Last week, we observed the movement of BTC and NDX during the same period. It is not difficult to find that in almost every trading day, BTC’s high point and closing price are higher.The bulls of BTC performed better than that of NDX. This is not seen in previous weeks. We believe this information matter something. But US CPI(8.6%) dealt a big blow to bulls' confidence, triggering a new decline. And the stETH event exacerbated the panic over the weekend. Wounds that haven't healed were wounded again.
The FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Also affected by the Defi market, the price of SOL fell by nearly 30% in the last week. Looking at the details, after the CPI announcement, the price actually didn’t break its previous-low. And a green candle line appeared last week. These information prove that SOL’s bulls is stronger than ETH's. The magnitude of rebound today is also as good as that of BTC and ETH, almost recovering yesterday's losses.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We believe that there is a high probability of fluctuation, because SOL has entered the correction range from Apr. 2021 to Aug. 2021, and there are so many transactions here, which will support the price.So we set the support level to 22, which is the lower rail of the correction range and has a strong supportive power . We lower the resistance to 40.
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.
The FOMC will be held this week, and the market's expectations for a rate hike changed from +50bp to +75bp after the US stock market opened yesterday. The Fed's final rate hike decision, as well as market concerns about the Fed's ability to handle the inflation, will determine the trend of the week.
Also affected by the Defi market, the price of SOL fell by nearly 30% in the last week. Looking at the details, after the CPI announcement, the price actually didn’t break its previous-low. And a green candle line appeared last week. These information prove that SOL’s bulls is stronger than ETH's. The magnitude of rebound today is also as good as that of BTC and ETH, almost recovering yesterday's losses.
Conclusion: Mostly fluctuation, and there is a certain possibility of falling. We believe that there is a high probability of fluctuation, because SOL has entered the correction range from Apr. 2021 to Aug. 2021, and there are so many transactions here, which will support the price.So we set the support level to 22, which is the lower rail of the correction range and has a strong supportive power . We lower the resistance to 40.
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.