The echoes of President Powell’s statements continue in the markets, which had an active week. In the new week, the markets are waiting for the growth data and unemployment benefits from the USA. Bitay Research Department Analyst Betül Yavuz evaluated the developments in the markets, the latest situation and expectations in Bitcoin and Ethereum, which saw sharp decreases over the weekend.
We have left behind a week of intense data flow that directly affects the markets. The influence of Fed Chairman Powell’s discourse continues in the crypto money markets. The expectations of the leading PMI data for December announced in the US on Friday and the fact that it came below last month continued to increase the recession concerns. US stock indices, on the other hand, finished the last trading day of the week with a decline. The dollar index, on the other hand, started to show activity at 104.39 levels with minor pullbacks.
In the Eurozone, December PMI leading data, led by Germany, exceeded market expectations and the previous month’s data, but remained below the 50 threshold level. The manufacturing industry PMI index rose from 47.1 to 47.8, while the services index rose from 48.5 to 49.1. After the data, it is evaluated that the recession in the regional economy may be more moderate. On the other hand, Eurozone stock indices, the hawkish stance of the ECB (European Central Bank) and the fact that the final inflation data for November were higher than the previous month, spoiled the pricing. Gold, on the other hand, increased 0.9% to $1793/ounce after US PMI data. Important developments of this week, US growth data to be announced on Thursday and unemployment benefits application numbers will be announced.
19 DECEMBER BITCOIN TECHNICAL ANALYSIS
Bitcoin, which has been in an uptrend for about a month, broke the rising trend with a sharp pullback on Friday and fell by around 6%. Trying to accumulate over the weekend, Bitcoin started pricing at $16700 in the morning. Breaking the rising trend and an important level shows that the risk for Bitcoin continues. It can be expected to accumulate for a while until the next US growth data on Thursday. In the upward movement, both the 50-day moving average and an important level of $ 17000 continue to appear as resistance. If this level is exceeded, it can be expected to be included in the rising trend again ($17775). On the downside, the $16500 and $15500 supports may come to the fore again.
19 DECEMBER ETHEREUM TECHNICAL ANALYSIS
It broke the rising trend in Ethereum, which showed the same mobility as the leading cryptocurrency, and started to price at $1180 in the morning with a pullback of close to 8%. The fact that Ethereum is supported by the Fibonacci 0.23 level, showing activity below the major falling trend shows that the bearish activity continues. As the first resistance level in the upward movement, the major downtrend and $1240, which coincides with the 50-day moving average, can be tested, exceeding this level is very critical for an uptrend.
On the downside, the Fibonacci level at $1155 can be tested again. If this level is broken, there is a sharp pullback and $1070, followed by $880 levels as important support levels.
Investment information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy service; brokerage houses, portfolio management companies, non-deposit banks and the customer within the framework of an investment consultancy agreement. The comments and recommendations contained herein are based on the personal opinions of those commenting and recommending. These views may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not yield results that meet your expectations.