Weekly market recap (from May 2nd to May 9th)
The U.S. employment data for April was stronger than the previous value. After the gold and bond markets declined last Friday, the crypto market also saw a correction over the weekend. The market is still determining whether the FOMC will raise interest rates in June. The U.S. CPI data for April will be released on Wednesday. If the CPI rebounds, then FOMC will continue to raise interest rates.
In addition to the macro impact, another possible reason for the market decline is the rise of meme and BRC-20 token, which has attracted many funds from main crypto markets. FOMO caused money to flow out of main markets regardless of any losses. In history, the rise of the meme sector will increase the bearish sentiment.
BTC
BTC fluctuated between the range (27000,31000) and the range gradually narrowed. On Monday, it broke through the black triangle downward. On weekends with low circulation, BTC experienced a certain decline. Compared with other ALTS, the performance of BTC last week was not the worst, but the current situation is not good for BTC. The gap between the bulls and the bears was small initially. But judging from the length of the candle and the trading volume, the bears are now in the lead.
Conclusion: Mostly fluctuation. After the decline on Monday, the movement of BTC set the direction. But there were no disruptive effects on a larger scale. At present, it can only be considered as a callback. We maintain last week’s support level at 27000 and resistance level at 31000. If the price breaks below the given support this week, then there is a sign of a reversal at a large scale.
ETH
ETH rise last Friday, forming a long green candle with increasing volume. This is a good sign of a starting point for an uptrend. However, with the loss of market funds, ETH gave up the gains over the weekend and returned to the previous range. Based on the price being close to the previous low (black dashed line), the bulls increased, so the red candle yesterday has a downward pin bar.
Conclusion: Mostly fluctuation. ETH’s bulls were full of strength last week, but the sudden increase in bears ended the new rise. We maintained last week’s support level at 1700 and resistance level at 2150. Still, a bullish trend on a larger scale, but a reversal could occur if ETH falls below 1800 this week.
SOL
Since mid-January, the SOL has stayed in the range of (20,26) most of the time. Last week, the price maintained a fluctuating decline and was close to a given support level once again. Like BTC and ETH, the bears of SOL are currently leading, but there is no bearish signal at a significant level.
Conclusion: Mostly fluctuation. After the price approached the given support level, the bulls of SOL strengthened as expected, pushing the price to safety. We maintain last week’s support level at 20 and 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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