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Russia to Ban Crypto Mining in Occupied Ukraine Starting December💴 💶

Russian authorities plan to prohibit crypto mining in the occupied regions of Ukraine as the conflict surpasses 1,000 days, marking a new regulatory step. Russian Deputy Prime Minister Alexander Novak convened a meeting with senior officials to address the country’s strained electricity supply during the autumn and winter months. The focus was on energy challenges driven by crypto mining, particularly in regions with limited power capacity.

USD Consolidation Process

Following weeks of volatility, currency markets have entered a well-deserved consolidation phase. The DXY (Dollar Index) has risen nearly 7% over the past six weeks, marking one of the sharpest adjustments since summer 2022. However, positioning is now considered the biggest threat to the dollar. Additionally, considering that the DXY has declined in eight of the last 10 Decembers, seasonal factors are resurfacing. With the U.S. data calendar quiet this week, the market’s attention has shifted to the formation of Trump’s cabinet.

The Treasury Secretary position stands out as one of the most crucial roles for financial markets. Top contenders include Kevin Warsh (former Fed official), Marc Rowan (Apollo Global Management), Howard Lutnick (Cantor Fitzgerald CEO), and Scott Bessent (Key Square Group). Robert Lighthizer is also reportedly still in consideration.

GLOBAL MARKETS

Asian markets showed cautious trading, with investors closely watching chipmaker Nvidia’s earnings report to gauge whether it meets expectations. Meanwhile, the dollar has given back some of its recent gains. Nvidia, the world’s most valuable company, will release its third-quarter earnings after the market closes.

Shares of the company rose 4.9% yesterday, and sharp two-way movements are expected following the earnings announcement.

Technical Overview

DXY

The Dollar Index (DXY) is strongly recovering at the start of the week, continuing its upward trend. Finding strength at the critical support level of 100.68, the DXY is expected to maintain its upward momentum as long as it stays above this support. Especially as it trades above the 106.68 level, upward movements are anticipated to accelerate. Buyers are observed to be dominant in this area, and the index is likely to advance toward resistance levels.

Resistances: 104.76 / 106.00 / 107.35
Supports: 104.02 / 102.26 / 100.68

BTC/USD

Bitcoin has reached the resistance of the descending channel structure and successfully broke through with significant volume. This resistance zone is crucial for BTC and could open the doors to a new bullish trend in the cryptocurrency markets. If Bitcoin manages to sustain its price above this strategic level, we may see bullish momentum for Bitcoin and other altcoins, triggering a rally that gains traction in the market. Therefore, the current levels represent a critical turning point that should be closely monitored.

Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000

ETH/USD

ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.

Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052

NASDAQ

The index, continuing its upward trend, is pricing above the 20,635 resistance level, maintaining its bullish momentum. In the event of potential pullbacks, two critical support levels stand out. Firstly, the 19,600 level serves as an important support zone in the short term. In case of a deeper pullback, the 18,400 level should be monitored as a strong buying area. Buyers are expected to step in at these levels.

Resistances: 20,635 / 22,400 / 23,000
Supports: 18,913 / 18,670 / 17,200

BRENT

Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.

Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50

EURUSD

EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.

Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080

XAUUSD

Gold surpassed the 2,742 resistance zone, reaching a new all-time high and heading strongly towards the 2,800 level. In this uptrend, the 2,745 level stands out as a key support; as long as gold stays above this level, it could maintain its upward momentum. As it moves towards the 2,800 target, investors should closely watch whether gold continues to trade above this support zone.

Resistances: 2800 / 2850 / 2910
Supports: 2740 / 2690 / 2625

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