Weekly market recap(from February 15th to February 21st)
The CPI of Jan was lower than the previous value but higher than the expected value. After the data release, US stocks corrected, but the crypto-market remained strong. The advanced pricing in the market gradually eased. With no major economic data coming out this week, the market will continue its bullish trend after recovery.
BTC
After BTC broke through the previous high last week, the next target is 25000, the resistance level we set last week. It is a strong resistance level. After the price rose last Wednesday, even if the power of bears increased and there were many upward needles, the bulls took control. It is difficult for the price to fall before breaking out.
Conclusion: There is a high probability that the rise is not over. Both the bears and bulls are increasing, but the bulls are stronger. We believe that the price will still attack 25000 in the next few days. After the attack, if the bears do not decay, maybe a long red candle appears with high trading volume, then it will enter a callback process. We maintained last week’s support level at 21500 and raised the resistance level to 26500.
ETH
ETH performed badly last week, struggling around 1700, and did not break through the previous high. During this period, ETH acts more like a market follower. Although it has remained fluctuation at a high-level last week, the strength of the bulls is weaker than that of BTC. There is not much information on trading volume.
Conclusion: Mostly fluctuation. The performance of the bulls was lower than our expectations, so this week, we think ETH will fluctuate. We maintain last week’s resistance level at 1790 and support level at 1500.
SOL
SOL had a strong rising last week, recovering from the poor performance in early February. The price has risen to the previous high, and the bears are always weak during this process. So the slope of the rising is almost a straight line. Even on the low-circulation weekend, SOL still has a long green candle with high trading volume than before.
Conclusion: There is a high probability that the rise is not over. The bulls take control and further gains are possible. We maintain the resistance level at 28 and the support level at 17.6.
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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