Crypt Market Update

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ETHUSD - Technical analysis​

This week, the price has attempted to grow and is currently actively testing the level of 1250 (Murray level [2/8]), consolidation above which will allow the cryptocurrency to return to the mark of 1325 and try to leave the long-term descending channel to rise to the area of 1500 (Murray level [4/8]). Otherwise, the downward dynamics will increase to the levels of 1090, 1000 (Murray level [0/8]) and 875 (Murray level [-1/8]).

Technical indicators allow for the resumption of a smooth decline: the Bollinger Bands are reversing downwards, the MACD histogram is stable in the negative zone, and the Stochastic is approaching the overbought zone, which can become a catalyst for the reversal of the trading instrument down.

Resistance levels: 1250, 1325, 1500 | Support levels: 1090, 1000, 875​

 

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Bitcoin

Bitcoin has successfully breached the $28,000 threshold. This significant level had previously maintained Bitcoin's price within a range of $28,000 to $25,000 since mid-August 2023.

Upon examining the BTCUSD 4-hour chart, it's evident that Bitcoin, often referred to as 'digital gold', is trading within a bullish channel. However, the Relative Strength Index (RSI) indicator is currently in the overbought zone. The critical level that sustains BTCUSD's bullish trend is $27,952. As long as the price remains above this level, Bitcoin is likely to trade above the median line of the bullish channel. Given that the RSI is in the overbought territory, a minor decline to the R1 level is anticipated. This level presents a substantial supply zone for BTCUSD bulls.

If the R1 level is breached, the next bearish target for the bulls would be the $27,237 pivot point, followed by the lower boundary of the bullish channel.​

Full article here

 

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Bitcoin's Rollercoaster Ride: Predictions from the Pros

As Bitcoin's wild ride keeps everyone guessing, big names are dropping hints about where it might head next. Currently, Bitcoin is at $30,377, a tiny bit higher than yesterday.

The Dollar's Dive: Schiff's Scary Prediction

Peter Schiff, a money expert, thinks trouble's brewing for the US dollar. He predicts a long-lasting money slump and prices going up too fast, which isn't good news for folks with dollars. But for Bitcoin, it might be a silver lining.

Saylor Says Bitcoin's a Winner

Then there's Michael Saylor, a big Bitcoin fan, showing off how well his Bitcoin plan has worked. His company, MicroStrategy, loves Bitcoin so much; they bought more, now owning a stash worth a whopping $4.68 billion. This big move might be giving Bitcoin's price a nudge up.

Kiyosaki's Crystal Ball: Gold Glitters, Bitcoin Booms

Robert Kiyosaki, the guy who wrote "Rich Dad Poor Dad," thinks Bitcoin could shoot up to an amazing $135,000. He's also big on gold, expecting it to do pretty well.

Predicting Bitcoin's Next Move

Looking at Bitcoin's recent price chart, there are some key numbers to watch. It's swinging around $29,208, with the next big hurdle at $31,207. If it breaks through that, it could head for $32,440 or even $34,473. But if it starts slipping, it might drop to around $29,174 or lower.

Full article

 

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LTCUSD​

Last week, the cryptocurrency market saw a notable uptick, and Litecoin (LTC) investors were among those who profited from this positive shift. The LTCUSD exchange rate climbed to a formidable resistance point at $71.15. This upward movement prompted bears to increase selling pressure, culminating in a long wick candlestick pattern on the final day's candle.

The Relative Strength Index (RSI), an essential technical indicator, is approaching the overbought zone. But it's not just about the RSI nearing this zone. The indicator is displaying a significant divergence, often an indication of a trend shift or a deceleration in the bullish bias. As a result, we anticipate LTCUSD to adjust its recent gains and maintain its price above the pivot point of $64, unless the LTCUSD bulls can surpass the $71 resistance in the forthcoming session. (source)​

 

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BTCUSD

In our "BTCUSD Technical Analysis", we see that BTCUSD is currently in a state where it's bought too much, as shown by the Relative Strength Index (RSI) which is now over 80. This means there are a lot of buyers, and the price might not go up much more before it starts to decline.

Analysts at FxNews suggest being careful if you're thinking about buying more of this crypto asset. They say it might be better to wait until the price becomes steady above the $32,000 support level before deciding to buy more. This is because when something is bought too much, it might be more expensive than what it's really worth, and the price could go down soon.

To sum up, while Bitcoin has grown a lot and can be a good opportunity for traders and investors, it's important to keep an eye on the market conditions and make careful decisions. Remember, while you can make a lot of money, you can also lose a lot. (source)​

 

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FTX Bitcoin Theft: New Movement Detected

A new chapter unfolds in the ongoing FTX Bitcoin theft saga. Blockchain analysis group PeckShield has alerted the community with a recent discovery. They've traced another batch of Bitcoin, which was part of the assets stolen from the now-defunct FTX.

