2021-11-21 15:39:29
Market Update by GemCatcher #51 (21.11.21.)
$BTC - Bitcoin is struggling , yesterday we had an attack on 60k, so far unsuccessful. Currently the price is 59k. We can see an inverted head with shoulders forming - bullish. Could it be that actually 53k is the new 26k and 35k that everyone was waiting for and no one got? We'll see. There is some lack of volume on this bounce, also for now we could still see lower levels, but with each day of base building above 58k we are closer to upside than downside. We have a similar behavior of BTC to November 2017, there was also a big correction in the middle of the month, take a look. Main scenario unchanged. Fundamentally, onchain unchanged, positive. As an interesting fact, in 2013 on November 7 we broke through the ATH of April, and on the 30th we had a peak bull market. In 2017 the whole run took a little over a month, also take it easy, they have time.
$ETH & ALTY - ETH is doing mega well, we've been fighting the downtrend line since September, also need to watch if this was a bounce before further declines or if ETH has a chance to make some nice moves. The key zone is 0.074-0.075 and if the uptrend is confirmed and the trend line is broken, I will definitely increase my position in ETH with BTC.
LUNA/BTC is slowly climbing upwards. To break through the downtrend line ~ 0.0076. UST is growing stronger every day, already 7.2B!
LTC/BTC nicely charted bottom, bounce at 0.0038 where there is an important zone to overcome. LTC is treating more mid term and 1000+ targets. I have orders to buy in the 0.003-0.0033 zone.
Dominance of BTC, USDT, DEFI - we are currently consolidating near 42.8% support. Very curious to see how the market will behave this time. Will alts rise more than BTC or however BTC will outclass its rivals and repeat 2017. I think we will get the answer to this question in the next 1-2 weeks, so stay tuned and flexible. USDT dominance 2.83%. DeFi dominance 5.5%.
$SPX - S&P500 consolidation near top ~ 4704. No change, until ATH double top is pierced may be in play. Weekly closed in the green.
$DXY $VIX (dollar index and S&P volatility index) - DXY we have top at 96.2, yesterday top leveling off and dips. Weekly closed very bullish. The good news is the price of the dollar has reached 4.15 PLN, so even if BTC falls, we still make money in Poland. We had a similar relationship in 2013 and 2017. At the end of the cycle DXY started to grow, BTC grew together with it, there was a correction and final growth on BTC. DXY at that time was falling. VIX - up, 17.90.
Whale - no movement.
Twitter/interesting facts:
Powerful reset of onchain indicators. Correction made more room for upside.
An interesting project that recently entered the market is Numbers NUM. Available on Kucoin, Pancake, Gate, just under 30M capitalization, trending web3.0. One of the private investors was YouTube. Privately held.
Tomorrow registration for Agnel Protocol on StarTerra ends. Kujira is holding up very nicely, STT team itself is planning to make changes, similar to Dao Maker. This should have a good impact on the price.
Have a good Sunday!
BTC Fear & Greed Index - 36 FEAR- btctools.io
BTC Fear & Greed Index - 49 NEUTRAL - alternative.me
Capital flow chart:
BTC -> ETH -> Large Caps -> Mid Caps -> Low Caps -> Shitcoins ->BTC/Stablecoins
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