Weekly market recap(from April 27th to May 3rd)
The cryptocurrencies has generally moved below the given support levels last week, making it difficult for the bulls to recover. The rate decision on Wednesday will determine the pace of rate hikes, and it can bring high volatility to the market. In terms of regional crisis, a number of Euro-countries have adopted the Ruble to settle expired natural gas prices, which has eased the further escalation. This week, the market will pay more attention to the pace of rate hikes and Powell’s remarks on rate hikes.
BTC
Last week, BTC broke down the support level after pausing slightly at the level. As mentioned in our previous report, how to break the range will determine the subsequent trend. The current price is close to the lower rail of the previous range, which is a strong support level, but judging from the situation in the last week, the bulls have not established a strong position on the dairy scale. On the contrary, the red candle shows more power.
Conclusion: Mostly fluctuation, and it is more likely to fall after fluctuation. The bulls have missed many good opportunities to enter a bullish channel this month, and they lack confidence. If there is no factor that can cheer the bulls up in the short term, there is a high probability that it will continue for a while. We lowered the support level to 37000, which is a level that will be supported by strong bullish power near this level. The resistance level is the original support at 39600.
ETH
The candles last week were not much different from BTC. The advantages in the early stage make its situation more optimistic. After being retested, the support level(2870) was invalidated the next day. The price did not turn to the upward channel under the pressure of the bears, it is now back near the given support level again.
Conclusion: Mostly fluctuation. Apart from the influencing factors of the FOMC this week, the TA is more likely to remain to fluctuate. For ETH, we maintain a positive view. The support level was lowered to 2710, which is not a strong support level. The resistance level was also lowered to 2950. We set a narrower range because this FOMC may weaken both levels.
SOL
As we mentioned last week, long-term and relative weakness (red arrows) made SOL the worst of the three. The price almost dove below the support level, and the bulls were still weak this week, which can also be seen from the comparison of the candles with BTC and ETH. Overall, the strength built by the bulls at the end of March collapsed in the wave of declines. Price is near 4-month lows.
Conclusion: Mostly fluctuation, and it is more likely to fall after fluctuation. We lowered the resistance level to 84, it is not the previous low level. The resistance level is set at 100, which is the original support level.
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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