The Crypto Pulse November 10th

Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum, NFTs and cryptocurrency markets.

News 📰

Crypto World Hits $3 Trillion Market Cap as Ether, Bitcoin Gain

The total cryptocurrency market cap surpassed $3 trillion for the first time on November 8th as Bitcoin and Ether reached fresh highs above $66,000 and $4,700 respectively.

Source: CoinGecko

Tim Cook Says He Owns Cryptocurrency And He’s Been ‘Interested In It For A While’

Tim Cook, the CEO of tech giant Apple, said he personally owns cryptocurrency on November 9th at the DealBook conference. Cook said that he had been interested in cryptocurrency “for a while” and that he had been researching the topic.

Despite Apple's CEO involvement in cryptocurrency, he dismissed suggestions that that Apple might take cryptocurrency in exchange for products as tender or buy it with corporate funds.

Bitcoin Lobby Loses: Senate Rejects Revised Crypto Tax Provisions in Infrastructure Bill

The United States Senate rejected an amendment championed by the cryptocurrency industry that exempts non-custodial crypto actors from a crypto tax reporting requirement built into the $1 trillion infrastructure bill.

At a Four-Day NFT Conference in New York, Start-Up Wunderkids and Art-World Elite Mingle

The largest conference related to Non-Fungible Tokens, NFT NYC 2021, took place last week. You can watch all of the talks from the biggest annual NFT conference via the playlist below:

ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK

The most popular web3 wallet may be getting its own token, according to ConsenSys founder Joe Lubin. Lubin's tweet below sparked speculation that MetaMask, used by more than 10 million people worldwide to access the DeFi and NFT ecosystems, may airdrop tokens to its users, similar to how projects like Uniswap have done in the past.

Discord CEO Hints at Ethereum Compatibility

Discord CEO Jason Citron posted a screenshot on November 9th that shows the social messaging app connecting to Ethereum, saying “probably nothing" and displays the option to connect using Ethereum wallet MetaMask or blockchain-agnostic wallet connector WalletConnect.

With integration of ETH into the app, users would be able to send each other crypto, opening a potential monetization opportunity for Discord to capitalise on transaction fees.

Other News

• Aave V3 is About to Pass in Governance Vote,
• NYC Mayor-elect vows to take first pay in Bitcoin,
• Microsoft muscles into the metaverse with Teams updates and Xbox upgrades,
• Square’s Cash App generated $1.8 billion in Bitcoin revenue in Q3,
• Dogecoin Core 1.14.5 released, introducing the much anticipated fee reduction for transactions on the network,
• The movie industry is turning towards NFTs,
• This week's staking rewards for Rollbit's NFT marketplace can be claimed on Thursday, November 11th at 19:00 UTC!

Market Analysis 📈📉

7-day Price Change

• BTC: +7.8%
• ETH: +4.6%
• BNB: +15.6%
• SOL: +9.3%
• ADA: +13.9%
• XRP: +16.5%
• DOT: -0.9%
• DOGE: -1.5%
• SHIB: -26.1%
• LINK: +15.2%
• LTC: +41.5%
• MATIC: -4.1%
• TRX: +6.5%

Data as of November 10th, 18:30 UTC

Let's look at the Bitcoin chart.

Bitcoin is making fresh highs and looks to head towards the Fibonacci extension level at $81,502 over the long term. As long as the price of Bitcoin remains above $64,899 we should see the leading cryptocurrency move towards the $80,000 level over the next few weeks.

The daily chart below shows that a Bollinger Squeeze is in play and the width of the bands is still relatively low, suggesting there's still more room for upside. As long as today's close is above $68,568, then we'll get a Bullish Engulfing candlestick pattern on the daily timeframe which would suggest more gains for the days ahead.

The 4-hour chart for Bitcoin is shown below and the Bollinger Bands show two important levels that could serve as good buying opportunities: the middle band, currently at $66,282, and the lower band, currently at $62,562. The upper band provides resistance at the psychological $70,000 handle.

The outlook for the price of Ethereum is similar to that of Bitcoin, with fresh highs consistently being made over the past few days. The medium-term target for bulls lies at the first Fibonacci extension just above $5,552, shown by the chart below.

The daily chart for ETH also shows that a Bullish Engulfing candlestick pattern is forming and will be confirmed if the daily closing price is higher than $4,811, which should signal a move higher over the following days. The $5,000 handle will be a key level to break to see a continuation of the upward trend. However, ETH is very close to the upper band and opportunities for long-term buys are found at the middle band (currently at $4,392) and the lower band (currently at $3,865).

The 4-hour chart for ETH is below and highlights a rejection of the upper band near $4,877, suggesting the market may take a further dive until support at the middle Bollinger band is reached ($4,740). A move below $4,740 will open up a test of the lower band at $4,603.

Cardano's ADA is set for the highest weekly gain since early August 2021 and the current weekly candle engulfs the last five weeks of price action, four of which saw losses for ADA. With the market bouncing from the middle Bollinger band at $2.03, a weekly close above $2.375 should open up further highs for Cardano's native token and should open up attempts at previous highs of $2.47 and $3.10.

The daily chart for ADA below shows that a Bollinger squeeze is in play and volatility is returning to the market, suggesting the price of ADA has a high likelihood of continuing the upward trend. Support is seen at $2.05 and $1.852. On November 9th, ADA saw the largest daily trading volume in two months and if voluem remains high, then it should provide the fuel needed to go even higher.

However, yesterday saw the price of ADA retreat from its high to close much lower, while still bullish, we'd want to see further bullish confirmation today with a close higher than $2.269.

Have a great week!

-The Rollbit team