Weekly market recap(from July 6th to July 12th)
Last week, the price of cryptocurrencies reached previous-high and then fell. Although Friday’s pump was exciting, it did not last. The price fell again after the U.S. stock market opening.
The good performance of the employment data on Friday may be a factor. Although the NFP is lower than that in May, it is significantly higher than the forecast value, which gives the hawkish raising interest rate a better basis. The U.S. CPI data will be released on Wednesday. At present, the White House gave a warning that the CPI of June may be worse. This is likely to prompt the Fed to announce a 100bp hike at the end of July.
BTC
Price retreated after breaking resistance last week, and the weakness in funding makes it difficult for the bulls to sustain. And after the weekend, price fell back to where they were a week ago. The daily level has entered a stable fluctuation, but the larger trend remains bearish. If you go through the rebounds around 40,000 and 30,000 (green zone), you’ll see that the current situation is so similar, a dump followed by a weak rebound, followed by another dump. Now this is still possible.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We maintain the support level at 17800 and the resistance level at 21700. Similarly, we also maintain the subprime support level (18900) last week to assist short-term judgment. Bearishness on a larger level makes us think a downside is possible.
ETH
Like BTC, after the fall in early June, the price entered a stable range. From the chart, you can see how well the market has a tacit understanding of this range. Last week, the price retreated after surpassing the resistance level, almost back to where it was a week ago, and is now moving close to the support level. In terms of trading volume, last week’s rising had a high trading volume, but yesterday’s decline also had a high trading volume. The bearish power never gone.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. The bulls are not out of the woods and there is a stage of bears on a large scale, so we reserve the possibility of a downside. We do not plan to change the support level(1050) and resistance level(1240) this week.
SOL
The rebound of SOL at this time didn’t reach the previous high, and the bulls didn’t perform as well as BTC’s and ETH’s. And in detail, this week’s rise was not accompanied by huge trading volume, on the contrary, yesterday’s decline was.
Conclusion: Mostly falling. The rebound of SOL came from a key support level, but from the rebound in mid-June to the current rebound in early July, the bulls have been consumed, and the bullish power near the support level is not as strong as before. If it is retested and broke through, we think there’s a high possibility that a decline will be triggered, and it’s may be crazy. We maintain the resistance level(42) and the support level(28).
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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