Weekly market recap (from Oct 31st to Nov 6th)
There were a few updates after BlackRock’s iShares Bitcoin Trust was listed on the DTCC. Therefore, BTC continues to maintain fluctuation, and It’s moving much like it did in late June. Also boosted by the news about ETF, BTC remained within a narrow range.
On the macro level, the latest employment data in the United States was released last week, with the unemployment rate rising and NFP data falling. A decline in the labour force will decrease inflation. Although it is difficult for monetary policy to affect the crypto market now, it can be seen from CME’s latest forecast that an interest rate cut will happen at the FOMC in June 2024. This will add liquidity to the market, which is good for crypto.
BTC
As we said before, 35000 will provide massive resistance. BTC has fluctuated at this level for a week without any effective breakthrough. Just like the ME indicator shows a purple wavy area, BTC remains bullish at a larger level. However, there is a high probability that it will continue to fluctuate in the short term. We maintain the original resistance level of 35000 and support level of 30000. Judging from the WTA indicator, the whale disappeared after the BTC pump, but there was no destructive candle, and shrimp made trading volume. This is one of the reasons why we believe there will be fluctuation in the short term.
We believe that BTC is more likely to fluctuate in the future. It may temporarily break through the high, but it will quickly return to the current level.
ETH
The resistance ETH faces around current price levels is significantly less than what BTC has to face. ETH rose close to the given resistance level, and during the rise, the bulls always suppressed the bears. ETH has been almost fluctuating since April. Judging from the ME indicator, the yellow wavy area representing the bearish trend has almost disappeared and is about to turn into a bullish trend. Judging from the WTA indicator, although the rise at the beginning of the weekend is close to 1900, there is no blue column representing whales. This shows that whales are not eager to take profits, but similarly, they have reservations about the rise.
We believe that ETH has the potential to continue to rise under the current circumstances. So we raise the resistance level to 1950 and retain the original support level of 1750.
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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