Weekly Wrap-Up | 11/22/21 - 11/27/21
By Matthew BrienenNews Flash
*Monday 11/21/21:*President Biden announced that he was nominating Jerome H. Powell, the Federal Reserve chair, to another four-year term. Additionally, Dr. Lael Brainard was nominated & tapped for the Vice Chair of the Federal Reserve. Biden stated, "While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again. That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery." Time will tell if Powell continues to remain dovish heading into 2028.
*Wednesday 11/24/21:*The price of [ADA](https: //dashboard.cryptocharged.com/news/cardano-price-sinks-to-lows-after-etoro-limits-ada-trading/), the native coin of the Cardano blockchain, fell today to $1.60, its lowest point since August 9—and 48% off of its all-time high of $3.09 on September 2. The price movement comes on the heels of restrictions on U.S. holders of ADA and TRON by crypto trading platform eToro. Citing "business-related considerations in the evolving regulatory environment," eToro will not allow new ADA or TRX buys after December 25. The platform will also pull support for staking of ADA and TRX starting December 31. This speaks further to the importance of the outcome of the SEC v. Ripple Labs case providing clarity for all of cryptocurrency.
*Thursday 11/25/21:*An “extremely rare” piece of virtual land in the crypto game [Axie Infinity](https: //dashboard.cryptocharged.com/news/axie-infinity-land-plot-sells-for-record-2-48-million/) sold yesterday for 550 Ethereum yesterday, or more than $2.48 million at today’s prices.The "Genesis" plot is one of the rarest in the game, with just 220 in existence. It will become clear in the near future that play-to-earn crypto gaming has already opened pandora's box on a trillion-dollar industry.
Bitcoin Technical Recap
Bitcoin has suffered another bearish leg in this corrective downtrend. We discussed throughout the week that we expected volatility over the Thanksgiving bank holiday on Thursday & potentially unfavorable trading conditions heading into the weekend.Price has continued its crawl down towards the key zone Dan Habib & Matthew Brienen have been pointing to in the $52,750-$53,000 region. This is the top of the previous ABC Elliot Wave Correction that came in during September. This is also a large liquidity pool as there was a "gap" left behind when price rocketed out of this region.BTC has dropped 20% since making its most recent high at $69,000. A 20-30% correction is normal in cryptocurrency after a large expansive move. Short term bearish pain should resolve itself once the $53,000 zone has been confirmed as a bottom.
Ethereum Technical Recap
Ethereum has fended off bearish pressure better than Bitcoin over the last week & a half. Dan Habib had showcased how long-term bitcoin holders are starting to sell small portions of their holdings while ETH long term holders showed accumulation & strength.ETH has fended off the $4,000 zone with tenacity since late October, offering sideways price action since Nov 16. The daily candle produced yesterday flashed losses as deep as 11%, however, this was simply another retest of the previous ABC Elliot Wave Correction that came in during September. The ETH/BTC pair also shows superior strength & a macro accumulation structure suggesting that ETH is looking to flip BTC for dominance in the coming weeks.
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. *Sunday 11/21/21:*Matthew Brienen hosted a [special Sunday webinar](https: //dashboard.cryptocharged.com/updates/tradingview-walkthrough-fibonacci-webinar/) showing how to use TradingView.com to create charts and how to use Fibonaccis to determine entry and exit points. The last 40 minutes of the session was spent covering member coin requests usingFibonacci retracements & extensions.
*Monday 11/22/21:*Dan Habib covered the reappointment of [Federal Reserve Chairman Jerome Powell](https: //dashboard.cryptocharged.com/libraries/inflation-fed-funds-futures-the-consumer-price-index-cpi/) & the potential implications of inflation effects on Cryptocurrency. Brienen did a swift walkthrough on the key fundamentals for Energy Web Token (EWT) & its lucrative technical setup, which can be found in the Small Cap tab in the technical analysis section.
*Tuesday 11/23/21:*Habib came in HOT with the [on-chain data](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-11-23-21/), allowing us to peer more granularly into market participant behavior. We covered percentage of BTC holders in profit, Spent Output Profit Ratio (SOPR) & balance on exchange. Dan drilled down on the technicals for BTC & ETH, showing a confluence of structures & indicators, suggesting short term pain is afoot.
Wednesday 11/24/21:The short week was closed out with analyst Matthew Brienen doing a deep dive on[Ripple Labs, XRP & the SEC lawsuit](https: //dashboard.cryptocharged.com/wp-admin/post.php?post=3733&action=edit). A price study of a side-by-side XRP/USD & BTC/USD price chart further confirmed XRP's 10-12x potential by end of cycle. See the highlight for Ripple[here](https:** //dashboard.cryptocharged.com/libraries/xrp-fast-transparent-0-in-pre-funding/)** & XRP challenging the legacy banking system**[here](https:** //dashboard.cryptocharged.com/libraries/the-primary-function-of-xrp/)**.
