Bitcoin appears set for relief rally continuation on Thanksgiving
Building on the momentum from yesterday, Bitcoin tested \(16,800 on Thanksgiving before finding support at \)16,470. $17,000 remains the main target for now and events in the next week, including GDP and Core PCE release, could support the upward price action.
Meanwhile, the S&P 500 made its way to 4,050, but could be forming a potential double top, resulting in a sharp pullback in December. DXY, on the other hand, continues to show weakness as it falls under 106.
For now, both BTC and ETH look like they have room on the upside in the absence of any major negative news coming out in the next couple days.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin was able to reach \(16,800 today before the price corrected briefly. Currently, it's found footing around \)16,500, and if it’s able to maintain above $16,300 in the coming hours, we will most likely see another move up from here.
\(17,000 will be the first stop, and if the market leader is able to withstand the selling pressure, it is possible we see \)17,600. However, that move would most likely mark a local top for the short term and we could see the price reverting to $15,900 again.
Ethereum Technical Analysis
Ethereum reached our first target of \(1,200 before it went through a brief retracement to \)1,187, and is currently above \(1,190. We need to see a higher low that doesn't break through \)1,187 and $1,250 will be guaranteed. We can, however, see volume exhaustion which shows the underlying weakness of this move and indicates that our next leg up will most likely mark a near-term top.
NFT Market Map
It appeared to be a bearish day for NFTs as most of the top 50 collections saw their trading volumes in the red (or gray) zone, meaning there were no positive changes.
Macy’s Thanksgiving Day Parade (+1,806.82%) was one of the rare winners today.
Meanwhile, YSLBeauty (+1,156.76%) posted an impressive surge in volume.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.