Weekly market recap (from Jun 14th to Jun 20th)
The U.S. CPI of May was lower than expected, showing that inflation has decreased significantly. Although Powell said that PCE is more meaningful at the press conference, and there is a possibility of raising interest rates again this year. However, the market did not believe his speech, the DXY fell, and US stocks form a new high for the year.
On the other hand, the SEC reached a temporary compromise with Binance. The court finally did not approve of freezing proposal on Binance.US. FUD reduced. But judging from the supervision of the Netherlands and France last week, the SEC’s policy will be a benchmark for regulators in other countries.
BTC
The given support level took effect last week , and the price of BTC did not break down the given support level. After the price approached 25000, the bulls increased, then the price returned above 26000 before the weekend. During the rebound that started on last Thursday, the trading volume was high. In our last recap, we mentioned that the bullishness of BTC at the large level is not broken. The bulls can start to rise home through reinforcement.
Conclusion: There is a high probability that it will rise after the callback. The price has risen above 26000, the range in May. There was no significant increase in bears during the rise. We believe that the price is still likely to remain upward. We maintain last week’s resistance at 28000 and support at 25000.
ETH
The performance of ETH was not brilliant as BTC’s. Last week the price dropped below the given support level and touched 1650. Carried by BTC, the price returned.But the bulls decay quickly, and it was difficult for the candle to break through 1750, which was the confirmation point of the bears last week. .
Conclusion: Mostly fluctuation. On a larger scale, the damaging decline at previous has turned the trend from bullish to neutral. And the decay of the bulls leads us to this conclusion. We maintain last week’s resistance at 2000 and support at 1700. And for the short term, 1750 can be used as a small level of resistance.
SOL
The support level was valid, SOL held above it. Price approached 16 during the rebound. But the length of the green candle last week was not significant, and the trading volume was very low, making it difficult for the price to continue to rise. Neutral to bearish at large scale.
Conclusion: Mostly fluctuation. The bears took a break, making it likely that the price will stay at this level. If the bulls cannot strengthen at this time, it is only a matter of time before the decline continues. We maintain last week’s resistance level at 19 and support level at 14.
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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