Analysis and Forecast: Focusing on BTC 09 November 2023
Technical block:
The price reached the target value of 37508, after which impulse sales with high volatility and profit taking began. BTCUSD is still in an uptrend, but stabilization and a return to average values are needed.
The nearest resistance is in the range of 46000-48000
The nearest support target is 32111 (Level), then 30369, the next 27301. Buy orders are located at these levels.
BTC's dominance is gradually decreasing relative to altcoins, but the coin's market capacity is growing. Participants diversify their portfolios with coins with greater growth potential than BTC.
Quantitative analysis:
As of 11/09/23, the BTC price is critically overbought, volatility has increased sharply, and there is a high probability of a pullback to target support levels.
Forecast for 7-10 days:
correction to target values 32111 or 30369, after correction price stabilization and further growth of 40k+
Fundamental block:
1) Saudi Arabia will continue an additional voluntary reduction in oil production by 1 million bpd in December.
2) The Russian Federation will continue to reduce supplies of oil and petroleum products by 300 thousand b/d until the end of 2023, review of the decision in December - Novak - TAAS
3) The cost of servicing US debt continues to reach new highs, forcing us to think about easing monetary policy as soon as possible.
Points 1 and 2 are positive for rising oil prices, which in turn accelerates global inflation. An imminent reduction in rates follows from point 3. These factors are positive for the growth of demand for protective assets - gold, cryptocurrencies, shares of mining companies.
The price reached the target value of 37508, after which impulse sales with high volatility and profit taking began. BTCUSD is still in an uptrend, but stabilization and a return to average values are needed.
The nearest resistance is in the range of 46000-48000
The nearest support target is 32111 (Level), then 30369, the next 27301. Buy orders are located at these levels.
BTC's dominance is gradually decreasing relative to altcoins, but the coin's market capacity is growing. Participants diversify their portfolios with coins with greater growth potential than BTC.
Quantitative analysis:
As of 11/09/23, the BTC price is critically overbought, volatility has increased sharply, and there is a high probability of a pullback to target support levels.
Forecast for 7-10 days:
correction to target values 32111 or 30369, after correction price stabilization and further growth of 40k+
Fundamental block:
1) Saudi Arabia will continue an additional voluntary reduction in oil production by 1 million bpd in December.
2) The Russian Federation will continue to reduce supplies of oil and petroleum products by 300 thousand b/d until the end of 2023, review of the decision in December - Novak - TAAS
3) The cost of servicing US debt continues to reach new highs, forcing us to think about easing monetary policy as soon as possible.
Points 1 and 2 are positive for rising oil prices, which in turn accelerates global inflation. An imminent reduction in rates follows from point 3. These factors are positive for the growth of demand for protective assets - gold, cryptocurrencies, shares of mining companies.
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