Market Outlook #246 (20th November 2023)

Welcome to the 246th edition of Market Outlook. This week, we will be covering Bitcoin, Ethereum, Polygon, Avalanche, Uniswap, Beam, Sushi, and LayerAI. These selections were based on reader requests, so feel free to send in your suggestions for next week’s edition.

Bitcoin:
Weekly:
– Price: $37,263
– Market Cap: $728.411bn
On the weekly timeframe, BTC/USD closed last week with marginal new yearly highs. The three consecutive weekly lows and the lack of resistance above $38k suggest a potential move towards $39.6k before hitting major resistance at $42k.

Ethereum:
ETH/USD Weekly:
– Price: $2029
– Market Cap: $244.205bn
ETH/USD showed a strong trendline breakout and consolidation near important resistance at $2037. The bullish scenario involves a move towards $2172 and a potential gap fill into $2425.

Polygon:
MATIC/USD Weekly:
– Price: $0.858
– Market Cap: $7.972bn
MATIC/USD rallied above the 200wMA and bounced off support at $0.75. A weekly close below $0.75 could lead to a retracement towards $0.62, while a break above $0.92 could result in a significant upward move.

Avalanche:
AVAX/USD Weekly:
– Price: $22.17
– Market Cap: $7.926bn
AVAX/USD rallied from multi-year lows and closed above support turned resistance at $21.70. A break below this level could lead to a higher-low at $18, while a close above $25 could fill in the range to $30.

Please let us know if you have any specific requests for next week’s Market Outlook.