Nov.7-Nov.14(BTC)Weekly market recap
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 pumped, but quickly returned to a downward trend. This shows that fluctuation of the crypto is still dominated by ETF news. Of course, if more funds enter 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.
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.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script 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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