Weekly market recap(from June 29nd to July 5th)
Volatility has been increased as price approached their previous lows again. The U.S. stock market did not open yesterday, and the 3-day holidays made the bulls recover. However, it should be noted that the recent 3-day holidays were on Jun.20 and May.30, also showed a sign of rebound at that time. At present, high-inflation is hitting demand, and the weakness of capital is still continuous. The process of deleveraging has also push many lending and asset management companies to the edge of a cliff. The macro level is not optimistic.
BTC
The volatility of BTC has been increased in the last week. Before Thursday, the price fell to the previous low, and then rose above the subprime support level again, and fell again at the weekend. The price rose up yesterday, covering several days of declines. The current price is close to that on last recap, and the overall weekly trend is fluctuation. In terms of details, since it was close to the previous low, the bulls made a strong reaction, but from the perspective of the lack of trading volume and the combination of the candles, the bullish power is not active. The advantage is biased towards the bears. Another point is that although it has been a long time ago, the price is approaching the lower rail of the yellow zone again, and there will be resistance here.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We believe that the fluctuation is based on the fact that there is no significant gap in the strength of the bulls and the bears, and why we think that there is a certain possibility of a decline is due to the lack of initiative of the bulls and the more bearish on the larger level. We have maintained the support level at 17800 and the resistance level at 21700. And give this week’s subprime support level at 18900.
ETH
Rather than sustaining the strength of the previous bulls, and rising directly in early of the week, but rebounded after price fell near the previous lows . The volatility of ETH was increased last week, and there were many bulls looking for dips at the 1000 level. Compared with BTC, ETH’s performance is ordinary. After all, this round of rebound, ETH jumped the gum, but the result was the same as BTC, only started to rebound at a low level. This also shows the problem of bulls’ initiative. Compared with buying spree on the low cost, the current rebound is much gentler, which is reflected in the trading volume and the candles combination.
Conclusion: Mostly fluctuation. The lack of capital may exacerbate volatility, but the gap between bulls and bears is not obvious , which leads us to this conclusion. We held last week’s support level at 1050 and lowered the resistance level to 1240.
SOL
After the recap was released last week, the price of SOL moved lower again as we expected, which was a shadow of the decline from Jun.10 to Jun.13. But the good news is that price has not returned to their previous lows like BTC and ETH. After falling, the bullish strength increased, the decline slowed, and it rebounded yesterday. In terms of details, the trading volume that rose yesterday was not significant, lower than the level of normal working days. Of course, the candles combination was not bullish enough. So even if it continues to rise, it will be difficult to break the previous high.
Conclusion: Mostly fluctuation. There is no obvious gap between bulls and bears. The good performance of SOL is mainly due to the accumulation of much supportive power near the given support level, which BTC and ETH do not have. So we give this conclusion. We maintain the support level at 28 and the resistance level at 42.
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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