. Weekly Crypto Analysis - Identifying Profitable Entry

Weekly Crypto Analysis – Identifying Profitable Entry

Weekly Crypto Analysis – Identifying Profitable Entry

25 Nov 2023

Introduction:

In the world of cryptocurrency, explore pivotal Bitcoin accumulation points preceding the January 2024 ETF approval. Despite persistent sell signals, potential corrections loom with a 10-15% decline, yet a bullish scenario hinges on overcoming the $40,100 resistance. BTC’s resilience, driven by ETF anticipation, faces holiday-related fluctuations of around $37,000. Additionally, insights into Ethereum and Solana’s bullish trends, alongside Dogecoin’s rebound, mark significant developments in the crypto market.

Bitcoin:

Three key BTC accumulation points prior to the January 2024 acceptance of the ETF.

Persistent sell signals for Bitcoin are observed on the daily time frame.

A potential correction may lead to a 10% to 15% decline, reaching levels between $33,000 and $35,000. However, the bearish outlook would be invalidated if Bitcoin successfully turns the $40,100 resistance into a supportive base.

From a broader time-frame standpoint, Bitcoin (BTC) has been consistently on an upward trajectory since the beginning of 2023. Despite numerous sell signals, BTC has largely disregarded them, driven by the anticipation of Exchange-Traded Fund (ETF) approval. As the holidays approach, decreased liquidity might result in a potential discount for BTC from its current stability around the $37,000 mark, where it has remained for approximately two weeks.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 37520.26 | Positive Crossover | Bullish
  • MA 20: 36453.50 | Positive Crossover | Bullish
  • MA 50: 33967.99 | Positive Crossover | Bullish

Simple:

  • MA 5: 34453.00| Positive Crossover | Bullish
  • MA 20: 36688.87 | Positive Crossover | Bullish
  • MA 50: 33230.89 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.84| Buy Zone | Bullish

Stochastic Oscillator: 22.84| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 37928.82 | R2: 40269.74
  • S1: 35268.65 | S2: 33341.74

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 38520.92 | Take Profit: 40269.00 | Stop Loss: 37444.73.

Elsewhere In the Crypto Market.

The engagement of Ethereum whales may create a pathway for the ETH price to achieve fresh yearly highs. The monthly trading volume for Solana surpasses $6 billion, providing momentum for the ongoing upward trend in SOL prices.
Doge coin’s price is poised for a rebound as large holders acquire DOGE.

Bitcoin up (0.21%) at 37,825, Ethereum up (0.03%) at 2,083.6, Litecoin up (1.26%) at 71.62, Solana up (3.38%) at 59.12, Doge coin up (0.58%) at 0.078.

Key Economic Events & Data Release for Upcoming Week:

(USD) Building Permits (Monday).

(AUD) Retail Sales (MoM) (Oct) (Monday).

(USD) CB Consumer Confidence (Nov) (Tuesday)

(NZD) RBNZ Interest Rate Decision (Tuesday).

(EUR German CPI (MoM) (Nov) (Wednesday).

(USD) GDP (QoQ) (Q3) (Wednesday).

(GBP) BoE Gov Bailey Speaks (Thursday)