ETHUSD daily guidance is neutral with a bullish bias. Recommended ratio: 52% ETH, 48% Cash.
*BOUNCE WATCH. BlockFi admitted to having significant exposure to FTX (and associated companies) and are considering filing for bankruptcy after the Founder/COO Flori Marquez announced that they had enough liquidity to remain fully operational on November 8th. Liquid Global, a Japanese exchange owned by FTX has paused withdrawals. SALT, a crypto lending firm, has also paused deposits/withdrawals in the wake of the FTX collapse. It's very hard to say how much of the meltdown has been priced in after such a drastic and impulsive drawdown, but it seems premature to think that the spillover from the FTX/Alameda collapse is over. US October PPI increased less than expected, fueling more theories that inflation is subsiding enough for the Fed to slow its pace of rate hikes. Donald Trump just announced he intends to run for US President again in 2024.
Cryptos, Long-Term US Treasuries, GBPUSD, EURUSD, Metals, Natural Gas and Equities are up. DXY, VIX, Equity Futures, CNYUSD, JPYUSD, HSI, NI225, Oil and Agriculture are down.
Key Upcoming Dates: Fourth GDPNow Q4 GDP estimate 11/16; US October Retail Sales at 830am EST 11/16; US October Building Permits and Housing Starts at 830am EST 11/17; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/01; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently testing $1270 minor resistance for the sixth consecutive session. Volume remained High (moderate) in yesterday's session and is currently on track to favor buyers for a third consecutive session if it can close today's session in the green; Price is currently testing the second largest VP supply/demand zone on the chart. Parabolic SAR flips bullish at $1522, this margin is bullish at the moment. RSI is currently trending up slightly at 43 after bouncing off of the uptrend line from October 2018 (as support) just above 37 support. Stochastic remains bullish and is currently trending up at 33 after denying a bearish crossover at 31, the next resistance is at 47. MACD remains bearish and is currently forming a soft trough at -46 minor support. ADX is currently trending up slightly at 37 as Price attempts to push higher, this is mildly bullish at the moment.
If Price is able to break above $1270 minor resistance then it will likely retest the uptrend line from June 2022 at ~$1340 as resistance. However, if Price is rejected here, it will likely retest ~$1225 as support before potentially retesting $1k minor support. Mental Stop Loss: (one close below) $1225.
*BOUNCE WATCH. BlockFi admitted to having significant exposure to FTX (and associated companies) and are considering filing for bankruptcy after the Founder/COO Flori Marquez announced that they had enough liquidity to remain fully operational on November 8th. Liquid Global, a Japanese exchange owned by FTX has paused withdrawals. SALT, a crypto lending firm, has also paused deposits/withdrawals in the wake of the FTX collapse. It's very hard to say how much of the meltdown has been priced in after such a drastic and impulsive drawdown, but it seems premature to think that the spillover from the FTX/Alameda collapse is over. US October PPI increased less than expected, fueling more theories that inflation is subsiding enough for the Fed to slow its pace of rate hikes. Donald Trump just announced he intends to run for US President again in 2024.
Cryptos, Long-Term US Treasuries, GBPUSD, EURUSD, Metals, Natural Gas and Equities are up. DXY, VIX, Equity Futures, CNYUSD, JPYUSD, HSI, NI225, Oil and Agriculture are down.
Key Upcoming Dates: Fourth GDPNow Q4 GDP estimate 11/16; US October Retail Sales at 830am EST 11/16; US October Building Permits and Housing Starts at 830am EST 11/17; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/01; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently testing $1270 minor resistance for the sixth consecutive session. Volume remained High (moderate) in yesterday's session and is currently on track to favor buyers for a third consecutive session if it can close today's session in the green; Price is currently testing the second largest VP supply/demand zone on the chart. Parabolic SAR flips bullish at $1522, this margin is bullish at the moment. RSI is currently trending up slightly at 43 after bouncing off of the uptrend line from October 2018 (as support) just above 37 support. Stochastic remains bullish and is currently trending up at 33 after denying a bearish crossover at 31, the next resistance is at 47. MACD remains bearish and is currently forming a soft trough at -46 minor support. ADX is currently trending up slightly at 37 as Price attempts to push higher, this is mildly bullish at the moment.
If Price is able to break above $1270 minor resistance then it will likely retest the uptrend line from June 2022 at ~$1340 as resistance. However, if Price is rejected here, it will likely retest ~$1225 as support before potentially retesting $1k minor support. Mental Stop Loss: (one close below) $1225.