Weekly market recap(from Mar.16th to Mar.22th)
This week, the Fed announced its interest rates decision, raising by 25bp. The pace of tightening monetary policy was in line with expectations, and the market did not panic. On the contrary, the effect of boot landing appeared in various risky assets. U.S. stocks and cryptocurrency assets have rebounded significantly. Although 2022 will still be dominated by a tightening pressure, whatever, at least before the next FOMC, the bullish power that has been suppressed for half a year have a huge stage to perform.
With the announcement of the interest rate decision, the market will focus on the regional crisis again this week. With no substantial progress in the negotiations, it is very likely that one of them will take intense actions in exchange for bargaining chips. This will be the main factor affecting risk assets this week.
BTC
After the range narrowed last week, the price chose to break upwards. On the whole, during the attacking of bullish power, it is obstructed by bears obviously, unlike the previous weeks where there was always a long candle. The level(42000) is not a strong resistance level, but it took a week to pull the price above it. It is really hard to say that the bulls have taken control.
Conclusion: Mostly fluctuation. Price hikes will be tougher this week. The upper rail (44500) has been maintained for more than a month. We don’t think it will directly break down the upper rail. So we adjust the upper rail as resistance level(44500), and keep the original support (37000) unchanged. After almost half a year of decline, BTC has been fluctuating within the range for more than a month, so if the price can effectively break above the new resistance level, then a phased bullish channel will be opened.
ETH
The price is back to the level on Mar.2. In the past month, the performance of ETH has been weaker than that of BTC, but the bulls have strengthened significantly this time, and the overall rebound is stronger. This may be related to the negative effect of BTC having a small part of the safe-haven attribute. Last week is a rave for risky assets. Back to TA, up close, the bullish power has not weakened. We believe that the price can stand firm above 3000 and launch an attack on the next resistance level.
Conclusion: The rebound is not over. ETH’s performance leads us to believe that this rebound did not end immediately. While it didn’t perform well in the first few weeks, the previous high on Feb.9 is still meaningful and we moved resistance up to the previous high(3260). And it is appropriate to set the support level at 2490.
SOL
SOL remained the weakest performer of the three. The only good news is that the bears are not as strong as they used to be. The days downward are fewer than the days upward in the past week. Up close, the bulls seem to be stopping the attack again.
Conclusion: Mostly falling. We think that it’s an opportunity for the crypto market last week, and many cryptocurrencies had a strong counterattack. But based on SOL’s weak performance, we are not bullish on it. We raised the resistance level to 101, maintaining the support level (70).
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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