The FTX Bitcoin theft has seen the hacker orchestrate a move of about 288.8 Bitcoin, currently valued at nearly $10 million.

Evaluating the Extent of the FTX Bitcoin Theft

Looking back, the once-prominent cryptocurrency exchange FTX crumbled in November last year. Amidst the chaos, an anonymous hacker seized the moment, orchestrating a heist that resulted in the loss of roughly $500 million in cryptocurrencies. This individual didn't waste time, quickly converting the stolen assets into 180,000 Ethereum, which were then scattered to 12 separate wallets. At the time of this distribution, the Ethereum amassed was worth about $200 million.

The aftermath of the FTX Bitcoin theft turned the hacker into a significant Ethereum stakeholder. In a strategic move later that November, the hacker converted 50,000 ETH to Ren Bitcoin (RenBTC), a variant of Bitcoin on the Ethereum network.

Recent Attempts to Liquidate Stolen Ethereum

U.Today has reported on attempts made this year to launder the stolen Ethereum. The FTX Bitcoin theft perpetrator tried to exchange the Ethereum for tBTC on the ThorSwap DeFi platform in early October. The platform promptly shut down to prevent this, highlighting the vulnerability of DeFi systems to such exploitation.

Undeterred, the hacker pivoted to the Threshold Network, successfully transferring the Ethereum into the Bitcoin network. At that point, the FTX Bitcoin theft culprit had approximately 110,000 ETH in their possession, worth about $180 million.

Following the suspension of ThorSwap, Bitcoin advocate Max Keiser took the opportunity to critique DeFi for being "heavily centralized," in contrast to his views on the decentralization of Bitcoin.

Substantial Ethereum Shifts to US Exchanges

In a related development, cryptocurrency tracking firm Whale Alert has noted large Ethereum movements. In recent activity linked to the FTX Bitcoin theft, substantial sums of Ethereum were transferred to major US exchanges such as Coinbase and Kraken.

Despite the tumultuous market, Ethereum showed impressive growth of 18.14% from October 20 to October 26, reaching a high of $1,848. This increase paralleled Bitcoin's climb above $34,000. Post-surge, Ethereum recorded a modest 2.84% decrease but continues to maintain its strength around the $1,800 threshold, still feeling the ripples of the FTX Bitcoin theft.a​

 

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LUNA Coin Analysis Amidst Market Turbulence

Despite the unpredictable nature of Bitcoin, which has sent shockwaves through the cryptocurrency market, there remains a resilient sense of optimism among crypto investors. LUNA coin, in particular, has come under the spotlight as it faces the brunt of Bitcoin's price swings. The analysis reveals that LUNA coin has tested the critical support level of $0.437 on multiple occasions, leading to a complete reversal of its previously secured gains. This has raised pertinent questions about the coin's durability in the face of short-term market speculation.

The trading volume for LUNA coin has seen a downturn, a factor that could compel crypto exchanges to undertake significant strategic decisions regarding the coin's listing and trading mechanisms. This shift is noticeable as the market progresses towards a post-2024 era, anticipated to be free from the burden of insolvent tokens—a stark contrast to the volume-centric bear markets and their accompanying regulations.

Should LUNA coin's valuation slide below the crucial threshold of $0.437, the analysis suggests that it could enter a precarious phase, potentially leading to further devaluation towards the $0.387 level, having to first breach intermediary resistances at $0.412 and $0.405. Such a downturn would mark unprecedented low points for the coin, challenging the fortitude of investors.

This article underscores the inherent hope that continues to fuel crypto investors' enthusiasm, even as they weather the storm of Bitcoin volatility and its cascading effects on altcoins, including LUNA coin. The analysis serves to equip investors with insights into the coin's performance and prospects within the volatile crypto market.​

 

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Sam Bankman Fried Verdict: The Fall of a Crypto Titan​

In the wake of a highly publicized legal battle, Sam Bankman Fried, once hailed as a whiz kid of the crypto world, has been found guilty on multiple charges, including fraud, as per the recent verdict. The trial, which drew significant attention from the finance sector, ended with the jury convicting Bankman Fried on seven counts, effectively concluding a chapter that has riveted industry watchers.

The prosecution painted Bankman-Fried as a master of deceit, whose actions were not just misleading but also criminally fraudulent. The defense, on the other hand, tried to salvage his image by highlighting his precocious talent and attributing the financial fiasco to naïve mistakes rather than calculated fraud. They pointed to his unique upbringing and the relentless drive for efficiency that often led him to make decisions that prioritized cost over other considerations.

