Thoughts on the market as of 12/07/2020

The weekend passed unusually calm, nothing changed in the market. Bitcoin is in the range of 18800 - 19500, now at the upper border of the range, market capitalization is 573 billion, dominance index is 62.6%.

In financial markets, too, everything is the same - investors are waiting for the adoption of the stimulus package by December 11 and the Christmas rally.

On the crypto market, everything is still the same - Bitcoin is pulling up to the upper border of the range 18800 - 19500, an attempt to pass this range is clearly brewing. If successful, movement to ATH is likely, if we do not pass 19500 now - return to the lower limit of the range and the next attempt after refueling.

The strait towards 17K can be considered only after consolidation below 18800. In general, this is an unlikely option, possible in the case of some FUD, and not for long.

The priority option is to still update ATH before the New Year. If for this it will be necessary to go below 18800 first, there will be a possibility of refueling. The likelihood of this option increases in the event that we cannot pass 19500 by this evening.

On CME, it works out the scenario that I spoke about here - positions open down. It is logical to let FUD down and try to drop the price down to at least 18K.
But this requires those willing to sell Bitcoin, and there are fewer of them.

Altcoins are still not growing, the market is waiting for the outcome of the situation in Bitcoin and the capture of the level of 600 billion in capitalization.

Thoughts on the market as of 12/05/2020


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Category: Analytics | Views: 92 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #btc news | Rating: 5.0/1
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