Weekly market recap (from Jan. 24th to Jan. 31st)
BTC
You can see that after the dump of Jan.21, both long and short stagnated. Although the short side has stopped attacking, the price climbed like a snail. The Long side is still struggling. The price rebounded to 39000 on Jan.26, but as before, the strength of the long was fading again and the pin bar appeared. While the short did not gain more this week, the poor performance of the long make the decline seem like a monthly scale. The bearish channel remains effective.
Conclusion: Falling after fluctuation. The strength of the long has not been confirmed this week, so we maintain the previous resistance level(40500) and support level(30000). Based on the recent short side’s power, we think the decline will continue after a short-term fluctuation. Just be humble and nimble to the market.
ETH
ETH rebounded for a while after touching 2170. It may be limited by a larger level of the short. So the price fell again after rebounding to 2700. ETH performed worse than BTC this week. From the graph, you can find that the long strengthened after the price reached the lower rail of the bearish channel. But the bears frequently tested this new support at 2400 in the following days.
Conclusion: Mostly falling. The new support level(2400) have become vulnerable after many retests. The decline will continue unless the long side takes significant volume. The resistance level is 2760 and the main support level is 1800.
SOL
Like ETH’s situation, after reaching the lower rail of the bearish channel, the strength of the long increased. And the short retested the new support level. In the recent stage of decline, SOL has the largest dump of the three undoubtedly, nearly -40%. As shown by the green arrow on the left, we think it may be related to the high-slope pump in September last year. An unstable basement brings faster collapse.
Conclusion: Mostly falling. Based on the performance of rebound on Jan.26 and the steep-slope opinion mentioned above, the trend of SOL is not optimistic. We lowered the resistance level to 100 because the previous resistance level may not be meaningful for the current situation. We have kept the support level(68) unchanged. And as seen in the last recap, this support level is quite critical for SOL.
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.
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