Weekly market recap(from June 22nd to June 28th)
The impact of interest rate hikes is gradually emerging in the market, and we see that whether it is the oil price or the real estate market, or some indicators such as the consumer confidence index and the US PMI are all declining. Even in the cryptocurrency market, when you switch to 4h or lower-level chart, you will find that in the main trading-time in the United States, there is few cash-flow into the exchanges, and price is under selling pressure at this time. The slowdown in demand spread to all the markets in US.
At present, the market predicts that there is a 92.1% probability that the FOMC will raise interest rates by 75bp in July. In the case of a sharp decline in demand, there may be a new expectation gap.
After BTC price rose, many bearish power had joined in before reaching the given resistance level. The reduction in the amount of cash-flow makes the energy missing. Looking closely at mid-week rebound, the whole thing happened on shrinking volume, and another attack on Monday failed. Although the bulls can defend 20,000 level, it is still difficult to form a scaled rebound. This situation has occurred many times during the decline which lasted for almost half a year.
Conclusion: Mostly fluctuation. Although the magnitude of fluctuation has decreased significantly, we still maintain last resistance level (22700) and support level (17800). This week, the range may be narrowed, so we give an additional subprime range (20000, 21750). The support and resistance of this range are not stable, but it can play a certain role in the case of reduced trading volume.
ETH’s movements last week was in line with our conclusions. After reaching the given support level, much bullish power gathers, and after the price rises to the given resistance level, it falls back again. The bulls of ETH performed better than BTC’s last week. Its price reached near the resistance level on Jun.15, the weekend’s decline only recovered the one green candle, and the bears was not strong.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound is not end. We remain optimistic about its performance this week after comparing with BTC. In the next few days , the price will retest the given resistance level , and judging by the current bulls, it may break through the resistance level this week. So we raised the resistance level to 1430. The support level remains at 1050.
Although SOL was suppressed by the bears again after breaking through the given resistance level and returned to below it last week. The overall performance of SOL is undoubtedly the best of three. In the previous recap , we mentioned that SOL is approaching a dense trading range in 2021 after the long-time declines, which will provide much bullish power. This is why the price has reached the resistance level of Jun.6 last week. It is still worth noting that after the rise, the bears were not as weak as ETH’s on weekend, the price fell back just as quickly, and the volume increased during the decline. The bears have not faded,and it’s the consequence of the strong decline in early June.
Conclusion: Mostly fluctuation. Equally strong bulls and bears lead us to this conclusion. We raise resistance to 42 and support near the low (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.