However, the jury was not swayed by the defense's narrative. Bankman Fried's demeanor, which showed a lack of regard for emotion and cultural values — including his disinterest in art and even his preference for cold food — might have painted him as out of touch with societal expectations, influencing the jury's decision.

This verdict against Bankman Fried is a watershed moment for the cryptocurrency industry, signaling a crackdown on illicit activities. The repercussions of this judgment are expected to resonate through the crypto markets and could shape the regulatory landscape for other prominent figures in the space. (source)​

 

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SOLUSD​

In October, Solana (SOLUSD) experienced a significant price surge, reaching a high of $47.5 before settling at $34.5. Currently, Solana is trading around $42.5. Our Solana Technical Analysis indicates that the RSI indicator has been in the overbought area since October 20. Despite this overbought condition, SOLUSD hasn't started correction yet, indicating a strong bullish bias and high volatility in the Solana market.

For a more detailed view of SOLUSD price action, let's zoom into the 4-hour chart. The crypto pair is trading within a bullish channel, appearing more organized than on the daily chart. At present, SOLUSD is testing the middle line of the bullish channel and is above the Kernel line of the Lorentzian Classification indicator. This supports the bullish scenario, suggesting that SOLUSD price may rise and test the October high of around $46.2.​

The R2 level at 36.98 supports the bullish scenario in our Solana Technical Analysis. If SOLUSD closes below this level, the bullish scenario becomes invalid, and the next bearish target is the pivot.​

 

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SEC Crypto Regulation Challenged by Senator Lummis' Stand

Senator Cynthia Lummis from Wyoming is standing up to the Securities and Exchange Commission (SEC), which is really cracking down on crypto companies. Talking to Yahoo Finance, she made it clear she's not happy with how the SEC is handling things. She's especially against a new rule the SEC wants to make official without asking Congress first.

SEC's Tough Actions

Recently, the SEC has been really tough, taking legal action against big crypto companies like Coinbase and Binance. A rule from the SEC, made in March 2022, is getting a lot of attention from Senator Lummis. It says companies that look after crypto for customers have to show these in their financial reports and tell investors about the risks.

But, the Government Accountability Office (GAO) said the SEC should've asked Congress before making this rule. Senator Lummis is now working hard to stop this rule from being set in stone. She believes it's just too much and could be bad for people if a crypto company goes under.

Pushing for Clearer Rules

Senator Lummis is not just talking; she's doing things. With Senator Kirsten Gillibrand from New York, she's pushing a big crypto law to make things clearer. They're trying to sort out small differences between the Senate and House versions, mainly about stablecoins, which are a type of crypto. She's hopeful that by early 2024, they'll pass the law. They even got a part of it into a big defense spending bill to address terrorist groups using crypto.

Concerns Over SEC's Bulletin

Last week, a Democrat, Representative Wiley Nickel, called out the SEC for how it's managing the new rule. He's worried it could make digital assets less safe. Others in Congress are also worried. Representative Patrick McHenry thinks the rule could scare financial companies away from crypto.
In short, there's a lot of back and forth about the SEC's role in regulating crypto, and Senator Lummis is at the center, fighting for a balance that keeps everyone's interests in mind. (Source)​

 

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Bitcoin Technical Analysis

FxNews - Bitcoin has successfully broken out of the bullish channel on the 4-hour chart. The BTCUSD pair is currently testing the R2 support level at $36,983, with the Relative Strength Index (RSI) nearing the overbought territory. On this chart, we observe an inverted hammer pattern, which may indicate potential bearish momentum. Nevertheless, the overall bitcoin market remains bullish, and analysts at FxNews recommend waiting for a breakout above the bearish trendline (illustrated in red) before initiating long positions.

Conversely, while the price trades below the weak bearish trendline (in red), there exists a possibility of the BTCUSD price declining to the R1 support level at $36,009, especially if the bears manage to close below R2. These levels could also provide substantial supply, enabling the bulls to initiate new bullish trades.

In summary, with the bitcoin market maintaining a bullish outlook, it appears more prudent to seek buying opportunities rather than placing sell orders.​

 

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Analyzing Cardano's Market Trends

FxNews - Cardano's market value has recently seen a significant decline, falling from the resistance level of 0.653. At present, the ADAUSD pair is hovering around the pivot point of 0.6351. Interestingly, a hammer candlestick pattern has appeared on the daily chart right at this pivot, suggesting a possible end to the current downward trend.

A Deeper Dive into the Numbers

For a more detailed analysis, we look at the 4-hour chart. Here, it's evident that the ADAUSD pair has broken through the 61.8% Fibonacci retracement level. Given that the pair is currently in a bearish flag pattern, it seems likely that the next downward target could be the 78.6% Fibonacci level.

