As we enter a new week, we expect intense data flows at the macro level. American Central Bank (Fed) Chairman Powell said he was not sure about taking another strong step in the fight against inflation. So we will focus on CPI data coming from the USA on Tuesday. The market does not expect a new interest rate hike this year and expects an interest rate cut in the first half of 2024.
Another important development is the risk of a government shutdown in the United States. On Saturday, he announced a temporary spending plan introduced by Republicans that aims to prevent a partial shutdown, but the plan drew backlash from members of both parties. We will see if this situation can be resolved within this week.
The state of cryptocurrency markets is better than ever. The news-based upward trend continues, unaffected by macro conditions. Many analysts expect spot Bitcoin ETF approval later this year. In case of possible approval, the flow of liquidity in the markets will become more intense.
We saw that the subsequent rise of Bitcoin also affected altcoins. The rise in major sub-coins such as VET, IMX, GRT, ALGO, SOL, FTT, which rose in anticipation of the FTX opening, made investors happy.
If the war between Israel and Palestine does not escalate globally and inflation figures come in at or below expectations, green days will continue.
Tuesday, November 14
USA – Core Consumer Price Index (CPI) (Monthly) Expected: 0.3% Previous: 0.3% – 16.30
USA – Core Consumer Price Index (CPI) (annual) Expected: 4.1% Previous: 4.1% – 16.30
USA – Consumer Price Index (CPI) (Monthly) Expected: 0.1% Previous: 0.4% – 16.30
USA – Consumer Price Index (CPI) (annual) Expected: 3.3% Previous: 3.7% – 16.30
Wednesday, November 15
USA – Producer Price Index (PPI) (Monthly) Expected: 0.1% Previous: 0.5% – 16.30
Thursday, November 16
USA – Applications for unemployment benefits expected: – Previous: 217K – 16.30
Friday, November 17
USA – Central Bank (Fed) Balance Sheet
EUR Zone – Consumer Price Index (CPI) (annual) Expected: 2.9% Previous: 4.3% – 13.00
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bitcoin technical analysis
Bitcoin continues to move towards the $37,200 – $40,000 levels, which I have marked in yellow. This area is an important resistance zone. So we will wait for the daily candle to close to regain the level. For a healthy rise, we can expect the price to retrace to the $32,800 – $33,400 levels that I determined from the black box. Unless the candle closes under this zone, our direction will be upward. If the candle closes, we can expect the price to drop to the $30,900 level.