Weekly market recap(from January 4th to January 10th)
The ADP was higher than that of November last Thursday, so many risk assets fell in advance while the market lowered the expectations for NFP. Finally, the market reversed as the NFP was lower than that of November. Crypto-market, gold, foreign exchange market, and U.S. stocks all rose, recovering the losses from the previous day.
On Tuesday, Powell will deliver a speech in Switzerland, which will cover the monetary policy in 2023. If nothing else, Powell will continue to express his determination to reduce inflation and oppose the pricing of expansionary policy. On Thursday, the Labor Department will announce the U.S. CPI for December. The expectation value is 6.6%, which is likely to be reached. On the macro, it is gradually changing for the better. Under such circumstances, we believe that the increase in funds has become important. If funds continue to flow into the crypto market, it will be more conducive to the price.
BTC
Many altcoins have significantly risen in the past week, but BTC hasn’t. Price broke out of the previous high in late December and headed towards 17,000. Looking at the candle combination, the bulls are developing and the appearance of a green candle is accompanied by increased volume. Unless the large-scale shift, it will still be a seed round of bulls.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound will not end. Based on the length of the green candles, we do not think that the bulls are in charge. Price will continue to fluctuate, at least until it stands above our given resistance level. We maintain last week’s resistance level at 17600 and support level at 16000.
ETH
ETH performed better than BTC last week, and the price touched 1300, which is close to the given resistance level and the previous high. The length of the candle is also much longer than that in the previous two weeks. Like BTC, the candle combination of ETH is bullish, with volume increasing in the presence of green candles.
Conclusion: The high probability rebound has not ended. Based on the increase in volatility, we draw this aggressive conclusion. It should be noted that the price is close to the resistance level and the previous high, which will most likely lead to a correction, so we conclude that there is a high probability that the rebound has not ended, rather than mostly rising. In any case, it’s already a lot better than the previous two weeks for the bulls. We maintain last week’s resistance at 1330 and support level at 1160. If the resistance level at 1330 is broken, then 1380 is the next target.
SOL
After our previous recap, SOL entered a narrow range early last week and then showed a significant rise over the weekend. The volatility is rising, and at the same time the price also breaks the given support level. The trading volume growth last week was huge, which was brought about by Vitalik’s bullish view over the weekend and the BONK. SOL is more bullish than BTC and ETH. The candle combinations are also bullish.
Conclusion: The high probability rebound has not ended. SOL had the best performance among the three last week. The recovery of trading volume is very important for SOL. As we said at the beginning of this recap, the increase of funds is very important whether it is for a specific Token or the entire market. We raised last week’s resistance level to 17.6 and maintained the previous support level at 11.
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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