Thoughts on the crypto market on 12/16/2020

Bitcoin was in the range of 19050 - 19600 during the day. After aggressive sales yesterday morning there was a strait to the lower border of the range, then the main cryptocurrency recovered and has been trading in the range of 19200-19500 for about 18 hours.
Market capitalization 564 billion, dominance index 63.9%.

Stock markets were up yesterday. US indices added 1.13 to 1.29%, the S&P 500 closed at 3694. Apple shares rose more than 5% on the announcement of an increase in iPhone production by more than 30% from a year ago.

Markets ignored information on slowdown in US industrial production to 0.4% and an expected fall by 5.5% for the year.
Now Asian indices are growing, gold is already above 1860, oil is holding above 50, S&P 500 futures are practically in place.
The short-term prospects of the market will continue to be determined by the situation regarding the aid package, the adoption of which before the New Year is still in question.

Bitcoin is trying to take 19500. During the day there were two attempts that did not lead to success, now there will be one more.
If the result is the same, we can go to the lower border of the range at 19K, or even make a strait to 18600. If we fix, we go to ATH this week.
The situation is somewhat similar to the one that was in June-July 2020, when Bitcoin was between 9000 and 10500. Then the capture of the important level of 10500 was preceded by several unsuccessful attempts, which ended in a drain to the lower border of the range, and only then success.
Now Bitcoin is making its sixth (since the end of November) attempt to gain a foothold above 19500. So far there has been no success, but it is obvious that given the current market situation there is no alternative to this outcome, the only question is the timing.
The priority for today is Bitcoin's exit from the range of 19500 - 19000 upwards. An alternative is the range 19000 - 19500.
The trustee of Mt.Gox is suing Tokyo for a plan to reimburse former clients of the exchange. Around this, FUD on the topic of a market crash can be dispersed after the clients of the exchange receive these payments.
Why these fears are not based on special grounds, we will tell later.

Thoughts on the crypto market on 12/15/2020


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Category: Analytics | Views: 61 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #BTC #bit | Rating: 5.0/1
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