Market overview
2024-11-04

WHAT HAPPENED? 

Last week, growth continued and the ATH for bitcoin was almost reached. At the breakdown of the important $72,000 level, a large number of liquidations and volume anomalies appeared, which stopped the price and provoked a correction. We warned about it on Wednesday in our blog on TradingView. 

As a result, the market followed a lower priority scenario and absorbed all of last week's growth. 

  WHAT WILL HAPPEN: OR NOT? 

At the moment, we've bounced off the upper limit of the volume zone of $67,500-$66,800 (the maximum volume of the sideways), but we haven't yet observed a signal for a full-fledged reversal. Resistance zones are formed above, from which we're likely to receive another wave of sells.  

A deeper filling of the support zone is expected this week. In the absence of a reaction, the decline will continue.

According to the concept of wave analysis, we are still in an uptrend, but the volume zones above call into question the scenario with a rapid recovery, so we are postponing the opening of long positions for the time being. 

 Buy zones:  $67,500-$66,800 (maximum volume of the range), $63,100-$62,500 (mirror volume zone), $60,000-$59,000 (buyer activity). 

 Sell zones:  $70,000-$71,300 (volume zone), $72,000-$73,000 (zone of volume anomalies).

  IMPORTANT DATES 

The week promises to be interesting, several important events are ahead — the US presidential election and the publication of the decision on the interest rate of the US Federal Reserve. Increased volatility is possible ❗️

 Macroeconomic developments this week: 

Tuesday, November 5, 10:00 (UTC) — US presidential election;        
Tuesday, November 5, 14:45 (UTC) — publication of the index of business activity in the US services sector for October;     
Tuesday, November 5, 15:00 (UTC) — publication of the ISM Purchasing Managers Index for the non-manufacturing sector of the USA for October; 
Thursday, November 7, 12:00 (UTC) — publication of the decision on the UK interest rate;
Thursday, November 7, 13:30 (UTC) — publication of the number of initial applications for US unemployment benefits;
Thursday, November 7, 18:00 (UTC) — publication of the US Federal Reserve interest rate decision;
Thursday, November 7, 19:00 (UTC) — publication of the FOMC statement;
Thursday, November 7, 19:30 (UTC) — FOMC press conference.

 *This post is not a financial recommendation. Make decisions based on your own experience. 