Weekly market recap(from November 2nd to November 8st)
The employment data released last Friday showed that overall employment has begun to cool down. Although the employment of some items is still rising, in any case, the Fed’s continuous interest rate hike by 75bp has already played a role. Following this, U.S. stocks, cryptos, and gold all have significant gains on Friday. Macro sentiment gradually improved. However, the war between CZ and SBF began. From FTT to the whole crypto market, almost all tokens fell sharply. People seemed to see another LUNA, and TA was invalid. The CPI for October will be announced on Thursday, and it is difficult to reverse the pessimism in the market.
BTC rebounded last week after hitting the given support level, forming a long green candle with high volume driven by poor employment data, holding the rebound from the end of October. Bulls are stronger than bears ahead of the weekend. But over the low-liquidity weekend, trading volumes did not stay high and prices started to correct. Then came the FTT event, and the price fell further, erasing the gains in the last week.
Conclusion: Mostly falling. Regardless of the outcome of the event, the rebound has been disrupted and it will be difficult for the bulls to recover anytime soon. We maintained last week’s resistance level at 21000 and lowered the support level to 19000.
The performance of ETH was not as good as BTC's last week. Although there was a long green candle on Friday, it did not last over the weekend, and the magnitude of the correction was also obvious. If you look at the 1h level, the gains for employment data has been erased on Sunday. Although the decline was low yesterday, it was also affected by the market today. Rising is interrupted.
Conclusion: Mostly falling. The stop of bulls and the strengthening of bears make the price more likely to fall. The advantage of ETH is that the previous rebound was stronger than that of BTC, so the bulls are not out of control at the larger level. We hold last week’s support level at 1380 as prices are still some way from it and move down the resistance level to 1640.
As a project supported by SBF, SOL has a huge impact on this week’s decline. After the employment data was released last Friday, SOL, like other tokens in the market, ushered in a rise, and even on the low circulation day on Saturday, still had 9% gains. And when the hope is about to come, due to the FTT event, the price quickly fell below the resistance level and was dumped again. But It recovered after breaking the given support level today.
Conclusion: Mostly fluctuation. We give the most optimistic conclusion for SOL among the three. This is because of the characteristic of SOL, and the support level is still effective today, the bulls will increase to prevent the support from being broken. We maintain last week’s resistance level at 34 and support level at 28.
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.
📟 If you want to know more about Sypool, follow us on Twitter, join us on Telegram, and join us on discord.