November 24th — Crypto Market Update — Bitcoin & Altcoins Technical Analysis

US markets are closed today, which means we will not have New York and NYSE sessions today, which means that we will not have high volume.

Crypto Headline

Crypto Traders Are Flocking to DeFi After FTX Exchange Implosion

The decentralized futures platform GMX has seen an increase in use following the collapse of FTX. Last week, GMX registered a new all-time daily high trading volume of $1.17 billion. Other decentralized trading platforms, such as the Polygonbased Gains Network, have also increased in popularity.

FOREX Headline

EUR/USD regains the 1.0400 mark and above ahead of ECB data

EUR/USD trades on a firm note and manages to break above the 1.0400 barrier, as the dollar remains offered and the appetite for the risk assets looks firmer. In the meantime, the European currency is expected to closely follow dollar dynamics, geopolitical concerns and the Fed-ECB divergence. In addition, markets repricing of a potential pivot in the Fed’s policy remains the exclusive driver of the pair’s price action for the time being.

1) BTC/USD

BTC is still stuck in this range that we have been mentioning in the previous reports. What I will be looking for is a flip of the current bearish candle to become bullish and break the resistance level, to be able to target 18k

BTC’s next resistance level: 17,000

Support Level: 15,500

2) ETH/USD

Exact same thing for ETH, as they are moving simultaneously, we need a breakout of 1200 to target 1280

Resistance: 1200

Support: 1080

Ramy KAMAR

Market Analyst

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