Weekly market recap(from June 15th to June 21st)
Last week we talked about BTC bulls being stronger than NDX’s in a period of time before the FOMC, and the rebound was poised to take off. But the decision +75bp made the rebound short-lived. Concerns about the economic recession and stagnation generated the weekend’s decline. No important economic indicators will be announced this week, and the cryptocurrency market is mainly faced with its own leverage problem, which will take several days to resolve.
Last week we thought that BTC’s decline would continue after the low-scale rebound, and in fact, it was basically the same. We can see the intraday volatility on Jun.14 and Jun.15 magnified, and long shadow lines formed, which shows that someone wants to bet on a rebound due to a dovish rate decision on Jun.16, but it didn’t. The long red candle on Jun.16 declared that the bulls’ efforts at the beginning of the week were in vain, and the bearish power was confirmed. And over the weekend, it rebounded after the price continued to fall and touched our given support level. On the whole, the bullish power gradually increased in the last week, which will hinder the decline. In detail, the trading volume has been decreasing for several days, so the power of any party has not been confirmed.
Conclusion: Mostly fluctuation. We make this conclusion based on the recent bullish power. The given support level (17800) is still effective. We lower resistance to 22700, which is a bearish confirmation point. In the past three days, the continuity of bullish power was weak, and the price level may retest the lower rail at the beginning of the week.
ETH, as we expected, rebounded after a quick drop to a given support level. During this period, the bulls gradually strengthened. Similar to BTC, ETH’s bulls hoped to enter the rebound caused by the dovish rate decision early, however, +75bp made the rebound short and weak. After the market digested it, the price gradually moved lower and hit our given support level. The difference is that ETH rebounded strongly over the weekend. On Jun.19, the candle directly recovered the previous day’s decline, and the final closing price was higher than the previous day’s high. This is something to be aware of. In detail, the volume gradually decreased over the weekend, making the price changes less credible.
Conclusion: Mostly fluctuation. Although the given support level (1050) was tested, the strength of the bulls caused the price to rebound quickly, so we left this support level unchanged. We lowered the resistance level to 1240. This level has the same logic as the resistance level we set for BTC, and it is the level confirmed by the bears.
In the past week, the performance of SOL has been brilliant in the whole market. From the chart, you can see how much bullish power SOL has received at this price level and the price is now above where it was at the last report. There were several green candles last week, except for the rate decision day. It should be noted that although the support level provides so much bullish power, many candles had shadow lines, which is different from the previous decline. Some people came in and some people left.
Conclusion: Mostly fluctuation. The shadow line makes our conclusions on the conservative side. The given support level (22) is valid, and the probability of a reversal happening is low at present. We hold the resistance level at 40, and the bearish power will increase again after the price rises around this level.
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.