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NOV 17, 2023

Weekly Market Review: In-Depth Technical Analysis

by Crypto Alpha

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)
Welcome NOVEMBER!
October was a very interesting month, as speculators/investors were amazed at how the market was driven with very significant volatility. $BTC continues to rally after the breakout from the consolidation hovering around $33,000-$35,000 making a one full range expansion to $37,000+. Maximum pain was allocated to the bears as hundreds of millions of dollars, worth of short positions were liquidated to provide liquidity for the bulls who kept pushing the price higher, as resistance levels at $32,000 and $35,000 failed to hold price from further uprise.
There are several speculations around the impact of a possible Bitcoin ETF approval. While some schools of thought believe that it will provide fresh liquidity and interest to the masses and big players alike in the crypto market, others are of the opinion that it will subject the entire market to a tool of manipulation by big players. Well, the price doesn’t lie, we will see the implication of any ETF approval in the coming days. Not to forget that the next Bitcoin halving draws nearer, less than 150 days from now. The combination of both events can drive significant interest and volatility in the market.

  “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 the chart guide us!

BTC DAILY
BTC DAILY CHART
BTC DAILY CHART
$BTC has completed one full-range expansion of the tight consolidation that followed the breakout candle of the $32,000 resistance, which closed at $33,113. BTC is currently at $36,350 (as of the time of this writing), in what looks like a pullback for a continuous rally to the upside. We can look to join the rally at liquidity levels, which we consider safe for entry. This market is clearly bullish, still printing HH(higher highs), until we get to a very significant resistance at $40,000, where we watch out for a very solid potential rejection.
Let us mark out our levels from the 4H (four-hour timeframe).
BTC 4H
BTC 4HOUR CHART
BTC 4HOUR CHART
The blue horizontal lines indicate our support levels which are sitting at $34,100 and $33,250 respectively. These levels should be considered for buying, the thesis being that the market should continue to rally upward. Our invalidation will be sitting slightly below $32,900. If our order is picked, we expect the price to attack the resistance at $40,000 which is delineated with the red horizontal line. The arrows in the chart are pointing toward the direction from our respective support and resistance levels. This is a market condition where traders could hold for more profit as the price is yet to show any significant rejection.
ETH DAILY
ETH DAILY CHART
ETH DAILY CHART
Ethereum (ETH) bounces off the roof at $2,120, which we had marked as a clear resistance. The price has since been unable to break out of that level which we expect to cause some retracement back to the resistance turn support at $1,850 and $1,780 respectively. $ETH seems to be back in synchronization with $BTC movement when compared to previous weeks when there was not much volatility in its movement. We will review our entry point from the 4H (four-hour timeframe), for a more precise entry.
ETH 4H
 ETH 4HOURS CHART
 ETH 4HOURS CHART
$ETH on the four-hour (4H) timeframe, clearly shows our support and resistance level. The support levels which are at $1,850 and $1,782 are good liquidity zones from where we hope to join the bullish trend. The price met a resistance of $2120, from where we are getting a retracement into our support level.
If you need further breakdown 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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