Weekly Market Update – 11-21-2022

Table of Contents
BTC Overview (Long-term and Short-term Technical Analysis)
US100 Overview


BTC Overview

The turmoil from last week’s FTX collapse still hasn’t subsided this week, the fallout continues, and the market continues to be in a cautionary mood. I closed the week with no positions.

Chart-wise, volatility is shrinking and we are at the halfway point in the price range, so I am not in a rush right now and think it is best to trade when the charts are in shape.

The difficulty in the current market is that it is impossible to make decisions based on BTC alone. It is important to make a comprehensive judgment by observing each factor in a composite manner.

Since monetary easing has temporarily ended, funds have been withdrawn from the market, and the U.S. dollar is strong, there is no need to rush into buying positions over a long time horizon. This is a phase to protect funds, not an offensive phase. (Reiterated)

↓8-hour candlestick chart of BTCUSD

Last week’s FTX bankruptcy and credit concerns caused $BTC to fall below its daily range, and it has been sold back to the lower end of the range at $18,000, but has been sold back and folded.

As in the past week, “do nothing (no position)” is correct as we are at the halfway point at this point in the current position. It would be better to wait until it looks like it is about to form a range or make a double bottom. If a new low is confirmed by a large negative line, I would not force a long position.” This is the case in the current situation.

If you want to take a long position, I think it is not too late to do so after this month’s monthly leg is confirmed and your back is made. If we were to test the white box directly below ($13,000-$14,000) within this month or over the next month, that is where I would want to target a bit.

The longer time frame chart setup is as I put it on last week, so you may want to check last week’s article.

US100 at a glance

↓Daily candlestick chart of US100

The US 100 has been a range-bound market this week. Setups will continue as they are and remain to be seen. It looks like it will remain range-bound in this price area for a while.

This has little to do with BTC’s movement this week, but in any case, unless the US100 rebounds, BTC is unlikely to rebound either, so as I always write, we need to watch this one as well. Another way of putting it is that when taking a position in BTC, you also need to take into account the movement of the index.