Weekly market recap (from May 17th to May 23rd)

With the amount of TGA accounts continuing to decrease, reaching a new debt ceiling agreement is the market’s biggest concern. Although there has never been a default on government debt in U.S. history, funds have flowed out from the short-term bond market due to the need for hedging. US stocks and the crypto market have also been affected to a certain extent. This week, the two parties are expected to reach a debt ceiling agreement, which may bring additional volatility to the U.S. market.

BTC

BTC(1D)

BTC has fluctuated up and down almost at the given support level last week and did not effectively break through 27000. Like we said last time, because the chips piled up above 27000, in late March. So the price will only break through 27000 slowly. But it is important to note that the bulls did not strengthen to regain control in the last week. On a larger scale, this has not been kind to the bulls.

Conclusion: Mostly fluctuation. The power of bulls and bears is close, and the price is near the given support level, so we have given this conclusion. If the price breaks down through 27000 in these two days, then the next support level will be 25000. We maintain last week’s resistance level at 31000 and support level at 27000.

ETH

ETH(1D)

1800 is not a particularly strong support level for ETH, but ETH’s bulls defended this level last week. Like BTC, ETH remained volatile last week, with small price fluctuations and unremarkable trading volume. When the bears stopped falling, the bulls did not restart the rise.

Conclusion: Mostly fluctuation. At least from last week’s performance, the gap between bulls and bears is not obvious, and there is a high probability that it will continue to fluctuate this week. We maintain last week’s resistance level at 2150 and support level at 1700.

SOL

SOL(1D)

Like other ALTs, when BTC and ETH fluctuated, SOL fell. The price is below the given support level but has not broken through effectively. The bears outperformed the bulls last week.

Conclusion: Mostly fluctuation. Although the bears have a slight advantage, the support level of 20 has been tested many times, and if it is not effectively broken down, it can still provide bullish power. So we think that SOL will remain volatile like BTC and ETH this week. If 20 is effectively broken, then the next support level will be 16. We maintain last week’s resistance at 26 and support level at 20.

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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