Weekly market recap(from Feb. 23th to Mar. 1st)
In the previous recap, we mentioned that most cryptocurrencies will have strong bullish power around the support level. The trend in this week also confirms this view.
At the macro level, there is no obvious sign of easing the regional crisis and negotiations between Ukraine and Russia may continue. Based on the large-scale purchase of cryptocurrencies by Russian and Ukrainian civilians, the price of BTC rose to 44000.
On the other hand, this week, the State of the Union Address which include the inflation and regional crisis will be released, the US.NFP will be announced. Many uncertainties will affect the market.
BTC
The price rebounded rapidly after hitting the support level(35000). As we thought, there is much bullish power around the previous low. After that, the price has remained above the level (37000)for a few days and pumped to 44000. From the graph, neither the long side nor the short side has established control. Before a clear signal come out, the price will fluctuate in a range.
Conclusion: Mostly fluctuation. Whether the bullish strength is sustainable remains to be seen. The resistance level above is a test for the long side. We think it is unlikely that the price will break out of the resistance level directly. We set 44800 as the resistance level and 37000 as the support level.
ETH
Similar to BTC, when the price fell to the support level, the bullish power increased significantly, resulting in a Pin Bar on Feb.24. And it rose with much trading volume yesterday. But the performance was not as good as BTC, which may be related to the motivation for pumping. The price may fluctuate in a small range.
Conclusion: Mostly fluctuation. While there is quite a distance before reaching the previous high, it may continue to rise. But since February, we can see that the confrontation between the long and the short is fierce, the performance of the long nearby is not good enough. We think that with the price continue rising, the bearish pressure will gradually strengthen, just like what happened on Feb.24.And the range(2570,3180) will be difficult to break.
SOL
The price did not decline thoroughly to the strong support level last week. The bullish power s started to strengthen around the previous low. It fell back after hitting the resistance level and was eventually carried by the market. At this time, SOL exited the bearish channel. As the weakest of the three during this period, it is hard to attack the next resistance directly.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We believe that the long side for SOL isn’t sustainable. The rebound in the past month has struggled to reach the given support level, and it is likely to be the same as before this time. We raised the support level to the previous low(81) and the resistance level to 105.
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.
