Weekly market recap(from Feb. 8th to Feb. 15th)
A quiet week has passed. We defined the support level(40500) and the resistance level(46000) in the last report. BTC pulled back after reaching the resistance level on Feb.10 and remains in the fluctuation range we gave. The power gap between the long and the short isn’t big. On a large scale, the short side did not strengthen significantly after the long side escaped from the bearish channel. The long side can launch a large-scale attack, but only if the resistance level (46000) is taken, not a retest but a breakthrough this time. Otherwise, it is difficult for both the long and short to form a trend.
Conclusion: Mostly fluctuation and there is a certain possibility that the rebound has not ended. As things stand, we think the previous support and the resistance levels are still valid. And the strength of the short did not destroy the rebound that started on Jan.24.
We can see that ETH was stuck by the short side after breaking through the resistance level(3170). Unfortunately, the price didn’t directly enter into the bullish channel. As the strongest of the three, ETH holds the potential to rise. However, it should be noted that the long side is likely to fall into fluctuation if they cannot continue the performance of the previous two weeks.
Conclusion: Mostly rising. We have followed the logic of last week. Based on the magnitude of the previous pullback by the short and the reaction of the long, the correction may have ended and the price may begin to rise. Both the support level(2760) and the resistance level(3170) remain unchanged.
From the end of Jan, SOL didn’t rebound much. The price is more likely to fluctuate near the previous low. The confidence of the long side seemed not enough. Because the price broke the support level over the weekend. Throughout the Feb-Rebound, SOL performed worst consistently.
Conclusion: Mostly fluctuation. Based on the performance of SOL, we reset the support level(86) and the resistance level(118). Do you remember we mentioned in our previous report that the slope of the decline increased in Jan? From the graph, though SOL has exited the high-slope bearish channel, it came back into the previous low-slope bearish channel.
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.