Weekly market recap(from February 8th to February 14th)

Sypool Protocol
4 min readFeb 14, 2023

We are in a bullish trend and just need to cool down and think how far ahead we are.

After the strong increase in NFP of Jan. and Powell’s hawkish speech, U.S. stocks and the crypto-market made a decline last Thursday, catching up with the loss of other market such like foreign exchange and gold. Market sentiment turned cold. The CPI for Jan. will be released today, in which the prices of gasoline and used cars have increased. Although the impact on the long-term trend become low, it may still fall further in the short term to erase the additional gains brought by FOMO.

BTC

BTC(1D)

BTC was dumped last Thursday, and the price left the shock range that lasted for half a month. The given support level took effect and the price moves above it. After the long red candles appear, the price fluctuates within a narrow range. The bulls and bears decayed at that time. The trading volume during the pullback period is lower than before, which shows that the strength of the bears is weak at a larger level.

Conclusion: There is a high probability that it will rise after the fluctuation. The price has held above the support level for four days and as we said at the beginning, we are still in a bullish trend. So we came to this conclusion. We maintain last week’s support level at 21500 and resistance level at 25000. However, extra attention should be paid to the fact that macro data may change the trend under the current circumstances.

ETH

ETH(1D)

The given support level for ETH took effect, with the price holding above 1500 consistently after last week’s pullback. ETH and BTC were in a similar situation, with the strength of bulls and bears fading after a long red candle appeared. The bears of ETH are slightly stronger than that of BTC, so the price has fallen back to the low point of the left rise. During the decline that started in Feb., trading volumes were lower than that in Jan...

Conclusion: There is a high probability that it will rise after the fluctuation. The bears have not fallen below the given support level in four days, and the overall trend is bullish. So we came to this conclusion. We maintain last week’s support level at 1500 and resistance level at 1790. However, extra attention should be paid to the fact that macro data may change the trend under the current circumstances.

SOL

SOL(1D)

SOL is the same as ETH on the level of callback. Both are near the low on the left rising. After last Thursday, bulls and bears have decayed. Compared to the previous two weeks, the trading volume has decreased significantly. However, in terms of details, ETH has fluctuated downward these days, but SOL was more bullish.

Conclusion: There is a high probability that it will rise after the fluctuation. The performance of SOL in the last week is not inferior to that of BTC and ETH. It was even stronger than BTC. We maintain last week’s support level at 17.6 and resistance level at 28. However, extra attention should be paid to the fact that macro data may change the trend under the current circumstances.

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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