Weekly market recap(from November 23rd to November 29th)
There was little volatility in the crypto market last week. The lowered CPI gave risk assets almost half a month to rebound, but the crypto-market missed the opportunity because of FUD. This Wednesday Powell will make a speech about the economy. Except for cryptocurrencies, other assets are in the process of rebounding. Powell may use words to suppress the market, just like what Fed officials did every time the market rebounded. Of course, NFP released on Friday is more important. It will directly reflect the state of the patient after taking the medicine. If the data is lower than expected again, the rebound will be difficult to end. If it is higher than expected, people will just feel that the risk of economic recession has been reduced, and the price is not easy to reach the previous low again.
BTC
Last Tuesday, the price stayed above the previous low and started to rebound. During the subsequent decline, the power of the bears weakened. The bulls did not continue to rise in the case of the decay of the bears. Back to the working day, the price fell again and began to rebound today. In terms of trading volume, the graph looks like a downward step from last Wednesday. It’s much the same as the previous week. The only difference is that the position of the low point is set higher. But this doesn’t mean that the bulls have won. Its strength has not been confirmed, and in a state of greater bearishness, it may fall again at any time.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We think the gap is not obvious due to the performance of bulls and bears last week. But the bearishness on a larger level makes us retain the possibility of falling. We raised the support level to 15800 and kept the resistance level at 17000 unchanged.
ETH
The movement of ETH is close to that of BTC, and the strength of bulls is stronger. ETH defended its previous low last Tuesday and rebounded. It lagged behind BTC in the early stages of the rebound but caught up over the weekend. Now the price is trying to stand above the resistance level of 1200. Judging from the performance in recent weeks, once the market is out of the fluctuation, the volatility of ETH is always higher than that of BTC. On a larger scale, ETH is still bearish, and last week’s trading volume also reflects that the bulls have not reversed.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. For the same reason as BTC, we gave the same conclusion. This week, we raised the support level to 1100 and the resistance level to 1300.
SOL
Although in the center of the storm, SOL’s price rebounded last Tuesday and entered in a correction on Wednesday. The trading volume gradually decreased to low-circulation weekends. The strength of the bears has faded, and the bulls haven’t gotten further gains. After Monday’s falling, there is forming a green candle now, but the candle is too weak in length and volume. The characteristics of SOL determine that once the price rebounds away from the bottom, the strength of the bulls will decay rapidly.
Conclusion: Mostly fluctuation. The gap between bulls and bears is not big. SOL appears to have found a new bottom to defend. If nothing else worse happens on SOL, it will fluctuate above the new bottom. We raised the support level to 12 and left the resistance level at 18 unchanged.
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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