Weekly market recap(from February 28th to March 7th)
We are in a bullish trend and just need to cool down and think how far ahead we are.
After the poor-performed data of Jan. caused the financial market to pull back, gold, forex, and U.S. stocks made gains of a rebound last week. But the crypto, affected by the delayed release of the Silver Gate 10K report, experienced FUD last Friday, causing a dump. This week, Powell will go to the Senate and the House of Representatives to deliver semi-annual monetary policy reports, and on Friday, the NFP data for Feb. will be released. This is the last employment data before the FOMC on Mar.22. and will determine whether the strong data was a surprise or a trend. So the waves may be more violent this week.
BTC
As we predicted, the price fell near the lower rail of the channel. But the rise did not happen in the next few days. BTC was traded in a narrow range. Now is the round of the bulls, but you can clearly see from the daily level (or 4-hour level) that the power of the bulls has not increased when the bears decayed. The lower trading volume and movement above the lower rail indicate that the strength of bulls and bears has been refreshed.
Conclusion: There is a high probability that the callback is not over. Although the price fell close to the lower rail of the channel as we predicted, such a rapid way scared off the bulls. Therefore, we believe that the callback is not over. Fluctuation or breakdown of the lower rail may occur. But on a larger level, we maintain the judgment of a bullish trend. The price may continue to fall this week. We maintain last week’s support level at 21500 and resistance level at 25000.
ETH
After the dump last Friday, the price has fluctuated so far. When bears took a break, the bulls did not strengthen. Trading volumes remain low. Unlike BTC’s rise, ETH has been fluctuating since mid-Jan. and has not kept stabilized above its previous high.
Conclusion: There is a high probability that the callback is not over. We draw the same conclusion as BTC. Because the long rainbow candle scared the bulls. The price is likely to approach the given support level this week. We maintain last week’s support level at 1500 and resistance level at 1790.
SOL
Unlike BTC and ETH, SOL didn’t dump at first and then moved in a narrow range. Instead, it falls with a certain slope. After SOL approached the previous low, the bulls increased, so the slope of the decline was almost fixed. There is no special information on the trading volume; it maintained a close trading volume since Feb.21.
Conclusion: Mostly fluctuation. The characteristic of SOL prevents the emergence of a long red candle, but from the chart, there is no sign of a reversal. We think the price will fluctuate above the given support level until the level is broken down or a long green candle appears. We maintain last week’s support level at 20 and 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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