Thoughts on the crypto market on 12/24/2020

During the day, Bitcoin first approached the upper border of the trading range, fixing a local maximum above 24200, then began to decline, again testing 22600 for strength.
Now the main cryptocurrency is trading around 23,000 - 23,200
Market capitalization 616 billion, dominance index 69.0%

American markets closed slightly higher. Dow Jones added 0.38%, S&P 500 0.07%, Nasdaq lost 0.29%.
At the same time, even half an hour before closing, the results were much better; for example, the S&P 500 in the last 20 minutes. decreased from 3705 to 3690.
Markets rallied on strong labor market data and information on the BREXIT deal, which was expected to be announced yesterday. Then it turned out that there was no announcement yet, which caused a reaction from the markets.
Now S&P 500 futures are in the black, Asian indices and oil are growing, and the dollar index is falling. There is every chance to close the last trading day before Catholic Christmas with growth, especially if the BREXIT deal is announced.

The main negative of the cryptocurrency market is XRP, which breaks the bottom against the background of the SEC hitting and has already lost its support by 0.3. The rest of the altcoins in the last day followed him.
The Bitcoin Dominance Index reached annual highs, and market capitalization has lost more than 10%. Bitcoin moves in a wide trading range of 22000 - 24000, as mentioned here.
At the same time, when it moves to the upper limit of the range, the altos grow slightly or stand still, and when moving to the lower limit, they tend to break through the bottom, especially Link and XTZ have succeeded in this.

I think that the situation with the viola should be regarded as an opportunity. When else to buy them, if not on the fall?

Jay Clayton, Chairman of the US Securities and Exchange Commission (SEC), is leaving his post until the end of the year. That is, his hitting XRP was just a spectacular completion of activities, and it is far from the fact that it will have practical consequences.
Once market participants understand this, XRP will go up and the rest of the alts will follow.

I expect Bitcoin to return above 23K (possibly after the 22K test) and altcoins to revive even before the New Year. By the same XRP, it seems that the bottom has already formed and we are not going lower.

With regard to the situation with altcoins, we once again remember the quality of the audience. The market crowd is draining senselessly and mercilessly), and it is still the main participant in the altcoin market.
But the plus is that when she grows, she behaves just as irrational. Those who have now leaked or leaked altos will actively enter them when they grow by 30-50%.
Although at that time it will already be necessary to think about taking profit.

Thoughts on the crypto market on 12/23/2020

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Category: Analytics | Views: 52 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
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