Over the weekend, Bitcoin took a backseat, allowing altcoins to shine. The memecoin sector recently enjoyed its rally, followed by "dino coins" such as ADA, XRP, and XLM. This weekend, the gaming sector emerged as the standout performer, with leaders like SAND, MANA, AXS, and GALA experiencing significant gains.
Currently consolidating just below $100,000, Bitcoin sits only 2.4% away from its all-time high of $99.6k, achieved early Saturday morning. On Saturday, we highlighted a potential bearish divergence that could hinder Bitcoin's upward momentum. This divergence appears to be materializing, with the short-term trend showing signs of weakness and potentially flipping bearish.
As Black Friday and Thanksgiving approach, this week promises to be eventful. Historically, these occasions have brought volatility to risk-on assets like Bitcoin. We could see Bitcoin regaining its momentum as the week progresses.
For those feeling underexposed or worried they’ve missed the boat, now is the time to strengthen your Bitcoin position. This market remains in its early stages, presenting long-term believers with a prime opportunity. Contact your Stormrake Crypto Broker to seize this moment.
Stormrake Spotlight: Fantom ($1.01)
Stormrake Spotlight: Fantom ($1.01)
It's time to revisit Fantom, which we first spotlighted when FTM was trading at $0.50. Since then, the price has doubled to its current $1.01. This surge comes in anticipation of the highly awaited migration from FTM to Sonic ($S), expected to take place before the year ends.
This migration has garnered attention from some of the most respected minds in the crypto industry and is considered one of the most significant developments in recent times. Fantom was a leading cryptocurrency during the 2021 bull market, reaching a high of $3.46. A successful transition to Sonic could enable it to reclaim those levels.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has turned bearish after forming a series of lower highs and lower lows since Saturday's peak. This bearish momentum has led to a cross of the 21 and 55 EMA. Although BTC briefly attempted to reverse the trend by trading back above these levels, it failed and currently trades at the 21 EMA. For now, consolidation at this level seems likely. A break to the upside could pave the way for $100,000, while a downside move would make the 200 moving averages the first key target.
BTC Total ETF Flows for 22 Nov: $ N/A milion
(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:
After reaching $3,500 on Saturday night, ETH has retraced and fallen below the critical support level of $3,370. It now trades beneath both the 21 and 55 EMA, which are on the verge of flipping bearish once again. If ETH drops further, the $3,220 level, previously resistance—is expected to serve as strong support.
ETH Total ETF Flows for 24 Nov: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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