Market Update (Nov. 24, 2022)
Bitcoin appears set for relief rally continuation on Thanksgiving.
Building on the momentum from yesterday, Bitcoin tested $16,800 on Thanksgiving before finding support at $16,470. $17,000 remains the main target for now and events in the next week, including GDP and Core PCE release, could support the upward price action.
Meanwhile, the S&P 500 has managed to make its way up to 4,050 but may be forming a potential double top. This could indicate a sharp pullback in December as a result. On the other hand, as DXY continues to fall below 106, the market continues to show weakness.
For now, both BTC and ETH look like they have room on the upside in the absence of any major negative news coming out in the next couple of days.
Market Analysis:
Market Cap: $830,173,642,186
24H Volume: $54,738,939,358
BTC Dominance: 38.2%
ETH Dominance: 17.6%
Health Standard: 30.91 (1 to 10)
Sentiment: +27.31% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• RARE: +43%
• QI: +24%
• AUTO: +16%
Losers:
•  XNO: -33%
•  ACA: -16%
•  FIDA: -13%
Binance Futures:
Top Gainers:
•  REN/USDT: +16.47%
•  CRV/USDT: +14.10%
Top Losers:
•  FTT/USDT: -9.19%
•  LEVER/USDT: -7.22%
Largest Volume (24h)
•  ETH/BTC (6,139 BTC)
•  BNB/BTC (1,472 BTC)
Daily Outlook
The overall market is regaining some strength and there is short-term bullish momentum, especially for our higher market cap players. We could see a weekly bullish continuation if the volume keeps increasing over the next couple of days, which would be more than enough for our market projections, and we’ll be updating on even more.
Bitcoin Recap
Bitcoin is still chopping around within the resistance zone. We can see here how the retest of the previous support trendline was the exact area of rejection as well as the range Point of Control.
Flip $16.7k and BTC can go to test $17.1k. If we do see a pullback from here, $16,250 would be the first area of interest for a bounce.
Happy Thanksgiving to anyone celebrating today!
Recapitulating Ethereum
Ethereum reached our first target of $1,200 before it went through a brief retracement to $1,187, and is currently above $1,190.
There needs to be a higher low that does not break through $1,187 in order for $1,250 to be a certainty.
We can, however, see volume exhaustion which shows the underlying weakness of this move and indicates that our next leg up will most likely mark a near-term top.
Market Scoop
Crypto:
🔹 Jump Crypto, Polygon Ventures, GSR contribute to Binance's $1 billion recovery fund.
🔹 Binance says its Industry Recovery Initiative has 7 enrollees and 150 applicants.
🔹 Japan kicks off the central bank digital currency experiment.
🔹 Hodlnaut faces a Singapore police investigation for alleged fraud.
🔹 EU blockchain infrastructure plan proceeds as parliament passes digital policy.
Forex & Stocks:
🔹 Wall Street closed until Black Friday, GBTC discount narrows on Thanksgiving.
🔹 U.S. President Biden says the Russian oil price cap is in play.
🔹 G7 to discuss Ukraine winter aid in Bucharest next week, Germany says.
🔹 Euro area inflation likely near its peak, ECB's De Guindos says.
🔹 EU preparing new Russia sanctions package, von der Leyen says.
For more daily updates and news, follow us on Twitter.
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.