Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update November 7, 2022

Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update November 7, 2022

The cryptocurrency market lost $2 billion from its market cap during the last seven days and now stands at $1,028 billion. The top 10 coins moved in different directions for the same time period with Binance Coin (BNB) adding 6.1 percent while Solana (SOL) lost 3.1 percent from its market cap. Bitcoin (BTC) is currently trading at $20,754 while ether is at 1,578.


Bitcoin closed the trading day on Sunday, October 30 at $20,600 after reaching a local top of $20,800, which it was unable to surpass for four days in a row. It ended the previous seven-day period with a 5.3 percent increase.

On Monday, October 31 the BTC/USDT pair was trading in the $20,200-$20,800 range before closing the session at $20,480 right below the important support/resistance horizontal line at $20,500.

The coin added 5.5 percent to its valuation for the month of October, fully engulfing the previous 30-day period candle.

The Tuesday session was no different and the price of BTC continue to feel the selling pressure. It formed a negligible red candle on the daily timeframe chart.

The biggest cryptocurrency was, as expected, quite volatile on Wednesday, November 2 in expectation of the United States Federal Reserve’s (FED) interest rate hike decision. The coin rallied to $20,800 in the first part of the trading day, but then dropped all the way down to $20,150, which resulted in a 1.5 percent loss.

The Federal Open Market Committee (FOMC) raised the interest rates by 0.75 basis points, in line with expectations, but the even more hawkish comments from the chairman Jay Powell colored both traditional and crypto markets in red.

On Thursday, November 3, the BTC/USDT pair found support at the 21-day EMA and formed its first green candle since October 29.

The last day of the workweek came with a solid bullish session for the number 1 cryptocurrency coin. It rallied 4.6 percent to $21,130 beating the $20,750 local resistance.

The weekend of November 5-6 started with a push to $21,500 on Saturday. As previously discussed, this is the next major line of resistance for buyers on their way up.

Then on Sunday the price reversed its direction and ended the week at $20,883.

What we are seeing midday on Monday is another red session as BTC is trading at $20,754.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update November 7, 2022 - 1


The Ethereum Project token ETH closed the week of October 24-30 with a solid 16 percent increase. It hit the 21-period EMA on the weekly timeframe chart near $1,620, but not before peaking at $1,665 on Saturday, October 29.

The ether started losing steam during the weekend and on Monday, October 31 hit $1,570 on its way down. As we previously discussed, this level acts like a magnet on the 1D chart and is where the biggest trading activity is located.

The ether ended the month of October with an 18.5 percent of increase and just like bitcoin managed to engulf the previous candle.

On Tuesday, the biggest altcoin climbed to $1,610 intraday, but bulls could not keep up with the momentum and the coin eventually closed the day flat.

The third day of the workweek came with a solid 3.7 percent drop to $1,517 from the high-Volume Profile zone and on the interest rate decision news.

On Thursday, November 3, the ETH/USDT pair moved up to $1,532 after hitting a daily high of $1,556. The last price correction was seen rather as a consolidation above the 21-day EMA in preparation for the next leg up.

The Friday session was quite strong for buyers. The leading altcoin climbed up to 7 percent to $1,642 and surpassed the last local high.

The first day of the weekend came with a short pullback to $1,626 as the 24-hour volumes fell below the average for the last 14 days while the Relative Strength Index (RSI) re-entered the overbought area.

On Sunday, November 6, the ether remained flat in the morning, but then started moving downwards in the evening, eventually closing the week at $1,568

As of the time of writing, it is trading slightly higher – at $1,577.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update November 7, 2022 - 2

Leading Majors

  • Polygon (MATIC)

MATIC re-entered the Top 10 list on CoinGecko after a strong week during which it grew by more than 24 percent, breaking above its last high and the 21-period EMA on the Weekly timeframe chart.

The strong technical data, which allowed it to find support near the $0.75 mark once again during the last consolidation phase, however, was not the main catalyst here.

The recently announced partnerships with the social media giant Meta and the financial heavyweight JP Morgan proved the fundamentals are also strong.

First, Meta chose Polygon for its upcoming NFT support on Instagram then JP Morgan used its blockchain for its first decentralized trade.

Next for MATIC will be to test the $1.35 former support line. 1.8 will act as the next major level of resistance.

Down, bulls can probably rely on the psychological level of $1 for support.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update November 7, 2022 - 3

Altcoin of the week

Our Altcoin of the week is Chiliz (CHZ). Branded as the world’s first tokenized sports exchange, Chiliz is one of the leading cryptocurrency projects for sports and entertainment. It provides its blockchain infrastructure support to the fan engagement platform, which is popular for its football token offerings.

The CHZ/USDT pair was one of the best-performing altcoins since min-June this year. It rallied 252 percent up from its $0.08 bottom to hit $0.28, which was followed by a 42 percent correction.

The Chiliz token is now once again on its up. It gained 20 percent during the last seven-day after completing its consolidation phase. We could clearly see a Cup and Handle Pattern on the Weekly timeframe chart with a neckline of around $0.255. This is usually a bullish reversal figure.

Additionally, the approaching World Cup in Qatar, which starts on November 20 could lead to rising interest in the coin in the next few weeks.

CHZ is currently ranked at #41 on CoinGecko with a total market cap of approximately $1.49 billion.

Bitcoin (BTC), Ethereum (ETH), Major Altcoins - Weekly Market Update November 7, 2022 - 4
Follow Us on Google News