Market Update (Nov. 23, 2022)
There has been a higher high for Bitcoin today, touching $16,677, and it is currently trading around $16,400 in the market. We had the initial U.S. jobless claims come out about an hour ago, which were higher than the expected 225k.
This signals that the economy is slowing down and future rate hikes could be minimized, which could be bullish for markets in the short term.
Meanwhile, the S&P 500 broke above 4,000 and looks like it will push higher towards 4,100 in today's session, whereas DXY keeps weakening and is down to 106.7 along with weakness in gold's price.
If the FOMC minutes, to be released at 7:00 PM GMT, hint toward dovish changes in the near term, the market may continue on an upward trajectory. However, we are unlikely to see any sharp, immediate recovery.
Market Analysis:
Market Cap: $823,478,862,410
24H Volume: $59,166,170,644
BTC Dominance: 38.4%
ETH Dominance: 17.3%
Health Standard: 27.38 (1 to 10)
Sentiment: +21.94% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• XNO: +102%
• ACA: +24%
• TKO: +23%
Losers:
•  SNM: -19%
•  PHB: -16%
•  VIDT: -15%
Binance Futures:
Top Gainers:
•  SRM/USDT: +106.67%
•  RAY/USDT: +28.49%
Top Losers:
•  PHB/USDT: -14.51%
•  FTT/USDT: -9.19%
Largest Volume (24h)
•  ETH/BTC (6,493 BTC)
•  BNB/BTC (2,473 BTC)
Daily Outlook
Overall market cap and trading volume have increased considerably in the short term, sending a couple of alts to new mid-term high and BTC once again above its $16,000 key Support/Resistance Level. We’re getting ready for an even stronger move, and we’ll be catching it from the start.
Bitcoin Recap
Decision time for BTC as it is sitting at a huge level of resistance here.
This is the first retest of the previous 4hr support trendline. We also have 4hr supply here, and the range Point of Control (POC) above.
It will take a lot of strength to break through this, and if we regain the POC then we are looking toward the VAH.
A rejection here and a retest of the 4hr demand and VAL around $16.2k would be the logical move.
Recapitulating Ethereum
It seems that Ethereum is well on its way to meeting our target of $1,200 set yesterday, but it ran into a large sell wall around the $1,185 level which prevented it from reaching our target.
Currently, it's sitting on the 21 MA from the Bollinger band on the hourly time frame, but we should see some buying action around the $1,140 region for this to be ruled out as a minor correction before $1,200 is crossed.
Market Scoop
Crypto:
🔹 Crypto lender Genesis says no plans to file bankruptcy imminently.
🔹 Curve releases whitepaper and official code for its stablecoin.
🔹 Bitcoin miner Core Scientific has lost $1.7 billion this year.
🔹 Binance CEO met with Abu Dhabi investors about the industry recovery fund.
🔹 Magic Eden expands NFT support to Polygon network.
Forex & Stocks:
🔹 Crude oil higher; Saudi Arabia dismisses output hike report.
🔹 Eurozone consumer confidence rises by more than expected in Nov.
🔹 Meta spokesperson denies report of CEO Zuckerberg stepping down next year.
🔹 FTX holds a $1.24 billion cash balance and reports fresh cyberattacks.
🔹 Huawei separates Russia's business from other CIS countries.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.