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DEC 31, 2023

(2023 Wrap-Up): Weekly Market Review: In-Depth Technical Analysis

by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE

As part of our commitment to providing insight and market opportunities that can be exploited to generate potential profits, we bring you the weekly technical market review.
CRYPTO ALPHA TECHNICAL MARKET ANALYSIS REVIEW (SERIES)

Drawing the Curtain for 2023!  

It has been an exciting and fulfilling journey since we started this weekly review column, where we review market analysis for $BTC and $ETH. Also, we publish other Alternative Coins Alpha that have the potential to generate good profits for investors and traders alike. Our plethora of thanks goes to our alpha subscribers and readers who believe in our ability to drive them to the moon—not forgetting, Access Protocol for their insightful innovation that has brought every one of us together. Thank you!
We did have many spot-on reviews in many of our publications that not only gave our subscribers insight but also generated profits for those who took action. Examples of some of our top performers that did more than 4X from our point of call include $SOL, $KCS, $MUBI, $INJ, and $LINK, to mention a few. We were wrong with a few market calls, which is not our fault, the market will do what it will do as it is the home of uncertainties.
We are pleased to announce to you that we have cooked some fresh techniques and strategies which can help us generate more profits in the coming year. We intend to maximize every opportunity that this next bull cycle will present. Stay with us, we have many exciting alphas to unleash come 2024!
Across the world, everyone anticipates the end of 2023 and the beginning of a new year/cycle. Every class of financial instruments across the globe is also preparing to usher in new templates, sentiment, liquidity, fundamentals, and directions. These instruments include but are not limited to: The Stock market, the FX market, the Crypto market, the Commodity market, and so on. The reason for mentioning the other markets outside crypto is because sometimes these markets can be intertwined in correlation, as a fundamental event that develops over the year may have an impact across all capital markets (For instance, the Dollar Index ($DXY) against Crypto and FX markets.

Is this the Crypto Market Capitalization Close for the Year?

Crypto Market Capitalization
Crypto Market Capitalization
The crypto market cap has reflected the interest of participants with the entire market cap growing over 100% this year. $BTC moving strongly from below $16,000 to a current high of $44,700 YTD, while alternative coins are flying to the moon with astronomical percentages in returns. This year the number of crypto users received an upsurge growing to over 575 million. Several innovations are seen across the crypto ecosystem, from blockchain-based social media to new stablecoins and so on. The use of stablecoins across the market has ensured that the market capitalization of these tokens continues to swell, drive in fresh liquidity, and dominate in the crypto sector.
These key fundamental developments and the promises of more innovations will be the key drivers of further crypto adoption and fresh liquidity/interest in the crypto space.

    “The market is a home of uncertainty (we should never lose touch with such reality), therefore we implore our subscribers to ensure that they protect themselves at all times, not risking/investing what they can’t afford to lose. Trading/investing can involve losing money. As much as we will try to create certainties in an uncertain market, we will only make a review and point out opportunities in the market when the odds are greatly skewed in our favor, it doesn’t mean we can’t be wrong sometimes.”    

Disclaimer

Let’s wrap up the year’s analysis!

DXY
DXY Chart
DXY Chart
We made a bearish call on the $DXY in October. As depicted in the chart above, the Dollar Index has been grinding lower as anticipated, which inversely made the crypto market and stocks skyrocket. We anticipated a further drop into the liquidity zone at $97.65, which we may not see until the end of January next year. What does this mean for Crypto? If there’s no other fundamental event to drive the price lower, it’s expected that we continue with the bullish rally in the first quarter of 2024.
BTC DAILY
BTC Daily Chart
BTC Daily Chart
From the daily timeframe outlook, $BTC continues to consolidate after its high of $44,700. This consolidation has lasted for more than twenty days. We anticipate a possible creeping trend as a pullback to find support at $36,800 before the bullish continuation to $52,000. The current price for $BTC is hovering at $42,500 (as of the time of this writing). It is noteworthy that price may be completely irrational as the New Year marks a new cycle and a new template across all financial markets, so we should not be too stringent with any narrative or bias we may tend to hold as the market evolves.
ETH DAILY
ETH Daily Chart
ETH Daily Chart
Ethereum ($ETH) played into our hands, as the price action was exactly as we anticipated in our last publication. Currently trading at $2,300 per coin, we expect the price to pull back to $2,100 before a bullish continuation to $3,000. There’s an obvious lack of interest in $ETH as the supposed eth-killers for instance, $SOL as printed tremendous gains this year. We await what the new year holds for $ETH and the Entire Market. See you in 2024!

Final Thoughts

Remember to trade in your own best interest, only commit what you can afford to lose. May the market go with us!
We may make a review of this publication as the market evolves...
If you need a further breakdown, inquiry, or analysis on any particular coin, feel free to email us (cryptoalpharesources@gmail.com).
See you again soon. May the markets go with us!
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