Cryptocurrency Market update – Nov-05-2023
The cryptocurrency market is well in the green throughout the past 48 hours, with BTC price pushing above $35K. Bitcoin remains at around $35K in the first days of November, so far maintaining the majority of its October gains.
The king of cryptocurrencies has been on the rise, back to a more than 17-month high amid hopes the Federal Reserve is done with interest-rate hikes and expectations that a fresh source of demand is brewing. Meanwhile, the overall market capitalization increased by over $50 billion to comfortably exceed $1.3 trillion.
I think getting some crypto exposure for long term on projects you like and believe in here is probably ok. We’re at the point in the cycle where capital will begin to slowly transition out.
Looking at the BTC daily chart , we see a significant leap-frog above the key level of June 26 and it is highly suggestive that big move in this new 4-year cycle is in play.
The chart shows BTC is currently consolidating above the $34K level and the 10-day MA trending high. The price action has momentum, big volume and moving in the right translated cycle.
A slight pull back till $33,730 is still healthy for the next up move. Also we need to cross $36170 first for $40k-$43k targets.
Bullish view now is good for the short-term trade as there’s no sign of weakness here and we should treat every dip as a buying opportunity.
In overall, the surge in bullish momentum has pushed the volume high. I don’t want to throw up price target but I see it forming another big move up to $43k area.
Chart 1. A significant leap-frog above the key level of June 26 and it is highly suggestive that another big move in this new 4-year cycle is in play.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView
Looking at the BTC weekly chart we see a big move right there at the top of the range of over 7 months and still didn’t pull back, making a higher high. This has confirmed the breakout from that range, and that is positive at least from the intermediate time-frame point of view.
The chart is very encouraging as we have 3 green candles in a row and the price action is well above the 10-week MA. This structure is very bullish from the 4-year cycle stand point, that is still at early stage and I want to stick to this bullish narrative.
We’re beginning to have a nice volume here even with the OBV (On bound Volume) conforming to the uptrend.
We’ve to let go that bearish mindset developed during the bear market and think more positive.
Considering the last successive green candles, the bullish momentum seems very high at the moment, and a breakout above the $37K level (psychological level) is the more probable scenario at this moment.
Chart 2. A clear breakout from the range of over 7 months and the price action is well above the 10-week MA.
Source: bitcoin.live , BTCUSD Chart by TradingView
ETH/USD
Ethereum has also been flying high following 5.83% boost in the past 7 days. The chart is really looking good as higher high and higher lows are trending in the right direction. The price appeared to be consolidating the weekend’s gains, with prices staying above $1,800 mark.
The second crypto in command is back in contention to the $2,000 level, which was in its grasp a handful of times this year. If this trend continues, ETH could climb above the much-coveted threshold by the month’s end.
Chart 3. ETH appears to be consolidating the weekend’s gains, staying above $1,800 mark.
Source: bitcoin.live , Chart by TradingView
