Weekly market recap (from Nov 15th to Nov 21st)
Binance and its CEO CZ pleaded guilty to criminal charges of money laundering and violating U.S. sanctions, including allowing transactions with Hamas and other terrorist groups. Binance agreed to plead guilty to criminal charges and pay a fine of more than $4.3 billion. Zhao agreed to resign and pay a $50 million fine. But nothing such as insider trading emerged in the criminal charges, and the U.S. Treasury Department will retain access to Binance’s books, records and systems for five years. Regulators appear to be correcting some entities in the market, which is not a bad thing.
After the news emerged, many tokens fell, but it was not as large as the decline in March when Binance was first accused, and they have all rebounded so far. Perhaps the actions of regulators are paving the way for the launch of a BTC ETF.
At the macro level, the details of the November FOMC meeting were announced yesterday, showing that the committee firmly maintained the inflation target of 2% and began to consider bilateral risks of raising interest rates. Basically consistent with the path we talked about before, interest rate hikes are coming to an end, but interest rate cuts are still far away.
BTC
BTC fluctuated above 35000 last week with rising volatility. Bears have strengthened at the daily level. We can see a clear long red candle, but BTC has not fallen below the black dotted line. We believe that the fluctuation may continue and remain bullish at large levels, as shown by the ME indicator. We maintain the original resistance level of 38000 and support level of 33000.
Switching to the 4h level, we can see that during the decline of yesterday, blue columns representing whales appeared, but after BTC approached the black dotted line, a rebound occurred, and more whales participated in the transaction process of rebound.
In summary, although the bears have strengthened, the bulls have provided support after the price approached the low, and BTC is likely to fluctuate.
ETH
ETH’s performance last week was close to that of BTC, but its highs continued to fall. ETH fell with fluctuation. At a large level, as shown by the ME indicator, it remains bullish. We maintain our original resistance level of 2120 and support level of 1880.
Switching to the 4h level, during the correction after the price reached 2120, there were not many blue columns representing whales. Even during the decline of yesterday, more whales were involved in the rebound trade. Looking at the ME indicator, ETH remains bullish at this level, but the purple wavy area is shrinking.
In summary, the performance of ETH last week was not as good as that of BTC. However, the bulls strengthened significantly during the decline, so we believe that ETH is likely to remain volatile.
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.
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