Weekly market recap(from February 22nd to February 28th)
We are in a bullish trend and just need to cool down and think how far ahead we are.
After gold and forex have fallen for a while, the cryptocurrency market entered into correction last week. Financial markets reacted to the strong employment and a slight drop in CPI. However, the next FOMC will be held on Mar.22, and there will be new employment data and new CPI data for Feb. before that, and the reduction of an interest rate hike is undoubted. So the decline is an adjustment to the rush, but it is difficult to change the macro environment.
With no major economic data and speeches to come out this week, markets will move relatively freely.
BTC did not take 25000 last week and entered into a correction after the release of our last recap, and the low broke 23000. The red candles of last week all have a downward pin, and the trading volume of the correction is not obvious, which gives us a reason to think that at a larger level, we are still in a bullish trend. We have drawn a bullish channel based on highs and lows since 2023. The price will receive the resistance near the upper rail and get support near the lower rail before a big macro shift.
Conclusion: There is a high probability that it will rise after the correction. Based on the fact that the bullish trend at a larger level has not been reversed, the current price is in the middle of the bullish channel, and there is space to go down, so we give this conclusion. We maintain the support level of 21500 last week and lower the resistance to the earlier level of 25000.
ETH fell less than BTC last week. Since mid-Jan, ETH is more likely to fluctuate. During last week’s correction, the number and length of the red candles were insignificant, and the volume was smaller than that of the rising period. The strength of the bulls is increasing.
Conclusion: There is a high probability that it will rise after the fluctuation. ETH still played like a follower last week. While the gains in mid-Feb were low, last week’s correction was equally minimal. Still a bullish trend on a larger scale, we maintain last week’s support level at 1500 and resistance level at 1790.
The performance of SOL last week was relatively close to that of ETH, and the overall correction was low. And the trading volume is smaller than the state of the previous rise, which means that the bullish trend on a larger level has not been reversed. In detail, the bulls did not strengthen during last week’s pullback.
Conclusion: Mostly fluctuation. SOL is more like it has been fluctuating since mid-Jan, and the price has not broken highs and lows. We raised the support level to 20 and maintained the original resistance level at 28.
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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