Weekly market recap(from September 28th to October 11th)
The price has had little volatility for almost a month, all moving within our given range. Last Friday, the US NFP for September was better than expected, which made the price which would have broken through the resistance level reverse down again. And OPEC+’s plan to cut production by 2 million barrels a day in November also reminds us that the macro situation has not recovered, and there may even be worse. This Thursday will release the CPI data for September. If it is worse than the market-expected 8.1% again, then 2022 will have a bad ending.
BTC
BTC maintained a downward trend this week, and the price returned to below the resistance level. After breaking through the resistance level by two long green candles, the price encountered an increase in bears, and then received the influence of NFP. The current price has returned to the start of last week. This was the case in the days following the ETH merger, where a rapid pull-up was followed by a long decline. Like the red dotted line in the chart, the high peak was pushed lower and lower, which is a significantly bearish signal on a larger scale. The good news is that the bears are not strong. At the same distance, the decline took longer.
Conclusion: Mostly fluctuation. Unless it is affected by macro information such as CPI that is worse than expected, BTC is more inclined to maintain the recent fluctuation. We don’t think there will be a major rise, but it’s also difficult to break the new lows of the year with the current strength. We lowered the support level to 18500, which is adjusted based on the current gap between bullish and bearish strength while keeping the resistance level at 20000 unchanged.
ETH
We set a resistance level for ETH with the same logic as BTC’s, but ETH still has some distance from the given resistance level (red dotted line) in its recent performance, which shows that ETH’s bulls are weaker than BTC’s. It can also be seen from the strength of two long green candles in the last week. The week’s performance gave back the early gains. Based on the brilliant performance in the previous period, the price did not threaten the low of the year, but it also means that the recent support of ETH is not strong.
Conclusion: Mostly fluctuation. The current situation of ETH is similar to that of BTC. The large-scale bears limit the possibility of a large-scale rise, but the near bears are not strong enough to start a new round of decline. We held the support level at 1230 and lowered the resistance level to 1380. It should be noted that macro conditions such as CPI may change this conclusion.
SOL
As far as the performance of the week is concerned, SOL has fallen more than it has risen early last week. In the current market environment, unless there is a large-scale downtrend in BTC and ETH, the support level of SOL will always provide support to prevent the price from falling below it, but when the price recovers, the bullish force of SOL will decrease rapidly. It is the characteristic of SOL. So last week’s prices fell significantly more after rising.
Conclusion: Mostly fluctuation. At present, the price is close to the support level again, the bullish power will still increase, and the fluctuation pattern will continue unless there is a macro change. We maintain the original support level at 30 and the resistance level at 37.5.
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.
