Thoughts on the crypto market on 12/17/2020

As expected, Bitcoin went up from the trading range. After a short traded about 19800, the main cryptocurrency updated ATH, reaching values ​​above 20860 in the American session.
Growth continued tonight, Bitcoin went above 22K, now it is trading around 22,000.
Market capitalization 624 billion, dominance index 64.5%.

Stock indices were moving in different directions yesterday. The Dow Jones fell 0.15%, the Nasdag rose 0.5%, the S&P 500 posted a 0.18% gain to close at 3701.
The results of the Fed meeting are positive for the markets.
The forecasts for the unemployment rate and GDP dynamics were improved, it was announced that the low rate would remain at 0-0.25% in 2020-2023, but at the same time it was said about the monthly asset buyback of 120 billion per month until the targets for employment and inflation were achieved.

The message was conveyed to the markets that “we are doing well and will be even better”, but we continue to support the economy in a proven way and do not stop until “even better” becomes a reality.
The dollar index against this background is already about 90, gold rose to 1867, Asian indices are growing, futures for the S&P 500 are also in the green zone.

Bitcoin has worked out the priority option, which has been repeatedly mentioned - the ATH update by the end of 2020.
From the range 19000 - 19500 we went up, after reaching 20880 last night, Bitcoin found support at 20600, a few hours ago it was trading at 21200, now the new ATH is above 22200.
Repeated unsuccessful attempts to take 20K (only yesterday he said that Bitcoin had tried to do it 6 times since November), led to the market a crowd of fans of shorting Bitcoin, on whose stops a powerful acceleration of growth above 21K went.
We talked about the fact that the deer who sold Bitcoin on correction, and especially those who opened short, will suffer, we talked about when Bitcoin was about 17K)

It is symbolic that new highs were reached on December 17 - on this day, the previous ATH was set 3 years ago.
We will write about the options for the further development of events in the medium term.
In the short term, the most likely option is the growth of altcoins. This is required by the logic of the market cycle, in favor of such an option and the confident taking of 600 billion of capitalization, and the growth of ether, which always begins the altseason and which has already renewed the maximums.

Thoughts on the crypto market on 12/16/2020


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Category: Analytics | Views: 90 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
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