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DEC 17, 2023

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)
We review our last publication for the YearInteresting Times Ahead...
As the market evolves, the Bulls continue to throw their weight across all sectors of the crypto market. Our last publication in which we signaled a pullback from the $45k region for $BTC and $2,500 for $ETH was spot on, as the rally was halted momentarily and the market showed signs of weakness pulling back into the $40k area to find support, using $44,700 and $2,403 respectively as resistance. This event preceded the US Federal Reserve's dovish outlook on the dollar, which in turn should give $BTC momentum fundamentally to continue its rally to the upside. The recent pullback on $BTC gave room for emerging Altcoins to gather interest and liquidity with some of them (e.g. $MUBI, which was our last reviewed altcoin) rallying over 4X from our point of call.
As we advised in our last publicationthis is the time to show commitment and interest toward the crypto market,  as we are in the pre-bullrun stage, which is an indicator to position early for those who intend to enjoy the profits that usually favours early investors 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 the chart guide us!

BTC DAILY
BTC DAILY CHART
BTC DAILY CHART
The $45k was a psychological resistance level from which we expect the price to react, causing retracement to support at $39,500 and $37,700 respectively before the continuation to the $50k region from where we can see another major dump. The dovish outlook of the FEDs (US Federal Reserve System) is a key indicator that can cause a ripple effect of bullish sentiment across all capital markets, therefore we are strongly of the opinion that the party is just getting started for the crypto markets.
BTC 4H
BTC 4HOUR CHART
BTC 4HOUR CHART
The blue horizontal lines delineate support while the red is our resistance level. The daily timeframe has given us significant liquidity levels, as there’s no significant level to outline on the 4H timeframe. Support level at $39,500 and $37,700 remains the best discount from which we hope to get in, for a rally to the $50k psychological resistance level.
ETH DAILY
ETH DAILY CHART
ETH DAILY CHART
Ethereum ($ETH) shied away from our $2,500 resistance level, taking its turning point from the $2,400 level for a quick dump into our anticipated support level from which we intended to buy from our previous publication which is at $2,220 and $2,150 respectively. There’s also a third level which sits at the extreme at $2,020, although the price may shy away from it, it doesn’t remove the tendency of revisiting the level.
ETH 4H
ETH 4HOUR CHART
ETH 4HOUR CHART
Price is currently sitting on our support level at $2,220 on the four-hour (4H) timeframe. These are levels we consider safe/discount from which we can get into Ethereum, $2,220, $2,150, and $2,020 which sits at the extreme. Traders who intend to be risk aversive could employ the DCA strategy to get into this market to maintain a healthy peace quotient and not be bewildered by the market volatility.
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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