Bitcoin has surged 10% since yesterday’s Morning Note, reaching a new all-time high of $89,000 USD. The $88,000 level was significant as it marked the target of a long-awaited bull flag pattern.
This pattern has been forming since March, rewarding patient investors who showed conviction through several 20-30% pullbacks over the past eight months. Since the September low of $52,500—just 66 days ago—Bitcoin has rallied an impressive 70% to its current levels.
Bitcoin dominance has also climbed back above 60%, signaling that we are still in phase one of the bull market. This means it’s still early—could we see Bitcoin hit $100,000 by the end of the week? Given its performance over the last several days, such a milestone would hardly come as a surprise.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: RUNE ($6.50)
Stormrake Spotlight: RUNE ($6.50)
Thorchain (RUNE) represents a leap forward in the already innovative crypto space. As a decentralized cross-chain infrastructure, Thorchain facilitates asset transfers across blockchains like Bitcoin, Ethereum, and BNB Chain. Currently ranked #54 by total market cap, RUNE peaked at $20.95 in 2021. In the upcoming altseason, RUNE could attempt a new all-time high, representing a potential 220% increase from its current price.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has set another all-time high without any major pullback, showing nine consecutive hours of green candles and a 9% rally. The 21 EMA remains a key support level as Bitcoin targets $100,000.
BTC Total ETF Flows for 11 Nov: $ + 105.2 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has shown continued strength, reaching the next resistance level at $3,370 before being rejected. Unlike BTC, ETH touched the 21 EMA on its recent pullback but has since bounced back. With its key support and resistance levels converging, ETH appears poised for a breakout—likely to the upside.
ETH Total ETF Flows for 11 Nov: $ + 78.9 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox. Subscribe here: https://stormrake.substack.com/
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
