Is the Bull run here? Your Weekly Market Analysis
GM!
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For this week, we bring you the analysis of
Bitcoin
Ethereum
DyDx
MKR
Comp
🪙 BTC
In a captivating development, Bitcoin's open interest has witnessed a rapid surge across various exchanges. Over the past 24 hours, this metric soared by an impressive 7.89% across all exchanges, bringing the total open interest to an astounding 454,150 BTC, valued at $17.04 billion.
Analyzing the Fibonacci retracement on the daily chart indicates a potential market retracement to the range of 31,000 - 31,700.
Resistance: 37900
Support: The Fibonacci retracement suggests potential support around 31,000 - 31,700.
🦇 ETH
Following BlackRock's recent filing for a Spot Bitcoin ETF, the American investment giant has taken a proactive stance by submitting an application for an Ethereum Spot Exchange Traded Fund (ETF) to the United States Securities and Exchange Commission (SEC). Although the application was filed on November 15, BlackRock has disclosed that the Trust was formed as early as November 9.
In the 4-hour timeframe, a potential scalp opportunity is identified within the range of 1,856 - 1,866.
dYdX (DYDX)
In the 4-hour chart, dYdX has breached a significant support level at 3.561 - 3.503. The price is expected to test the support zone of 2.864 - 2.933.
Resistance: 3.561 - 3.503
Support: 2.864 - 2.933
Maker (MKR)
A descending triangle is forming in the 1-hour timeframe for MKR. A potential short scalp opportunity arises upon breaking the support level in the range of 1,348 - 1,357. However, for a bullish move, the price needs to hold above the daily support at 1,263 - 1,280.
Resistance: 1,348 - 1,357.
Support: 1,263 - 1,280.
Compound (COMP)
In the 4-hour chart, COMP has closed below a significant resistance level, signaling a potential bearish trend. Long positions may be considered in the range of 43 - 45. A daily close above 51.54 could pave the way for an upward move towards 61.
Resistance: Immediate resistance is evident as the price closed below a critical level.
Support: 43 - 45