GT-Protocol Blog BTC pullback loading, prepare your positions!

BTC pullback loading, prepare your positions!

13.11.2023

Dear traders,

Altcoins are pumping into resistance, and there are numerous breakouts, but BTC appears to be overbought and could pull back.

Jake
TOP Trader

BTC is consolidating below $37,000 and creating a bearish structure with a significant possibility of a pushback to the $35,000 support zone for a retest. A significant short entry zone is at $38,000, which is a good position to consider for your setups.

Ethereum (ETH) has been rejected from the $2,100 resistance and is pulling back from $2,000, which is acting as support. There is still the possibility of a larger pullback and retest of a strong push.

Ripple (XRP) is losing momentum and pushing back into the $0.62 channel. It needs a strong push with buying volume to drive the price up.

Chainlink (LINK) is retesting $15 as support after a significant breakout and needs to hold it on the daily chart for bullish continuation.

Solana (SOL) hit strong resistance at $57 and is now consolidating below it. It is still in a strong bullish trend.

EOS broke above the $0.7 resistance and is now preparing for a bigger push up to $0.79 if it manages to hold in the $0.7 trading zone.

Litecoin (LTC) has broken through strong resistance at $70 and is now ready for a bigger price push, returning to a bullish channel.

The US Dollar Index (DXY) pushed from the $105 support and needs to break $106 strongly for a bigger push-up.

Crypto/stock daily news:

ETH IS UP BIG. HERE’S WHY

Crypto prices have been pumping all year long.

But there’s one token that’s been lagging… ETH.

It’s been stuck in the $1,600 – $1,800 range and hasn’t rallied like other major tokens this year. (i.e. BTC is up +124% YTD and SOL is up +398% YTD.)

If the crypto market was a prison yard, ETH would be some guy named “Rico’s b*tch”.

Well, yesterday that all changed…ETH pumped 10% on the day and hit $2,000 for the first time in 7 months!

So why is ETH pumping? One word… BlackRock.

The largest asset manager in the world ($9T AUM) made a few big moves yesterday:

Registered a new corporate entity named “iShares Ethereum Trust”. (It did something similar before filing for a spot Bitcoin ETF earlier this year.)
Filed paper with Nasdaq to launch a new ETF product.

Both signs point toward one thing… BlackRock is trying to launch a spot ETH ETF.

Why this matters: ETFs offer a way for investors who aren’t comfortable buying tokens to get exposure to the industry.

And to meet the demand of ETF investors, institutions need to load up on the underlying asset (in this case ETH).

More demand + more adoption = higher token prices.

WOULD YOU RATHER… OWN 1 BTC, 20 ETH, OR 800 SOL?

This was a pretty interesting stat…

1 BTC will get you about about 20 ETH. It’s the highest ratio we’ve seen in 2 years…