Weekly market recap(from March 14th to March 22nd)
After the liquidity crisis in Credit Suisse, Gold outperformed other markets and risk aversion rose last week. In the crypto market, BTC got more gains than other ALTS. BTC also plays a role in risk aversion.
The market will usher in FOMC this week, and the current market forecast of the interest rate hike is 25bp. Under such circumstances, the pressure on the U.S. banking industry will continue and many banks will face poor liquidity, and safe-haven assets like gold and BTC will continue to be valid.
BTC
As we thought, last week the price broke the given support level and the upper rail of the bullish channel after a short period of fluctuation near the previous high. The long green candle on Friday is accompanied by high trading volume. Even on a low-flow weekend, trading volume was higher than at previous levels. These all show that the bull is stronger. The next target corresponds to the level of the Cefi-crisis last year, where a lot of chips have accumulated.
Conclusion: Mostly fluctuation. As mentioned above, although the bull is still strong, many chips were piled up above. So there is a high probability that the price will remain volatile in the next week. We turned the resistance level of 25000 last week into the support level this week and set a new resistance level at 32000 this time.
ETH
ETH broke through 1700, but it did not stand above the level of the Merge last year. In terms of details, the performance from the weekend was weaker than that of BTC in the same period, and the trading volume of green candles was only slightly more robust than that of red candles. ETH was a follower in the last week.
Conclusion: Mostly fluctuation. We give this conclusion because the given resistance level is still valid and the pullback is obvious. We maintain last week’s resistance level at 1790 and the support level at 1500.
SOL
As a follower, SOL did not have a high trading volume in its rise last week. There was a certain upper pin bar during the process. It was only on Monday that the trading volume began to increase, but there were no longer green candles formed on the chart.
Conclusion: Mostly fluctuation. The bears are not strong, so even though the price is rising, it does not confirm the strength of the bulls. We maintain last week’s resistance level at 26 and support level at 16.
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 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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