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Crypto Technical Analysis Report | 11th-November-2022

Crypto Technical Analysis Report


The Crypto market was majorly green this Friday, with the global crypto market cap rising by 4.28% over the past 24 hours to $856.64 billion. In addition, the total trading volume decreased by more than 22% to $79.78 billion. The carnage in the crypto markets pushed major tokens lower, with Bitcoin falling below $16,000 for […]
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The Crypto market was majorly green this Friday, with the global crypto market cap rising by 4.28% over the past 24 hours to $856.64 billion. In addition, the total trading volume decreased by more than 22% to $79.78 billion. The carnage in the crypto markets pushed major tokens lower, with Bitcoin falling below $16,000 for the first time in two years. The token then recovered marginally. Ethereum briefly surpassed the $1,100 mark. A deal for major cryptocurrency exchange FTX fell through on Wednesday when rival Binance said it would pull out after claiming they had carefully examined the takeover proposal. The crypto market has been generally positive, including Solana, which is up 20% since Nov. 9, even after losing 32.4% in value.

Bitcoin surged by $1,000 in five minutes before the Wall Street market opened on Nov. 10 as US inflation and jobs data boosted risky assets. Another reason is positive news of the opening of withdrawal in FTX and as well the movement in equities. BTC fell below $16,000 on Nov. 9, taking the price to its lowest level in two years. The two-day correction resulted in an overall downtrend of 27% and eliminated $352 million in leveraged long (buy) futures contracts. It is clear that BTC/USD has been too quiet for too long after hitting a yearly low of less than $16,000. This is particularly visible in the band’s volatility indicator Bollinger, which has rarely been closer together in BTC history and has been calling for a breakout for weeks. The bulls need to push the price above $19,000 on Nov. 11 to avoid a potential $140 million loss. On the other hand, the bears’ best-case scenario requires a slight boost below $17,000 to maximize their gains.

Ethereum, the second-largest crypto asset by market cap, made another significant jump, going from around $1,200 to $1,273 in just a few moments and now trading at $1,239. That’s around a 6 % surge in the last 24 hours for ETH. This week Ethereum co-founder Vitalik Buterin has added a new category of milestones to the Ethereum technical roadmap aimed at improving censorship resistance and decentralization of the Ethereum network. The plans were unveiled by Buterin in a November 5 Twitter post, which introduced a section called Scourge in a now-expanded six-part technical roadmap. The asset price continued to look bearish after falling below its weekly low of $1100. ETH price needs to recover from $1,200 and act as a demand zone to protect from a selloff.  ETH price remains considerably strong on the daily timeframe as the price is trading above the $1,200 support after bouncing off the $1,100 region which caused the price of ETH to lose its demand zone to the bears.

On the macro side of things, Inflationary pressures and fears of a global recession have kept investors away from riskier assets. This cautious move has seen the US five-year Treasury yield hit 4.33 in early November, a 15-year high. Investors are demanding a higher premium for holding Treasuries, suggesting a lack of confidence in the Fed’s ability to contain inflation. Consumer Price Index (CPI) printout for October, along with jobless claims offered an upside surprise, CPI came in below expectations and jobless claims above unemployment, suggesting that the Federal Reserve rate hikes worked and that a turning point may come sooner than feared. Meanwhile, an already weakened US dollar index (DXY) suffered immediately upon release, falling more than 2% for the second time in the past few days. DXY is orbiting 108.6 at the time of writing, its lowest level since September 13.

Technical Outlook:

BITCOIN:

Bitcoin Chart | 11th November 2022
Bitcoin (BTC) Chart

BTC was trading in a range between $18,000 to $20,500. The asset gave a breakout above the range and went up to $21,480. The bulls, however, struggled to keep the momentum and break the key resistance of $22,500 and it witnessed yet another correction. BTC broke the long-held support of $17,500 and made the low of $15,588. On a weekly chart, if it closes above $17,500 – 18,000 then we can expect some relief rally whereas a weekly close below $17,500 will lead to a further downfall and can test the next support which is at $12,500.

ETH:

Ethereum Chart | 11th November 2022
Ethereum (ETH) Chart

ETH was consolidating and trading in a range from $1,200 to $1,400. The asset gave a breakout above the range and rallied almost by 19% making a high of $1,666. Post this move, ETH faced stiff resistance at the downsloping trendline and 50-week Moving Average and witnessed a sharp correction and made a low of $1,073.9. This week’s closing is very important. If it closes above $1,250 then it can rally up to $1,400 whereas a weekly close below $1200 will lead to a further downfall and can test the previous lows of $881.

BNB:

BNB Chart | 11th November 2022
BNB Chart

BNB was very volatile this week. From the weekly high of $398 the prices corrected almost by 34% and plunged to $260.2. The asset took support at $255 and gave a relief rally up to $299. BNB has strong support at $255 and $220 whereas $300 and $336 will act as strong resistance for the asset.

Weekly Snapshot:

USD ($)03 Nov 2210 Nov 22Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$20,210$17,587-12.98%$20,988$20,086$21,447$15,683
ETH$1,532$1,299-15.15%$1,652$1,494$1,661$1,083
MATIC$0.95$1.1217.63%$0.98$0.84$1.29$0.78
Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)61.69%
Ethereum (ETH)24.23%
Polygon (MATIC)318.98%
Resistance 2$28,500$1,750$1.50$380
Resistance 1$22,500$1,400$1.20$337
USDBTCETHMaticBNB
Support 1$17,500$1,200$1$300
Support 2$15,000$1,000$0.75$215

Market Updates:

  • Sam Bankman-Fried no longer ranks in the top 500 on Bloomberg’s billionaire index, but CZ remains at rank 87.
  • United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse.
  • Tether follows Tron’s USDD stablecoin in coming unstuck amid suspicions of shorting involving FTX and Alameda Research.
  • Cathie Wood-led Ark Investments has increased its Coinbase stock holdings with a purchase of 237,675 Coinbase shares worth about $12.1 million on Nov. 9.

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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