Market Outlook #245 (13th November 2023)

Hello, and welcome to the 245th instalment of my Market Outlook. In this week’s post, I will be covering Bitcoin, Ethereum, Chainlink, Polkadot, ImmutableX, Perpetual Protocol, DIA, Saito and Cellframe. As ever, if you have any requests for next week, let me know.

Bitcoin:

Weekly:

Price: $36,982
Market Cap: $721.671bn

Thoughts: If we begin by looking at BTC/USD on the weekly chart, we can see that price rallied again last week off the weekly open, on higher volume than the previous week, pushing through the 38.2% fib retracement of the bear market at $36k into $37.1k, poking marginally above that but closing at the level. We see no signs still of momentum exhaustion on this timeframe, and given the close I am leaning towards continuation of this squeeze higher to fill in the rest of the gap into $39.6k this week…

Ethereum:

ETH/USD Weekly:

Price: $2110.58 (0.0571 BTC)
Market Cap: $254.658bn

Thoughts: If we begin by looking at ETH/USD, we can see from the weekly that the pair rallied hard last week, turning trendline resistance into support at the weekly open and then pushing into resistance at $2037, wicking above that just shy of the yearly high but closing back marginally above $2037…

Chainlink:

LINK/USD Weekly:

Price: $15.33 (41,455 satoshis)
Market Cap: $8.495bn

Thoughts: If we begin by looking at LINK/USD, we can see that the pair continued its ascent last week and shows little sign of slowing, pushing through the 200wMA for the first time since April 2022 and closing right at the 23.6% fib retracement of the bear market at ~$16…

Polkadot:

DOT/USD Weekly:

Price: $5.61 (15,156 satoshis)
Market Cap: $7.268bn

Thoughts: Beginning with DOT/USD, we can see from the weekly that after two years of bear market the pair looks to have bottomed, breaking above 2023’s trendline resistance a couple of weeks ago and turning it into support last week, from which price rallied into the weekly close at $5.70, reclaiming multiple support levels…