Weekly market recap (from Jul 19th to Jul 25th)
The next FOMC will be held on Wednesday, with a high probability of raising interest rates by 25 bp, and the financial market has already completed pricing. The uncertainty comes from Powell’s speech at the press conference. The decision on when to stop raising interest rates will affect the market.
In addition, PCE for June will be released on Friday, which is an important reference for the Fed to formulate monetary policy. The predicted value this time is significantly lower than the previous value. If the actual value is close to the predicted value, it is possible that there will be no further interest rate hikes in 2023.
BTC
After nearly a month of fluctuation, BTC has broken out of the range downward. We can see that after the price fell close to the lower rail of the range last week, the bears have weakened, but the price hasn’t rebounded. The bulls did not strengthen as the bears decayed, after fluctuating in a narrow range for a week, the bears strengthened. Although there is no significant increase in trading volume, the long-term fluctuation has amplified the strength of the bears. BTC remains bullish on a large scale.
Conclusion: The high probability decline has not ended. Bears are ahead of bulls and show no signs of fading. The previous rise of BTC (shown by the green arrow) was steep, so it didn’t establish a strong support level. This is in favor of the bears. We maintain last week’s resistance level at 32000 and support level at 28000.
ETH
ETH kept falling, covering the long green candle on Jul.13. During the fall in the past week, the bears were in the lead, but the strength of the bulls has gradually increased. ETH has fluctuated in a wide range in the past month. The strength of bulls has been confirmed in the range, so ETH’s bulls have strengthened significantly more than BTC’s during the fall. ETH remains neutral on a large scale.
Conclusion: Mostly fluctuation. The gap between the bears and the bulls is not clear, and the price is close to the previous low. So we think that the bulls may continue to strengthen and the price will remain fluctuation. Considering that recap is published weekly, we maintain the previous resistance level at 2000 and the support level at 1700.
SOL
After SOL appeared a long upward pin-bar, the bearish power strengthened. SOL has been falling for the last week. Although there are green candles, the downward slope is steep and the duration is long. The bears was stronger than the bulls. The price once again returned to the original range. The good thing is that the long-term fall still hasn’t covered the long green candle. Therefore, SOL remains bullish on a large scale.
Conclusion: The high probability decline has not ended. On the small scale, the bears have not decayed and the bulls have not strengthened significantly, so we draw this conclusion. We maintain last week’s resistance level at 30 and support level at 22.
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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