Weekly market recap (from Jul 5th to Jul 11th)
The U.S. NFP of June was better than expected last week, but the reduction was not obvious. So the market ignored it. The CPI for June will be released this Wednesday. If the CPI cannot be significantly lower than the expected value of 3.1%, it will also be ignored by the market. The FOMC will not change the idea of raising interest rates by 25 bp.
Equally important for cryptocurrencies is the BTC spot ETF. Although the deadline for a reply from the SEC is at the end of 2023, if there is any progress, the market will be excited.
BTC
As we expected, BTC did not stand firm above 31000. Last week, the price fell back to 30000, the lower rail of the previous range. The price tried to attack 31000 several times, but the bears strengthened. The good thing is that the price did not fall below 30000. That’s why there were many obvious upward pin bars on the candles last week. The transaction volume is not significant. The movement is more like a callback. On a small scale, the bulls and the bears are close. On a large scale, it maintains bullishness.
Conclusion: Mostly rising after fluctuation. At present, the bears of the strong resistance level 31000 are weaker than we imagined. It can only be defended, but not force the price to fall below 30000. So we came to this conclusion. We maintain last week’s resistance level at 32000 and support level at 28000.
ETH
Different from the fluctuation of BTC, ETH’s bears increased significantly last week. The price gave up the earlier gains. Bullish power decays quickly, with few upward pin-bars. Combined with the trading volume, it is more likely to maintain fluctuation. After the bullish trend of ETH was destroyed on a large scale in early June, the bulls did not regain control. The price could hardly threaten the high point of the year, even 2000.
Conclusion: Mostly fluctuation. It was neutral on a large scale. The bulls and bears are close on a small scale, so we give this conclusion. We maintain last week’s resistance level at 2000 and support level at 1700.
SOL
As we predicted, SOL maintains a strong bullish trend. Price extended their gains, recovering losses from early June, approaching the given resistance level. A long green candle with increasing volume shows the strength of the bulls. During the rising process that started in July, the bear went to Summer Pool Party:). For the callback, the duration was low and the range was small. There is a big gap between bulls and bears. Based on last week’s gains, SOL has moved from bearish to neutral on a large scale.
Conclusion: The high probability rise has not ended. Although the price is close to last week’s given resistance level, it is difficult for the rising to stop at the current price level. The bulls are strong. We raised the given resistance level to 26 and maintained the support level at 16.
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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