28.11.22 - 05.12.22
Last week results
Instruments:
Last week we could see an increase in the whole market. We got some good news about the FTX ’’drama’’. The BTC level was around $ 16,500 throughout the week, this has created growth for the Altcoin market.
Reasons why the market went up last week:
▶️ Argentina is looking for BTC bonds after El Salvador’s success in the area.
▶️ Russia is looking to launch its own State Crypto Exchange.
▶️ Binance CEO Changpeng “CZ” Zhao revealed in a recent interview that the company is looking for approximately $1 billion for the future acquisition of troubled assets in the digital asset sector.
These week’s key events
Last week we could see an increase in the whole market. We got some good news about the FTX ’’drama’’. The BTC level was around $ 16,500 throughout the week, this has created growth for the Altcoin market.
Reasons why the market went up last week:
▶️ Argentina is looking for BTC bonds after El Salvador’s success in the area.
▶️ Russia is looking to launch its own State Crypto Exchange.
▶️ Binance CEO Changpeng “CZ” Zhao revealed in a recent interview that the company is looking for approximately $1 billion for the future acquisition of troubled assets in the digital asset sector.
📈 Will BTC will revert or go down- Mixed Sentiment?
BTC had a good comeback, however, from Sunday evening till Monday morning, it started to drop once again. A good support line has been created at $16, 000. However, the market sentiment can be viewed as mixed. There is no clear sight if the market will recover or it will come down.
💡 3 reasons to buy BTC now:
🔹 Strong Support at $16,000, making it also a psychological price
🔹 Crypto Investors Are Cashing Out: Over $3.5 Billion Stablecoins Redeemed, making this a bottom price opportunity.
🔹 Exchange Net Position Change in all Exchanges, the 30d change of the supply held in exchange wallets looks to be at the bottom. We might see a reversal in the near future.
Bitcoin : Exchange Net Position Change [BTC] - All Exchanges
🔹Technical analysis: With the support at $16,000 we can actually anticipate how the market will actually go and open our trades with the following scenarios.
Scenario 1:
We can open a Long Position only if we see a rejection at $16,000, place our Take Profit to $16,500 then remove it to $16,920. A Stop Loss can be considered at $15,920.
Scenario 2:
Open a Short position if the price falls under $15,890, with a Take Profit $15,660 then to $15,240, with a Stop Loss at $15,980.
The market has a mixed sentiment so opening/closing positions from $16,500 to $15,660 and vice versa can make you profits.
❗️ Use this opportunity to make the right decision.
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