Hello and welcome to News BTC’s Market Outlook November.
Ethereum continues to grind to the upside, reaching the $380 level during the day on Tuesday. This market continues to find buyers near the 20 SMA on the 4 hour chart, suggesting that there should be dynamic support near the $355 level, and the pullbacks offer buying opportunities that we can take advantage of. A break above the $400 level is probably coming longer-term, but expects significant psychological resistance initially when we get to it.
This market is essentially “dead money” currently, as both currencies are finding strength. However, longer-term I believe that this market will probably dip, perhaps reaching down to the 0.042 level. Rallies will have to deal with a massive amount of resistance at the 0.048 level.
Thanks for watching, I’ll be back tomorrow.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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