BTC weekly trading plan
Weekly Trading Plan - November 17, 2024 - Finemei
The crypto market continues its upward trends with healthy and significant corrections that began last week, covering all areas of the market. The trend is clear and precise, with a strong potential for high gains and record returns in the indices.
A Bit About the Coming Week:
The SEC (Securities and Exchange Commission) is shifting from preventive enforcement actions to a more collaborative approach within the crypto space.
Easing of banking restrictions.
Approval of ETFs (XRP + SOLANA) later this week.
Public opinion suggests Bitcoin reserves for strategic assets are exceptionally high, but according to JP Morgan, they currently have a low probability.
Fundamental Outlook:
Fundamental News Summary:
Wednesday, November 20, 2024:
Crude Oil Inventory: Inventory rose by 2.089 million barrels. More oil in stock can reduce prices as demand decreases.
Thursday, November 21, 2024:
Unemployment Claims: There were 220,000 new unemployment claims, slightly higher than expected (217,000). This indicates a potential increase in job losses.
Philadelphia Fed Manufacturing Index: The index dropped to 6.3, while the expectation was 10.3. A decline here signals some slowdown in industrial activity in Philadelphia, which is less favorable for the economy.
Existing Home Sales: 3.94 million homes were sold, exceeding the expected 3.84 million. This is a positive sign, showing the housing market is active and functioning well.
Friday, November 22, 2024:
Manufacturing Purchasing Managers' Index (PMI): The forecast is 48.5, indicating the manufacturing sector is likely shrinking (a number below 50). This could signal challenges in the industrial sector.
Services PMI: The forecast is 55.0, showing growth. This suggests the services sector is in a good position and supports the broader economy.
Bottom Line: The data this week shows a mixed picture—on one hand, manufacturing and industry are somewhat weak, but the housing and services markets are looking strong.
Technical Outlook:
The cryptocurrencies are showing strength and readiness for further gains.
Ethereum is consolidating between the 3030 and 3200 levels, currently at a critical resistance level, preparing for a move.
Bitcoin has started a process that’s currently less clear, so I’m staying out for now, although it also appears ready to reach my weekly target of $97,000 per coin.
Good luck, friends! A green week ahead.
The crypto market continues its upward trends with healthy and significant corrections that began last week, covering all areas of the market. The trend is clear and precise, with a strong potential for high gains and record returns in the indices.
A Bit About the Coming Week:
The SEC (Securities and Exchange Commission) is shifting from preventive enforcement actions to a more collaborative approach within the crypto space.
Easing of banking restrictions.
Approval of ETFs (XRP + SOLANA) later this week.
Public opinion suggests Bitcoin reserves for strategic assets are exceptionally high, but according to JP Morgan, they currently have a low probability.
Fundamental Outlook:
Fundamental News Summary:
Wednesday, November 20, 2024:
Crude Oil Inventory: Inventory rose by 2.089 million barrels. More oil in stock can reduce prices as demand decreases.
Thursday, November 21, 2024:
Unemployment Claims: There were 220,000 new unemployment claims, slightly higher than expected (217,000). This indicates a potential increase in job losses.
Philadelphia Fed Manufacturing Index: The index dropped to 6.3, while the expectation was 10.3. A decline here signals some slowdown in industrial activity in Philadelphia, which is less favorable for the economy.
Existing Home Sales: 3.94 million homes were sold, exceeding the expected 3.84 million. This is a positive sign, showing the housing market is active and functioning well.
Friday, November 22, 2024:
Manufacturing Purchasing Managers' Index (PMI): The forecast is 48.5, indicating the manufacturing sector is likely shrinking (a number below 50). This could signal challenges in the industrial sector.
Services PMI: The forecast is 55.0, showing growth. This suggests the services sector is in a good position and supports the broader economy.
Bottom Line: The data this week shows a mixed picture—on one hand, manufacturing and industry are somewhat weak, but the housing and services markets are looking strong.
Technical Outlook:
The cryptocurrencies are showing strength and readiness for further gains.
Ethereum is consolidating between the 3030 and 3200 levels, currently at a critical resistance level, preparing for a move.
Bitcoin has started a process that’s currently less clear, so I’m staying out for now, although it also appears ready to reach my weekly target of $97,000 per coin.
Good luck, friends! A green week ahead.
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