12:00Thoughts on the crypto market on 11/30/2020
Bitcoin grew almost continuously over the weekend. In the middle of the day on Saturday, the main cryptocurrency was still trying to gain a foothold above 17K, and tonight the price of Bitcoin reached values above 18500. At the time of writing the Review, Bitcoin is trading at 18500-18570.
Market capitalization 555 billion, dominance index 61.8%
Equity markets opened slightly lower. Oil lost a little less than%, Asian indices are declining, gold too (traded at 1780), futures for the S&P 500 are also slightly negative. At the same time, the news background is good - each vaccine is better than the other, and the recovery in Asia is proceeding at a good pace, and oil is growing, and markets are looking down.
Either they are so worried about Biden, who broke his foot while walking the dog (and he has not yet reached the White House), or they are thinking about a more important question - who and at what price will buy the papers from them?
On the cryptocurrency market, Bitcoin exceeded expectations for the weekend, but confirmed the forecast of a return above 18K within a week. Having confirmed the bottom several times in the range of 16200-16700, the main cryptocurrency is already around 18500 and is clearly not going to stop.
There is only one moment that makes you think.
This is theoretically possible. This version is supported by the extremely high greed index, which even the correction below 17K did not extinguish, and the general expectation of tuzemun. But hardly likely.
Secondly, opening some tactical short for Bitcoin is risky, but possible (for example, from ATH). But betting on a decline in Bitcoin in the medium term (even for a month), given the general economic situation, and this factor, can only be o̶n̶i̶ people who do not understand the essence of this asset.
The priority option for the coming days is to try to take ATH. Most likely successful. If it is not successful, a correction with consolidation below 18K is possible, and the next try.
For altcoins, if Bitcoin slows down for at least 1-2 days between 18 and 19K, the TOP will grow, the dominance of Bitcoin will decrease to 58-57%.
Alternative option - Bitcoin does not go above 19K and rolls back to 17200-16200. It is less likely, possible in the case of some kind of FUD.
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