Weekly market recap(from Feb. 16th to Feb. 22th)
In early February, the confidence of the market recovered gradually after the previous decline. The marginal effect of Hike has weakened. But this week, due to the influence of the geopolitical crisis in Russia and Ukraine, the entire crypto market dumped and most tokens were close to their previous lows. The region crisis is continuing to develop in a worse direction. A call for love and peace.
The price broke the previous support level and the short attacked directly to the long side confirmation(37000) on Feb.4 without any hesitation. Judging from the performance of the long side, the level of 37000 is difficult to hold.
Conclusion: Mostly falling. We set the support level at 35000 and the resistance level at 41000. In the face of this macro-level hurricane, the bottom(35000) made on Jan.24th is very supportive for BTC. The stronger the negative effect of the emergency, the stronger the recovery after the emergency.
In the last report, we believed that ETH’s strong performance in Feb. would help it constitute a reversal, but when the bearish news came, no tokens in the market were spared. The dump in the past week has wiped out the previous advantage. The price has been below the confirmation level on Feb.4. There is no strong support level ahead of the previous low and the price is at risk of further decline.
Conclusion: Mostly falling. The price is controlled by the short side. Almost no one wants to open a long position in such a bearish situation. The price may test the support level(2360) these days. Like BTC, ETH’s support level at 2360 is also defensive. In the area close to the support level, the contention can become very intense. We set the resistance level at 2770.
Carried by the market, SOL has struggled to break above the upper rail of the bearish channel and finally the price has broken the previous resistance level. In the Jan.17th-Jan.24th Weekly recap, we mentioned the importance of the support level(68) for SOL, and now after rebounding, the price needs to face the level again.
Conclusion: Mostly falling. Support is at 68 and resistance at 93. The bulls will also strengthen at the support level, and once the price falls below the support level, it will be catastrophic for SOL.
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.