forming a trend.
Conclusion: Mostly fluctuation. On TA, there is no special point. We maintain last week’s resistance level at 17600 and support level at 16000.
The situation of ETH is the same as that of BTC. Price fell slightly last week, but did not break out of the narrow range. The trading volume was as low as it has been in previous weeks. Both bulls and bears are so weak.
Conclusion: Mostly fluctuation. Price will continue to fluctuate in the 50-point range until macro data or industry news breaks this. We maintain last week’s resistance level at 1330 and support level at 1160.
As we judged, SOL broke down the given support level last week. There was an obvious increase in the trading volume. The price stopped falling and fluctuated after touching 8. On Monday, it formed a green candle with high volume and came back above the given support level. With the Pin-bar came, 8 will be a new short-term bottom. Judging from yesterday’s rise, the decline of SOL has ended, and the price has entered a rebound.
Conclusion: Mostly fluctuation. Although the price has come back again, there is still a certain selling pressure at 12, and the gap between bulls and bears is not obvious. There is a high probability that SOL will fluctuate again, waiting for a new direction to emerge. We maintain last week’s resistance level at 15 and support level at 11.
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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