Weekly market recap (from Nov 7th to Nov 14th)
The U.S. Department of Labor released CPI data for October yesterday. Both broad CPI and core CPI were smaller than the previous values and expected values. When the data was released, many tokens were pumped but quickly returned to a downward trend. This shows that the fluctuation of the crypto is still dominated by ETF news. Of course, if more funds enter the crypto market from other assets, the impact of monetary policy will gradually become more significant. Therefore, before TA, from a fundamental perspective, BTC and ETH are more likely to remain fluctuating after the callback.
BTC
Last week, BTC reached 38000 without more news about ETFs and fell back to below 36000 on Monday and Tuesday. We can see that BTC has entered the red chip accumulation area. Although there was a downward pin-bar on Tuesday, the price remained above 35000. Therefore, we raise the resistance level to 38000 and the support level to 35000.
Not much information is revealed on the indicator. From the WTA indicator, when the price rose after breaking through 35000, the blue column representing the whale was not obvious. From the perspective of trading volume, it was basically the same as the previous average. The rally wasn’t supported by many whales. But regardless, bullishness remains on the daily level as shown by the ME indicator.
To sum up, we believe that after BTC gives back its excessive profits, it will re-enter the fluctuation.
ETH
After ETH’s pump last Tuesday, it fell for several consecutive days and almost recovered all the gains from the long green candle. The price has not broken through the highs brought about by the ETH merger at the beginning of the year. Nonetheless, we can see that the ME indicator remains in the purple wavy area, which indicates that the ETH remains bullish, so we raise the resistance to 2120 and the support to 1880.
Judging from the WTA indicator, although the long green candle attracted whales, they also left during the subsequent callback process. Ahead of Monday, the candle’s performance was relatively subdued. But a long upward shadow appeared on Monday. This indicates that the uptrend may be over. So the long red candle appeared on Tuesday.
To sum up, we believe that after ETH gives back its excessive profits, it will re-enter the fluctuation.
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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