Weekly market recap(from March 22nd to March 28th)
The Federal Reserve did not stop raising interest rates due to the bank liquidity crisis, but it can be seen from the FOMC statement that most officials didn’t ignore this problem. It’s just that the crisis isn’t dangerous enough to stop raising interest rates. And at the press conference, Powell made it clear that interest rates will not be raised within 2023. The meeting did not bring additional hawkish or dovish information.
The financial market became peaceful last week, with no waves. In the crypto-market, BTC remained to fluctuate at a high level, while ALTS declined.
BTC
BTC fluctuated at a high-level last week. The price made an upper pin to 29000 before the FOMC but then continued to fluctuate. BTC has come to the stacking-chip area of the most Cefi went bankrupt last year. There were so many upper pins when the price approached the area. This means that even entering the area, the resistance is huge. The trading volume gradually decreased last week and the price entered the correction range.
Conclusion: It is highly likely to rise after the callback. The bulls on the larger scale have not weakened and it needs to take a break after a new rising. It is clear that the bears are not strengthening in such a situation. So we came to this conclusion. We maintain last week’s support level at 25000 and resistance level at 32000.
ETH
Last week, the price of ETH did not stand above the given resistance level. Like BTC, the price remained volatile at a high level, and the trading volume showed a gradual decrease. The rise didn’t happen, but neither did the fall.
Conclusion: It is highly likely to rise after the callback. The bullish trend on a larger scale is not broken. The uncertainty is when a new uptrend will start. We raised the support level to 1615 and also raised the resistance level to 2000 where the level of the Merge was last year.
SOL
Last week, we believed that after SOL deviated from the given support level, the strength of the bulls would gradually decay. As we said, SOL made a drop last week. And on the way down, the length and volume of the red candles show the strength of the bears.
Conclusion: Mostly fluctuation. Unlike BTC and ETH, SOL doesn’t have a clear trend on a larger scale. The gap between the bulls and bears is not apparent and this week is more likely to continue this trend. We maintain the support level at 16 and the resistance level at 26.
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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