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Hello and welcome to News BTC’s Market Outlook November.
Ethereum continues to explode to the upside, breaking will above the $400 level in thin trading during Thanksgiving Day. Because of the lack of volume, it didn’t take much to push the market higher. Look for pullbacks at this point as potential buying opportunities, as we are most certainly overbought.
Ethereum even managed to skyrocket against Bitcoin, gaining over 10% at one point. However, this is a longer-term downtrend that remains very much intact, at least until we can break above the 0.055 handle. Also, stochastic oscillators are starting to cross in the overbought area on a 4-hour chart, so this could be a warning.
Thanks for watching, I will be back on Monday.