Market overview
2024-11-11

WHAT HAPPENED?
 
Last week was a landmark for the entire crypto community. Against the background of the announcement of the preliminary results of the US presidential election and the leadership of Donald Trump, bitcoin resumed its upward movement. It almost completely ignored all resistance zones and updated its ATH, adding more than 20%.

During the growth, an area with abnormal volume activity was formed, which cast doubt on further growth. But after a full-fledged positioning, it’s safe to say that this isn’t the end of the upward rally.

  WHAT WILL HAPPEN: OR NOT? 

There are practically no hints of a reversal or major fixations right now, so joining short positions is undesirable. The best outcome for us is a correction to a large support zone below, from which it’s possible to join the longs.

There are no sell zones above, because the market sees these marks for the first time. Pay attention to the round numbers $90,000, $100,000 — they’re the most likely to go into correction. Also, track the formation of extremely high volumes, they can provoke a stop and a price reversal.

 Buy zones:  $77,000-$74,000 (major volume zone), $71,400-$70,800 (mirror volume zone), $63,100-$62,500 (mirror volume zone), $60,000-$59,000 (buyer activity).

 I MPORTANT DATES 

Macroeconomic events this week:

• Tuesday, November 12, 7:00 (UTC) — publication of the German consumer price index for October;
• Wednesday, November 13, 13:30 (UTC) — publication of the US consumer price indices for October and 2024;
• Thursday, November 14, 13:30 (UTC) — publication of the number of initial applications for unemployment benefits and the US Producer Price Index (PPI) for October;
• Thursday, November 14, 20:00 (UTC) — speech by Fed Chairman Jerome Powell;
• Thursday, November 14, 23:50 (UTC) — publication of Japan's GDP for the third quarter of 2024;
• Friday, November 15, 07:00 (UTC) — publication of UK GDP for October, for the third quarter and for the whole of 2024;
• Friday, November 15, 13:30 (UTC) — publication of the basic index and the volume of US retail sales for October.


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