Thoughts on the crypto market on 12/12/2020

Bitcoin tested the strength of support at 17600. It held out, and the main cryptocurrency headed to the upper border of the trading range, once again gaining a foothold above 18000. For the last 6 hours, Bitcoin has been trading at 18250 - 18390.

Market capitalization 541 billion, dominance index 63.0%.

Equity markets again traded in different directions. The Dow Jones rose 0.14%, the Nasdag fell 0.3%, the S&P 500 shed 0.14% to close at 3663.
Brexit without a deal is likely to become a reality, and uncertainty remains with the aid package.

Bitcoin fulfilled yesterday's forecast, remaining in the trading range of 17600-18500. In the middle of the day, selling pressure led to the renewal of local minimums slightly above 17550. But the strait was bought out, by the evening the price returned above 18K, after which it went to the upper border of the range.
Altcoins are recovering, but they are still lagging behind Bitcoin. Domination index is high again, but I think that altcoins will show growth over the weekend.

The priority option for the weekend is Bitcoin in the range 18000-18400. In this case, we expect the TOP altcoins to grow. The exit of the main cryptocurrency outside this range is likely to be a false breakout followed by a return to the range.

Next week we expect another attempt to take ATH, and the growth of market capitalization with an attempt to gain a foothold above 600 billion. This level of capitalization has not passed for several weeks, and if we do not do it next week, then both ATH and the altseason are postponed to January 2021.

MicroStrategy Inc, which were going to purchase Bitcoin for 400 million, and then increased this amount to 550 million, as a result attracted 650 million for these purposes.

Thoughts on the cryptomarket as of 12/11/2020


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Category: Analytics | Views: 51 | Added by: andryvrozhkov | Rating: 5.0/1
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