The cryptocurrencies got strong bullish power from after hitting the support level . But as we mentioned all changes are meaningful, retesting the support level is not a good signal for bulls. After Mr. Powell made his comment on the pace of rate hikes last week, the entire risky-asset reacted with a long-lost sensitivity. While the comment doesn’t include additional hawkish surprises, but as a catalyst, it has exacerbated the fear of a lack of bulls in the market, triggering a staged decline.

Judging from the long position chart (data display only), SOL gave back close to 65% of the rebound-gains in March, which is between BTC and ETH. So on a large scale, we think SOL and ETH can maintain a positive trend. Judging from last week’s performance, the red arrow hit the previous low again, but it did not effectively break the previous low (the support level ) on April 25, and the bullish power did not disappoint.
Conclusion:Mostly fluctuation.In the near term, pin-bar’s rebound has been suppressed. The battle of bulls and bears makes the price move in a very narrow range. We maintain a narrow range (99, 112), and how to break out the range eventually will produce a phased trend.

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.
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