Macro Overview
- US CPI (Yearly): The US Consumer Price Index (CPI) for the year came in at 3.2%, slightly below the expected 3.3%. Despite this positive news for the crypto space, Bitcoin experienced a decline post-announcement, indicating market uncertainty.
- US Unemployment Claims (Weekly): Weekly US Unemployment Claims were reported at 231,000, exceeding the expected 221,000 and the previous week’s 218,000. In the long run, this inverse relationship with the crypto market suggests a positive sign for the crypto space, considering the higher-than-expected claims.
Crypto Markets Overview
- Market Movement: This week, the crypto markets experienced a -1.78% decline, bringing the total market capitalization to $1.349 trillion. Notably, BTC saw a fall of -1.90% and ETH saw a decline of -6.67%. Bitcoin’s dominance stands at 52.85%, while Ethereum’s holds at 17.29%.
- SEC Delays Decisions on Spot Bitcoin ETFs: The SEC has delayed decisions on spot Bitcoin ETF applications from Franklin Templeton and Global X, pushing the new deadlines into early 2024. The delays create anticipation and uncertainty in the market regarding potential approvals.
- Boyaa Interactive’s Crypto Purchase Plans: Chinese gaming company Boyaa Interactive seeks approval to buy up to $100 million worth of cryptocurrencies, mainly Bitcoin and Ethereum, within a year. This move is viewed positively for the crypto space.
- SEC Engagement on Bitcoin ETFs Boosts Bitcoin Price: Bitcoin experienced an $800 spike after reports revealed the SEC’s engagement with exchanges on spot Bitcoin ETF applications. The SEC’s preference for cash creates and requests for amendments are seen as positive signs for the eventual approval of Bitcoin ETFs.
- Fidelity and BlackRock Ethereum ETF Filings: Fidelity has applied for its Ethereum ETF shortly after BlackRock’s filing, signaling a positive outlook for ETH and the general market. Despite this, the Ethereum price did not immediately respond to the news.
Top Tokens Update
- OpenAI Removes Sam Altman as CEO and Board Member: Following a lack of confidence in Sam Altman’s leadership, OpenAI makes a swift decision to oust him from both CEO and board roles. This abrupt change causes a 12% drop in the value of Worldcoin (WLD), Altman’s eye-scanning cryptocurrency project.
- Fake BlackRock Filing Impact on XRP: XRP’s price briefly soared over 10% following a fake filing suggesting BlackRock’s preparation to launch a spot XRP exchange-traded fund. BlackRock later confirmed the filing was fake, causing a reversal in XRP’s price.
- Solana’s Surge and Cathie Wood’s Endorsement: Solana (SOL) jumped 20% after Cathie Wood(ARK Invest CEO) praised its speed and cost-effectiveness over Ethereum in a CNBC interview. Wood highlighted Solana as a crucial player in the blockchain ecosystem.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Nov 22 | 12:30 AM | US FOMC Meeting Minutes |
More dovish than expected is good for crypto.
|
| Nov 22 | 7:00 PM | US Unemployment Claims |
Actual’ greater than ‘Forecast’ is good for crypto
|
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral.
- This week BTC moved sideways within the big range of $35,000 to $38,000.
- Critical support levels to monitor are estimated at approximately $36,000, $35,600(20 EMA Daily) $35,150, $34,500, and $33,400.
- On the flip side, resistance levels to be mindful of are $38,000 (supply zone) and $39,500.
- Though the trend is still bullish but the price is losing strength which is confirmed with Bearish RSI divergence .
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries.
- Additionally, setting limits to manage potential losses is prudent. For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bearish. (On the basis of price action and ETH Dominance & ETH/BTC Chart)
- This week, ETH was bearish , after touching important resistance level at $2130 ETH moved downside to 0.382 fib level ($1900) and is currently holding slightly above that.
- ETH is above 20EMA Daily support level which is positive sign if it continues to hold here ETH can continue an uptrend from here to resistance levels mentioned below but if it fails it can drop to below support levels.
- Resistance levels are at $2000, $2130, $2450 and $2950. Support levels are at $1914, $1864 and $1758(0.618fib level) .
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries.
- Additionally, setting limits to manage potential losses is prudent. For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
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