Bitcoin has delivered wonders this year, giving many investors much to be thankful for. Thanksgiving is one of the few holidays when US markets close, but Bitcoin and the broader crypto markets remain open 24/7, 365 days a year. However, expect trading volume and volatility to dip as Americans take time off for the holiday. With Black Friday following closely, US markets will see only a half-day of trading. Real market activity is likely to pick up on Monday. Until then, we can anticipate reduced volatility, lower volume, and lower inflows into crypto ETFs.
Bitcoin has experienced a relatively calm 24 hours after a volatile 48-hour period earlier this week. The price fell to $90.8k before rallying back to $97k and has since consolidated around $96k. For those hoping for Black Friday crypto "deals," it seems the bargains came and went earlier this week during Bitcoin's correction.
Bitcoin dominance continues to decline and is entrenched in a bearish structure, while the Total2 index (total crypto market cap excluding Bitcoin) continues to outperform. This trend may indicate we are in the transition between phase 1 and phase 2 of the bull market. The altcoin season index sits at 63, a high reading but still short of the key level of 75. Ethereum underperformed Bitcoin yesterday, further signaling that phase 2 of the bull market has not yet begun.
For those feeling underexposed or concerned about missing out, now is the time to strengthen your Bitcoin position. This market is still in its early stages, presenting long-term believers with an excellent opportunity. Contact your Stormrake Crypto Broker to make the most of this moment.
Stormrake Spotlight: Fantom ($0.995)
Stormrake Spotlight: Fantom ($0.995)
FTM continues its short-term pullback after a strong rally. This retracement presents a buying opportunity for long-term investors. The Sonic Migration upgrade has the potential to propel FTM into the top 30 cryptocurrencies by market cap and push it past its previous all-time highs.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin recently broke out of its bearish structure, forming its first higher high. It now appears to be confirming a higher low. This price action has also created a bull flag pattern, with Bitcoin approaching a potential breakout above the top of the channel. The bull flag's target suggests a move back to $99k. Additionally, Bitcoin is trading above the key 21 EMA, which is expected to act as support as it trends higher.
BTC Total ETF Flows for 28 Nov: $ N/A 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 remains in a bullish trend, sustaining its upward momentum after a massive rally. Like Bitcoin, Ethereum has formed a bull flag pattern, with a target of $3,820. ETH is also trading above the 21 EMA, which should provide support as it moves higher.
ETH Total ETF Flows for 28 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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