Weekly market recap(from Mar. 9th to Mar. 15th)
A very crucial week has come. The Fed will announce its interest rate decision on Wednesday. As we have seen, expectations of tighter monetary policy have brought a half-year bear market to cryptocurrencies. With the meeting approaches, the decline has slowed down significantly and the bullish power is eager to try. If you’ve been following our weekly market recap, you’ll see that the bulls and the bears have been battling around important support levels in the last month. It’s still anyone’s game until the decision come out.
The price fluctuated within a narrow range this week. After a tentative break above the given resistance level, the price didn’t hold and immediately fall back to the resistance level. The movement reflects the hesitant attitude in this week. Both bulls and bears want to establish their domination, but bursts are not sustainable. The range of fluctuation is gradually narrowing and a new trend will be born.
Conclusion: Mostly fluctuation and it is more likely to fall than to rise. We believe that based on the previous situation, the strength of bulls and bears is equal, and it is very likely to continue to fluctuate. With the narrowing of the range (shown by the blue line in the figure) and the overall strength of the bears is slightly stronger, we believe that if the fluctuation is ended, the possibility of continued decline is greater than rising. We hold the support level (37000), but unlike before, the more tests on the support level, the weaker it will become. We raised the resistance to 39700.
What happened on BTC also happened on ETH. The fluctuation range is gradually narrowing, and it is possible that one of the bulls and the bears will win the confrontation. On the whole, the bears are stronger, and the price is pushed down to the previous low position by the bearish power after a strong rebound.
Conclusion: Mostly fluctuation and it is more likely to fall than to rise. We maintain the support level at 2360 and the resistance level at 2670. The support level still has strong bullish power, but unlike in the past, bearish power has increased at resistance. In the new week, we believe that the high probability will remain fluctuation. We prefer to bet on the short side if a low-probability event occurs.
The worst of the three this week. In the last report, we gave a weak support level near the previous low, but in our judgment, the bullish power was too weak. Though the price did not fall further after hitting this support level, it did not make any strong rebound.
Conclusion: Mostly falling. We set the previous second support level(70) as the current support level and keep the resistance level(90) unchanged. In the near term, the bears may attack at any time, while the confidence of the bulls is clearly lacking. The decline will continue and there is a high possibility that the price will hit the support level(70). How the bulls defend this level will determine how the subsequent trend changes.
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.