13/11/23 Weekly outlook
Last weeks high: $38156.9
Last weeks low: $36342.2
Midpoint: $34527.4
Bitcoin continues it's strong march towards 40k with another week of positive price action. Last week we had a bit of a flush out, mainly to liquidate some late longs and hit a few stop losses which is necessary to reset margin traders and is healthy for the market.
For now I think the momentum is with altcoins as bitcoin slows down and profits rotate into ETHEREUM and other large caps alts. Then cycling down to the mid caps and smaller market cap coins.
The ETH/BTC chart is worth keeping an eye on, it will give us a good indication of strength. Blackrock filed for an ETF for ETH last week too which gives investors added confidence that the BITCOIN ETF will be approved soon.
Another big week ahead for the crypto market as a whole, the sentiment is generally euphoric at present, this in the past has been the downfall of people as they get greedy so it's important to take profits at times.
CPI & PPI news events this week also, could see more volatile price action during these announcements especially now that more volume has returned to the market.
Last weeks low: $36342.2
Midpoint: $34527.4
Bitcoin continues it's strong march towards 40k with another week of positive price action. Last week we had a bit of a flush out, mainly to liquidate some late longs and hit a few stop losses which is necessary to reset margin traders and is healthy for the market.
For now I think the momentum is with altcoins as bitcoin slows down and profits rotate into ETHEREUM and other large caps alts. Then cycling down to the mid caps and smaller market cap coins.
The ETH/BTC chart is worth keeping an eye on, it will give us a good indication of strength. Blackrock filed for an ETF for ETH last week too which gives investors added confidence that the BITCOIN ETF will be approved soon.
Another big week ahead for the crypto market as a whole, the sentiment is generally euphoric at present, this in the past has been the downfall of people as they get greedy so it's important to take profits at times.
CPI & PPI news events this week also, could see more volatile price action during these announcements especially now that more volume has returned to the market.
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