. Daily Crypto Analysis - $35K Plunge in Crypto Amid $739B Surge

Daily Crypto Analysis – $35K Plunge in Crypto Amid $739B Surge

Daily Crypto Analysis – $35K Plunge in Crypto Amid $739B Surge

15 Nov 2023

Introduction:

In the cryptocurrency market, Bitcoin experiences a near fall below $35,000 as stock markets surge by $739 billion in a few hours. Currently, at $35,790, Bitcoin teeters on a crucial support level, influenced by a recent uptick from US CPI data. The crypto market’s response contrasts with Bitcoin’s positive reversal, while XRP faces a 6.13% drop amid SEC lawsuit uncertainty. Additionally, Ethereum shows a temporary pause in its market activity following a notable price surge.

Bitcoin:

The price of Bitcoin almost falls below $35,000 as stock markets witness a rapid increase of $739 billion in just a few hours.

Currently trading at $35,790, the price of Bitcoin is on the verge of breaching a crucial support level. The recent surge in response to the release of US CPI data led to a correction in the crypto market. Concurrently, stock markets witnessed an impressive increase of over $700 billion within a few hours.

As of the present moment, the price of Bitcoin is undergoing a reversal to an upward trend on the daily chart, marking the first occurrence in a month. This shift is attributed to the release of the Consumer Price Index (CPI) data for October by the US Bureau of Labour Statistics (BLS). Interestingly, the crypto market did not align with this positive development.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 35947.64 | Negative Crossover | Bearish
  • MA 20: 36229.29| Negative Crossover | Bearish
  • MA 50: 35344.09| Positive Crossover | Bullish

Simple:

  • MA 5: 35944.09 | Negative Crossover | Bearish
  • MA 20: 36629.76| Negative Crossover | Bearish
  • MA 50: 35548.48| Positive Crossover | Bullish

RSI (Relative Strength Index): 45.98| Buy Zone |Bullish

Stochastic Oscillator: 4.42| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 35860.29| R2: 37521.74
  • S1: 34592.35| S2: 33280.68

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 36166.35 | Take Profit: 37521.74 | Stop Loss: 35291.90.

Elsewhere In the Crypto Market

XRP experiences a 6.13% decline amidst uncertainty surrounding the SEC lawsuit, with potential penalties looming. The Ethereum chart shows a recent retracement following a significant price surge, suggesting a temporary pause in market activity.

Bitcoin up (0.66%) at 35955.00, Ethereum up (0.38%) at 1,987.0, Litecoin up (1.36%) at 71.49, Solana up (8.64%) at 58.89, Doge coin up at (1.41%) at 0.73 as of writing time.

Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q3) Actual –0.5%, Forecast –0.1%, Previous1.2% at 05:20.

(CNY) Industrial Production (YoY) (Oct) Actual 4.6%, Forecast 4.4%, Previous 4.5% at 07:30.

(GBP) CPI (YoY) (Oct) Actual 4.6%, Forecast 4.8%, Previous 6.7% at 12:30.

(USD) Core Retail Sales (MoM) (Oct) Forecast –0.2%, Previous 0.6% at 19:00.

(USD) Retail Sales (MoM) (Oct) Forecast –0.3%, Previous 0.7% at 19:00.

(USD) PPI (MoM) (Oct) Forecast 0.1%, Previous 0.5% at 19:00.