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 after 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 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.
Although in the center of the storm, SOL's price rebounded last Tuesday and entered in the correction on Wednesday. The trading volume gradually decreased to low-circulation-weekends. The strength of the bears has faded, and the bulls haven’t get the further gains. After Monday's falling, there is forming a green candle now, but the candles 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 happen on SOL, it will fluctuate above the new bottom. We raised the support level to 12 and left the resistance level at 18 unchanged.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Although in the center of the storm, SOL's price rebounded last Tuesday and entered in the correction on Wednesday. The trading volume gradually decreased to low-circulation-weekends. The strength of the bears has faded, and the bulls haven’t get the further gains. After Monday's falling, there is forming a green candle now, but the candles 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 happen on SOL, it will fluctuate above the new bottom. We raised the support level to 12 and left the resistance level at 18 unchanged.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script 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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