ETHUSD daily guidance is neutral with a bullish bias. Recommended ratio: 60% ETH, 40% Cash.
*The November Unemployment Rate somehow stayed at 3.7%, with Nonfarm Payrolls increasing by 263k... in the face of ramping layoffs and hiring freezes, this is pretty astonishing. The Federal Reserve has got to be wondering how the job market has remained so resilient with a dramatic slow down in demand due to a shrinking Fed balance sheet and rising federal funds rate. Though it has yet to be seen whether the narrative has changed on a potential slowdown in rate hikes starting on 12/14 (from 75bps to 50bps).
The Committee on Agriculture, Nutrition and Forestry held a hearing today on the FTX collapse; you read that correctly, this is currently the Senate committee most responsible for overseeing Crypto regulation through the independent agency CFTC (which the committee created in 1974 to handle currencies and other nonagricultural assets). SBF is said to have met with the CFTC 10 times in the past 14 months. SBF was interview by Good Morning America on 11/30 and denied improper use of customers' funds; this will likely come back to bite him in the ass if regulators finally get around to compiling all of the evidence against him. For one, he told Andrew Ross Sorkin at the NY Times DealBook Summit that he first "really knew there was a problem on November 6th" (start at 22 minutes), which directly contradicts a since-deleted Tweet on 11/07 assuring people that "FTX is fine. Assets are fine" and that it was just a malicious attack by a competitor. Secondly, he claims to have no idea how his parents were listed on the deed for a $16.4m property in the Bahamas that was intended for FTX staff. US House Rep Maxine Waters candidly invited SBF to participate in the US House Committee on Financial Services hearing on 12/13.
US Treasury Bills, US Short-Term Bonds, Silver, CNYUSD, JPYUSD, GBPUSD and EURUSD are up. DXY, US Long-Term Bonds, US Equities, US Equity Futures, Cryptos, Commodities, VIX, HSI, N100, and NI225 are down.
Key Upcoming Dates: US November PPI 830am EST 12/09; US November CPI 830am EST 12/13; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14; US November New Residential Construction at 830am EST 12/20; US Final Q3 GDP Estimate at 830am EST 12/22; US November PCE Index at 830am EST 12/23; UofM Consumer Sentiment Index at 10am EST 12/23.*
Price is currently forming a minor Ascending Triangle pattern at ~$1290 as it continues to hover above $1270 minor support, the next resistance is the 50MA at ~$1333. Volume finished today's session Moderate and favored buyers (it has favored buyers in three of the past five sessions), it's currently on track to favor sellers if it closes tomorrow's session in the red. Parabolic SAR flips bearish at $1067, this margin is bearish at the moment. RSI is currently trending down slightly at 53 after being rejected just below 55.31 resistance, the next support is the upper trendline of the Symmetrical Triangle from February 2020 at ~50. Stochastic is currently crossing over bearish at 95 after forming a Double Top at max top (it is still trending in the 'bullish autobahn' so this isn't a bearish indicator yet). MACD remains bullish and is currently trending up at -14, the next resistance is at 27.77. ADX is currently trending down at 31.46 as Price is attempting to push higher, this is mildly bearish at the moment.
If Price is able to push higher then it will likely test the 50MA at ~$1333 as resistance before potentially retesting the upper trendline of the descending channel from November 2021 at ~$1375 as resistance. However, if Price breaks below $1270 minor support, it will likely retest ~$1100 as support before potentially retesting $1000 minor support. Mental Stop Loss: (two consecutive closes below) $1269.
*The November Unemployment Rate somehow stayed at 3.7%, with Nonfarm Payrolls increasing by 263k... in the face of ramping layoffs and hiring freezes, this is pretty astonishing. The Federal Reserve has got to be wondering how the job market has remained so resilient with a dramatic slow down in demand due to a shrinking Fed balance sheet and rising federal funds rate. Though it has yet to be seen whether the narrative has changed on a potential slowdown in rate hikes starting on 12/14 (from 75bps to 50bps).
The Committee on Agriculture, Nutrition and Forestry held a hearing today on the FTX collapse; you read that correctly, this is currently the Senate committee most responsible for overseeing Crypto regulation through the independent agency CFTC (which the committee created in 1974 to handle currencies and other nonagricultural assets). SBF is said to have met with the CFTC 10 times in the past 14 months. SBF was interview by Good Morning America on 11/30 and denied improper use of customers' funds; this will likely come back to bite him in the ass if regulators finally get around to compiling all of the evidence against him. For one, he told Andrew Ross Sorkin at the NY Times DealBook Summit that he first "really knew there was a problem on November 6th" (start at 22 minutes), which directly contradicts a since-deleted Tweet on 11/07 assuring people that "FTX is fine. Assets are fine" and that it was just a malicious attack by a competitor. Secondly, he claims to have no idea how his parents were listed on the deed for a $16.4m property in the Bahamas that was intended for FTX staff. US House Rep Maxine Waters candidly invited SBF to participate in the US House Committee on Financial Services hearing on 12/13.
US Treasury Bills, US Short-Term Bonds, Silver, CNYUSD, JPYUSD, GBPUSD and EURUSD are up. DXY, US Long-Term Bonds, US Equities, US Equity Futures, Cryptos, Commodities, VIX, HSI, N100, and NI225 are down.
Key Upcoming Dates: US November PPI 830am EST 12/09; US November CPI 830am EST 12/13; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14; US November New Residential Construction at 830am EST 12/20; US Final Q3 GDP Estimate at 830am EST 12/22; US November PCE Index at 830am EST 12/23; UofM Consumer Sentiment Index at 10am EST 12/23.*
Price is currently forming a minor Ascending Triangle pattern at ~$1290 as it continues to hover above $1270 minor support, the next resistance is the 50MA at ~$1333. Volume finished today's session Moderate and favored buyers (it has favored buyers in three of the past five sessions), it's currently on track to favor sellers if it closes tomorrow's session in the red. Parabolic SAR flips bearish at $1067, this margin is bearish at the moment. RSI is currently trending down slightly at 53 after being rejected just below 55.31 resistance, the next support is the upper trendline of the Symmetrical Triangle from February 2020 at ~50. Stochastic is currently crossing over bearish at 95 after forming a Double Top at max top (it is still trending in the 'bullish autobahn' so this isn't a bearish indicator yet). MACD remains bullish and is currently trending up at -14, the next resistance is at 27.77. ADX is currently trending down at 31.46 as Price is attempting to push higher, this is mildly bearish at the moment.
If Price is able to push higher then it will likely test the 50MA at ~$1333 as resistance before potentially retesting the upper trendline of the descending channel from November 2021 at ~$1375 as resistance. However, if Price breaks below $1270 minor support, it will likely retest ~$1100 as support before potentially retesting $1000 minor support. Mental Stop Loss: (two consecutive closes below) $1269.