Weekly market recap(from May 11th to May 17th)
After a small scale rebound, the cryptocurrency is stuck above the level of the previous low in July 2021 last year. As the Luna incident subsided, the entire market is slowly recovering, at least no longer scary like before.
BTC
From the graph, we can see that after falling below the support level (the low of July 2021), the price is quickly above the support level. After the slope steepened, the price has always moved below the lower rail of the bearish channel (yellow area). The weak bulls can’t even get the price back into the channel. Prices rebounded with very low volumes on the weekend. But on Monday, the high-volume drop almost declared the bears’ control. In such a situation, expecting a rise is very hard, and no more fall is good enough.
Conclusion: Mostly falling. Although the support level of 29700 should be a strong support level, the bulls still have not strengthened significantly after being retested, relatively, the bears can easily recover the green candle. So our conclusion is more inclined to fall. Getting back to the low-slope bearish channel remains the biggest hurdle. It is the first step for bulls. We keep the supporting level at 29700 and the resistance level at 34000.
ETH
By the Luna-event driven, the price of ETH has been affected as much as many other Defi tokens. This caused ETH, which performed well in the early stage, to make a large compensation for the fall and broke our support level. On May.12, the price of ETH touched the level of 1780, which is the low level of July 2021. Although the day’s losses were recovered a lot. The rebound in recent days has been weak, and Monday’s high-volume drop shattered the bulls’ illusions.
Conclusion: Mostly falling. As with BTC, a return to the yellow zone is the first step for the bulls. We lowered the support level to 1850. This level has the same logic as BTC’s, which is the bottom position in July 2021 and is also the half position of the pin on May 12. We set the resistance level as 2320, a new confirmation point for the bears.
SOL
For SOL, it has lost almost all of its gains, although reaching 44 may be affected by the Luna event, as the previously reported said, losing 68, then 44 is also easy to reach. The current situation of the bulls is consistent with that of BTC. Even after reaching a key support level, the strength of the bulls is still very low, and the bears maintain a posture of attacking at any time. Unlike BTC, the current price of SOL is within the low-slope bearish channel(yellow area), which is one of the few good news.
Conclusion: Mostly falling. Respecting the gap between the bulls and bears, we believe that although 44 is a strong support level, there is still a possibility to break it on TA. So, the level(44) is our new support level. We lowered the resistance level to 68, its logic is the same as ETH, a new bearish confirmation point.
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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