BTC weekly trading plan

17 нояб.

Weekly Trading Plan - November 17, 2024 - Finemei

The crypto market continues its upward trends with healthy and significant corrections that began last week, covering all areas of the market. The trend is clear and precise, with a strong potential for high gains and record returns in the indices.

A Bit About the Coming Week:

The SEC (Securities and Exchange Commission) is shifting from preventive enforcement actions to a more collaborative approach within the crypto space.

Easing of banking restrictions.
Approval of ETFs (XRP + SOLANA) later this week.
Public opinion suggests Bitcoin reserves for strategic assets are exceptionally high, but according to JP Morgan, they currently have a low probability.
Fundamental Outlook:

Fundamental News Summary:

Wednesday, November 20, 2024:
Crude Oil Inventory: Inventory rose by 2.089 million barrels. More oil in stock can reduce prices as demand decreases.
Thursday, November 21, 2024:
Unemployment Claims: There were 220,000 new unemployment claims, slightly higher than expected (217,000). This indicates a potential increase in job losses.
Philadelphia Fed Manufacturing Index: The index dropped to 6.3, while the expectation was 10.3. A decline here signals some slowdown in industrial activity in Philadelphia, which is less favorable for the economy.
Existing Home Sales: 3.94 million homes were sold, exceeding the expected 3.84 million. This is a positive sign, showing the housing market is active and functioning well.
Friday, November 22, 2024:
Manufacturing Purchasing Managers' Index (PMI): The forecast is 48.5, indicating the manufacturing sector is likely shrinking (a number below 50). This could signal challenges in the industrial sector.
Services PMI: The forecast is 55.0, showing growth. This suggests the services sector is in a good position and supports the broader economy.
Bottom Line: The data this week shows a mixed picture—on one hand, manufacturing and industry are somewhat weak, but the housing and services markets are looking strong.

Technical Outlook:

The cryptocurrencies are showing strength and readiness for further gains.
Ethereum is consolidating between the 3030 and 3200 levels, currently at a critical resistance level, preparing for a move.
Bitcoin has started a process that’s currently less clear, so I’m staying out for now, although it also appears ready to reach my weekly target of $97,000 per coin.
Good luck, friends! A green week ahead.