Weekly market recap (from Jul 26th to Aug 1st)
Last Wednesday, FOMC decided to raise interest rates by 25bp, in line with market expectations. The PCE for June released last Friday was better than the expected value and significantly lower than the previous value. Affected by PCE, NDX turned to rise again. But BTC fluctuated almost on a line last week.
This Friday, NFP of July will be released. It will have less impact on crypto than NDX this time. If the data does not deviate significantly from expectations, the volatility will be low.
BTC
BTC almost fluctuated within a narrow range last week. No matter in terms of the magnitude or the duration of the fluctuation, this is very rare. Both bulls and bears are weak. BTC remains bullish on a large scale.
Conclusion: Mostly fluctuation. Last week, the volatility was very low and the gap between bulls and bears was narrow, So we come to this conclusion. We maintain last week’s resistance level at 32000 and support level at 28000.
ETH
Although the volatility of ETH was higher than that of BTC last week, the price did not exceed the high and low points of the red candle on July 24. The volume of transactions has decreased compared to before. ETH remains neutral on a large scale.
Conclusion: Mostly fluctuation. Both bulls and bears are weak, and prices will likely continue to fluctuate. We maintain last week’s resistance level at 2000 and support level at 1700.
SOL
A long green candle appeared after the last weekly recap post. But then the power of the bulls began to decay. The price did not rise further but was replaced by fluctuation. On Sunday, it turned to fall. The daily trading volume has decreased a lot compared to the previous last week. Due to the attenuation of bulls on a large scale, SOL has turned from bullish to neutral.
Conclusion: Mostly fluctuation. While the bears took the lead on a small scale, they have not strengthened and prices have not covered the gains on last Wednesday. Therefore, we believe that SOL has a high probability of continuing to fluctuate this week. 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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