Thoughts on the cryptomarket for 12/04/2020

Bitcoin continued its upward movement, moving into the 19300 - 19500 trading range, where it is being traded to the present.
Market capitalization 576 billion, dominance index 62.3%.
Stock markets were up yesterday. American indices added 0.73% to 0.53%, S & P 500 closed at 3666.72, Dow Jones updated ATH.
The support package got a chance to be quickly accepted. House Speaker Pelosi and Senate Democratic leader Sumer agree on a $ 908 billion support package.
Oil is growing, despite OPEC's decision to reduce restrictions on production from January 2021, gold is also growing and is approaching 1850, the dollar index continues to fall and is already below 90.7.

Bitcoin yesterday went out of the range 18800 - 19300, moving one floor higher in the range 19300 - 19500. An attempt to move further ended just above 19600. Bitcoin rebounded to 19300, after which all attempts to move to 19500 were unsuccessful. The volumes are falling, the pressure on the price is growing, Bitcoin is pressed to 19300, the picture is similar to preparation for a downward movement.
I think this is a reindeer shorts breeding. We will take ATH on these shorts).
Seriously though, 20K is just a psychological level. And if in 2017 Bitcoin reached it on the hype and FOMO of the crowd, now it is a purposeful, systematic upward movement.
 And it is quite reasonable - since 2017, dollars have become about 13-15 trillion more, and the amount of Bitcoin is only decreasing. And if the stock indices in the falling economy in 2020 updated their ATH several times, then it is quite logical for Bitcoin to do the same.
Perhaps today we will return to the previous range of 18800 - 19300, or even come back to support at 18400 - 18500. This option is possible if the FUD about the regulation of stablecoins in the US is inflated.
But this is exactly FUD.
Firstly, the bill was submitted on November 19, and they started to inflate the topic right now.
Secondly, this story was already last year, then everything died out.
Thirdly, even if we assume that right now in the US everyone will give up and begin to adopt this law, and apply it to existing stablecoins (although the law has no retroactive effect), then in this case most of the funds from the same USDT will simply go to Bitcoin. You yourself understand how this will affect his course.

Today I expect Bitcoin to move in the range of 18800 - 19500. If we leave for the weekend with Bitcoin above 19K, there is a chance for a local altseason and taking an important level of capitalization of 600 billion.
In case of consolidation below 18800, all this is postponed for 7-10 days.


Thoughts on the cryptomarket for 12/03/2020


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Category: Analytics | Views: 230 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #btc news | Rating: 5.0/1
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