Nov.15-Nov.21(BTC)Weekly market recap
Binance and its CEO CZ pleaded guilty to criminal charges of money laundering and violating U.S. sanctions, including allowing transactions with Hamas and other terrorist groups. Binance agreed to plead guilty to criminal charges and pay a fine of more than $4.3 billion. Zhao agreed to resign and pay a $50 million fine. But nothing such as insider trading emerged in the criminal charges, and the U.S. Treasury Department will retain access to Binance’s books, records and systems for five years. Regulators appear to be correcting some entity in the market, which is not a bad thing.
After the news emerged, many tokens fell, but it was not as large as the decline in March when Binance was first accused, and they have all rebounded so far. Perhaps the actions of regulators are paving the way for the launch of a BTC ETF.
At the macro level, the details of the November FOMC meeting were announced yesterday, showing that the committee firmly maintained the inflation target of 2% and began to consider bilateral risks of raising interest rates. Basically consistent with the path we talked about before, interest rate hikes are coming to an end, but interest rate cuts are still far away.
BTC fluctuated above 35000 last week with rising volatility. Bears have strengthened at the daily level. We can see a clear long red candle, but BTC has not fallen below the black dotted line. We believe that the fluctuation may continue and remain bullish at large levels, as shown by the ME indicator. We maintain the original resistance level of 38000 and support level of 33000.
Switching to the 4h level, we can see that during the decline of yesterday, blue columns representing whales appeared, but after BTC approached the black dotted line, a rebound occurred, and more whales participated in the transaction process of rebound.
In summary, although the bears have strengthened, the bulls have provided support after the price approached the low, and BTC is likely to fluctuate.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
After the news emerged, many tokens fell, but it was not as large as the decline in March when Binance was first accused, and they have all rebounded so far. Perhaps the actions of regulators are paving the way for the launch of a BTC ETF.
At the macro level, the details of the November FOMC meeting were announced yesterday, showing that the committee firmly maintained the inflation target of 2% and began to consider bilateral risks of raising interest rates. Basically consistent with the path we talked about before, interest rate hikes are coming to an end, but interest rate cuts are still far away.
BTC fluctuated above 35000 last week with rising volatility. Bears have strengthened at the daily level. We can see a clear long red candle, but BTC has not fallen below the black dotted line. We believe that the fluctuation may continue and remain bullish at large levels, as shown by the ME indicator. We maintain the original resistance level of 38000 and support level of 33000.
Switching to the 4h level, we can see that during the decline of yesterday, blue columns representing whales appeared, but after BTC approached the black dotted line, a rebound occurred, and more whales participated in the transaction process of rebound.
In summary, although the bears have strengthened, the bulls have provided support after the price approached the low, and BTC is likely to fluctuate.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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