Weekly market recap(from November 9st to November 15st)
We saw US stocks, XAU/USD, and some other FIAT/USD rebounded significantly last week. The gradual cooling of the employment data and the lower-than-expected CPI data made the financial markets excited again. Unfortunately, the crypto-market missed the gains this time due to the SBF event, and many tokens fell below the lows of the year. Like the panic created by Luna, it will take a long time to fix. Before the arrival of December, there will be no important economic indicators announced. At most it will be the speeches of Fed officials, so all kinds of assets have the power to continue rising.
BTC
BTC unsurprisingly fell below previous lows and below 2022 lows. Two long candles show the bearish power. Even though the Oct CPI brought good news last Thursday, but did not repair the last red candle. It is still difficult for the price to go up. On the weekend when U.S. stocks were closed, the price of BTC fell close to the low. After the U.S. stocks opened on Monday, BTC bulls have increased, and the once highly correlated U.S. stocks have provided support for BTC.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. The price has improved with the support of CPI and US stocks, and the increase in bulls has made the gap not as big as last week. However, the bearishness on a larger level and the subsequent impact of the SBF event retains the possibility of continued decline. We downgraded the resistance level to 17600 and the support level to 15800.
ETH
ETH was affected by the SBF event, and the price fell below the previous low. Compared with BTC, the situation of ETH is not so pessimistic. On ETH, the rebound brought by CPI is more obvious, and on the retail-trading weekend, the decline is not large, and there is a certain space from the low point of last Wednesday. We also mentioned before that based on the strength of the previous rebound, the price of ETH has always kept a certain distance from 2022 low, so the performance of the bulls will be relatively stronger than that of the bears.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. Considering the increase in bulls, we give this conclusion. However, bearishness at a large level retains the possibility of continued decline. We lowered the resistance level to 1300 and the support level to 1100.
SOL
As a project supported by SBF, the SOL dumped violently and even became the low point on this chart. If you look at our views on BTC and ETH, you can easily find that SOL has the weakest bulls among the three. The green candle after 4 long red candles is insignificant and at the weekend the price fell below the low again.
Conclusion: Mostly falling. As mentioned in our previous article, after the support level of 28 is broken, there is almost no support below it, and it is still possible to continue to fall even now. We downgraded the resistance level to 18 and the support level to 12. This range is not as solid.
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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