A Potential Turnaround?

However, the market is unpredictable and there's a twist in the tale. If the bulls manage to escape from this bearish flag and push the price above the 50% Fibonacci mark, we could see Cardano start to climb again. The initial targets for this potential rise? A jump to 0.646, with the ultimate goal being the November high of 0.652.

Stay connected for more updates on the ever-changing journey of ADAUSD.​

 

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Understanding Solana's Market Movements

FxNews- Solana's recent price adjustment, a decline from its previous week's high, was largely anticipated by market observers. A key indicator was the formation of a long wick candlestick, positioned close to the $66.9 resistance level. Adding to this, the RSI (Relative Strength Index) divergence also pointed towards a potential drop in price. These signs led many to believe that a downward adjustment in Solana's price was on the horizon.
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As of now, Solana is trading above its pivot point. This indicates a generally bullish sentiment for the SOLUSD pair. However, there's a possibility of a further price correction if the bears manage to push Solana below the $61.3 resistance level. Should this happen, the correction could extend, possibly reaching as low as the $53.3 region.

On the other hand, the primary resistance facing the bullish trend is known as R1. For Solana to continue its upward movement, breaking through this specific resistance level is essential.​

 

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Bitcoin

Examining today's Bitcoin technical analysis reveals that the cryptocurrency, often dubbed 'digital gold', is currently exhibiting a bullish flag pattern. Notably, Bitcoin's price has positively responded to the flag's lower boundary, with the market's bulls now challenging a critical threshold at $36,712. Should they successfully breach this mark, it could amplify the upward trend, potentially elevating the next target to R1, valued at $38,665.

On the flip side, the S1 mark plays a crucial role as a supportive base within this bullish context. However, if this support level were to be broken, it could signal a continuation of the downtrend that initiated on November 16, possibly leading the price towards the S2 level, located near $33,483.​

 

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XRPUSD Update: Ripple Struggles Below Pivot, Targets 0.58

Ripple is currently experiencing a bearish trend, staying below the 0.609 pivot, which suggests a continuing downward movement. The upper band of the bullish flag is acting as resistance. As the price remains under R1, there's growing expectation that it might head towards S1 (0.58).

If the price breaks through S1, sellers might then aim for the next level, S2.​

 

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The Oil Market's Recent Dip: OPEC+ Strategy and Economic Factors

Solid ECN - On Tuesday, WTI crude futures saw a slight uptick, trading around $75 per barrel after experiencing losses in four straight sessions. This change comes amid worries about potential further delays in the upcoming OPEC+ meeting, which may result in continuing the existing oil production policy.

Saudi Arabia is advocating for a cut in production quotas to stabilize the market, yet no agreement has been reached so far. The meeting, initially scheduled for November 26, has been pushed to November 30 because of disagreements over output quotas, particularly involving Nigeria and Angola. Since September 27th, there has been a more than 15% decline in the oil market, attributed to abundant supplies and global economic uncertainties.​

 

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U.S. Natural Gas Futures Dip Amid High Storage and Production

U.S. natural gas futures are hovering around $2.9/MMBtu, a level close to their lowest in twelve weeks. This pricing trend is primarily due to high storage levels, unprecedented production rates, and a dip in demand. Recent data from the U.S. Energy Information Administration (EIA) revealed a modest withdrawal of 7 billion cubic feet from gas storage in the week ending November 17. This figure is notably smaller than the 60 billion cubic feet withdrawal during the same period last year and falls short of the five-year average decline of 53 billion cubic feet.

Currently, U.S. gas stockpiles stand about 7% above the usual levels for this time of year. The EIA points to robust natural gas production and milder winter temperatures as the key reasons for these ample inventories. The warmer weather has led to a reduced need for heating, with forecasts predicting a 4% decrease in heating degree days compared to the last decade's average. This is expected to result in a 2% reduction in space heating consumption, compared to the five-year average. Adding to the supply situation, November has seen an average gas output of 107.6 billion cubic feet per day, an increase from the previous record of 104.2 billion in October.​

 

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Bitcoin Bulls Break Resistance, Eye $40,000 Next

The price of bitcoin climbed over the 38,250 level in the latest trading session, continuing its bullish trend. However, the bitcoin bulls are facing the middle line of the bullish flag as their next obstacle. The technical indicators show that the RSI still has some space to reach the overbought zone. At the same time, the awesome oscillator bars changed to green, indicating the strength of the upward movement.

The middle line of the flag is unlikely to resist the buying force. As a result, analysts at FxNews predict that the BTCUSD price will go up and target the $40,000 mark, which matches the top line of the flag.

This analysis is valid as long as the pair is trading within the bullish flag.​