AI, Apple, and the Twitter Files managed to diffuse some of the media attention away from FTX as crypto markets continued a slow slide into deeper bear territory. But NFTs made headlines and big Web3 names like Apecoin and Uniswap launched new use cases.
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Bitcoin (BTC) continued to experience heavy bearish sentiment. Meanwhile, Glassnode data noted that Bitcoin leaving exchanges (likely for cold storage) has been a dominant trend since November. It could be explained as a reaction to the fall of FTX, or it could also signal an accumulation phase.
After forming the week's high on Monday, when price mitigated the bearish order block and price targets were lower, we now wait to see if a bearish trend establishes itself or if we continue to make new highs.
We saw a clearing out of sell-side engineered liquidity in the $16,900-$16,800 region after price moved bearish, tapping into the 1H fair value gap.
This resulted in a sideways accumulation on Wednesday and Thursday before price impulsively took out:
Collectively, these levels act as an area of value where shorts could start from targeting at minimum the $16,900 level, where we have a cluster of confluences:
Alternatively, if the bulls are still in control, the previous retracement was just that and the bull trend should continue targeting our bearish order block at $18,000.
We saw a continuation of last week's perspectives on BTC/USD; the price continued to correct sideways, locked in its lower time frame range between $16,700-$17,400.
As price continues to accumulate, we anticipate aggressive expansion volatility to enter the market soon. Given that the Christmas period is around the corner, we look to see if this will be the catalyst for expansion or further low volatility.
Our previous analysis still stands. We would look for price to do one of three scenarios:
Staking arrived this week for users of two popular altcoins, LINK and APE. Ethereum Founder Vitalik Buterin was an active voice; he was spotted in crypto twitter discussing real world use cases for crypto and DAO governance systems, and published “What in the Ethereum Network Excites Me” on his blog.
Similarly to BTC/USD, we saw continued accumulative price action take place as ETH/USD’s volatility was further suppressed.
As we can see, price has been continually finding resistance at the 50 EMA, however, price could very easily have extracted all the orders and liquidity generated from interacting with the 50 EMA, and a break and retest for a bullish continuation could be in the cards.
As with BTC/USD, we expect one of three scenarios:
Bitcoin (BTC) continued to experience heavy bearish sentiment. Meanwhile, Glassnode data noted that Bitcoin leaving exchanges (likely for cold storage) has been a dominant trend since November. It could be explained as a reaction to the fall of FTX, or it could also signal an accumulation phase.
After forming the week's high on Monday, when price mitigated the bearish order block and price targets were lower, we now wait to see if a bearish trend establishes itself or if we continue to make new highs.
We saw a clearing out of sell-side engineered liquidity in the $16,900-$16,800 region after price moved bearish, tapping into the 1H fair value gap.
This resulted in a sideways accumulation on Wednesday and Thursday before price impulsively took out:
Collectively, these levels act as an area of value where shorts could start from targeting at minimum the $16,900 level, where we have a cluster of confluences:
Alternatively, if the bulls are still in control, the previous retracement was just that and the bull trend should continue targeting our bearish order block at $18,000.
We saw a continuation of last week's perspectives on BTC/USD; the price continued to correct sideways, locked in its lower time frame range between $16,700-$17,400.
As price continues to accumulate, we anticipate aggressive expansion volatility to enter the market soon. Given that the Christmas period is around the corner, we look to see if this will be the catalyst for expansion or further low volatility.
Our previous analysis still stands. We would look for price to do one of three scenarios:
Staking arrived this week for users of two popular altcoins, LINK and APE. Ethereum Founder Vitalik Buterin was an active voice; he was spotted in crypto twitter discussing real world use cases for crypto and DAO governance systems, and published “What in the Ethereum Network Excites Me” on his blog.
Similarly to BTC/USD, we saw continued accumulative price action take place as ETH/USD’s volatility was further suppressed.
As we can see, price has been continually finding resistance at the 50 EMA, however, price could very easily have extracted all the orders and liquidity generated from interacting with the 50 EMA, and a break and retest for a bullish continuation could be in the cards.
As with BTC/USD, we expect one of three scenarios:
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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