The cryptocurrency analysis company Greekslive has shared its latest assessment indicating a cooling trend following recent volatility.
Critical Levels and Trends
According to Greekslive, the $90,000 level has become a critical point in the crypto market. With U.S. stocks, like Tesla and NVIDIA, underperforming, the focus has shifted to memecoins, adding volatility and signaling a potentially more dangerous market environment with significant swings in both directions.
Correlation and Macroeconomics
Greekslive observes a weaker correlation between the cryptocurrency market and macroeconomic trends this week. Macroeconomic markets are expected to trade sideways, with economic events and data releases unlikely to significantly impact cryptocurrency prices, providing a relatively stable ground for investors.
Key Events and Their Impact
Several key events could impact market sentiment in the coming days:
- Monday, November 18: The G20 Summit begins, potentially impacting global economic policies.
- Tuesday, November 19: The Reserve Bank of Australia is to release the minutes of its November monetary policy meeting.
- Thursday, November 21: The US will release the first jobless claims for the week, and the EFMA International Finance Forum will be held in Paris.
- Friday, November 22: Key US officials are expected to speak, and the final Michigan consumer confidence index for November will be released.
Greekslive notes that the crypto market is entering a correction phase after a strong rally. The options market is stabilizing, with interest rates remaining stable both in the context of the blockchain and the market.
