Weekly market recap(from November 30th to December 6th)
There was no hawkish surprise in Powell’s speech last Thursday, making the market confirm the assumption of a policy reversal. Assets including crypto, gold, and US stocks have pumped. The NFP release on Friday was unexpectedly better than expected, and wages showed a month-on-month increase, which is not good news. But assets chose to ignore this situation and continued to rise into the weekend. The carnival doesn’t seem to be over. The market did not pull back until yesterday when Nick Timiraos, who is the spokesman for the Fed, tweeted about the pressure on wages. Although the November CPI will not be announced until December 13, the CPI data will benefit from the impact of policies such as oil prices and rents, and it is likely to get low. After a proper adjustment, the price can seize the opportunity to rise next week.
BTC
After the green candle came back last Wednesday, the price has been rising, not only breaking the previous high but even standing above 17000. Price started to fluctuate at a higher level from last Friday and lasted for 5 days. It tried to attack the 17500 on Monday but failed. Such a performance was enough for the bulls after the previous bearish channel. In any case, the price has broken through the fluctuation range of 16000–16500 and entered a new area. Judging by the trading volume, the rise is accompanied by high volume, while the volume of the red candle is relatively low, which is good.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound will not end. We give this conclusion because the red candle yesterday has an obvious needle, and the possibility of keeping correction is greater. But the strength of the bulls is confirmed, so it is appropriate to rebound after the pullback. Although the price has not effectively broken through our given resistance level last week, for safety, we raised the resistance level to 17600 and raised the support level to 16000.
ETH
The price has remained below the given resistance level throughout the last week. But that doesn’t mean ETH was weak last week. Similarly, ETH broke through the previous high of 1200 last week and tried to attack 1300. However, ETH’s callback on Saturday was obvious, and the red pin bar on Monday was accompanied by high trading volume. ETH is slightly weaker than BTC.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound will not end. ETH and BTC are similar, so we draw the same conclusion. We raised the resistance level to 1330 and raised the support level to 1160.
SOL
After keeping away from the previous low, SOL unsurprisingly remained fluctuating, and even the price did not break through the previous high last week. During the rise of other tokens, SOL has been fluctuating within a narrow range. Compared to previous daily volumes, last week’s trading volume was very low. SOL became lifeless. Perhaps maintaining the fluctuation is the best result for it.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. Considering last week’s performance and the rapid decay of SOL’s bulls, we give the worst conclusion of the three. If the strength of the bulls continues to weaken, then the price will quickly fall back to the support level. We maintain last week’s resistance level at 18 and support level at 12.
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.
