08:21
Thoughts on the market on 11/26/2020

After hitting highs above 19,500 yesterday, Bitcoin has corrected to 18,200 where it is currently trading.
Market capitalization 539 billion, dominance index 62.3%.
Equity markets showed a slight decline yesterday. The Dow Jones lost 0.58%, the S&P 500 was down 0.16% and the Nasdaq was up 0.48%.
Oil is showing good growth and is approaching 50, gold is at lows, the dollar index is below 92.
Good statistics are coming out for the US (in the private PMI at 5-year highs), and European indicators are breaking through the bottom.
Today is a day off in the US, markets are closed. Asian indices are trading in different directions, positive for European ones is possible if they end up with coronpsychosis and lift restrictions.

Bitcoin yesterday renewed its highs again, reaching values ​​above 19550, but by the morning it went into correction. Support at 18700 has been lost, at the time of writing Bitcoin is around 18200.
"Bitcoin fell to 18200" sounds nice).
Especially when you consider that it has never been so much higher than 18K in its history.
Perhaps the fall is due to the statement of Coinbase CEO Brian Armstrong, who on Twitter said that the US Department is collecting strict rules on the movement of crypto assets outside the exchanges. Supposedly, each exchange will have a white list, all the rest will be considered black.

I guess it's FUD. First, they are not idiots and understand that in this case the market will go into the shadows, and exchanges will begin to move to other jurisdictions. Secondly, Mnuchin's companies are ending their powers, and now they are clearly not up to it.
Thirdly, even if such obscurantism passes, the exchanges will simply leave the US jurisdiction, or bring American clients to a separate company, following the example of Binance.
Most likely, it was someone who did not have time to buy Bitcoin and now wants to take it at least 15K each.
Altcoins, of course, also fell, market capitalization fell by almost 10%.
The question remains - is this a full-fledged correction and Bitcoin is going to 16-15K, or is it a small drain against the background of FUD and will return to growth in the near future?
While I am leaning towards option 2, Bitcoin will find support in the range 18200-17800, and move to growth, followed by the entire market. Because the market cycle looks incomplete yet, and altos have not grown much, and ATH has not been updated.
If Bitcoin consolidates below 17800, then there will be a full-fledged correction in the direction of 15800-16400.

Category: News | Views: 212 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
Total comments: 0
Name *:
Email *:
Code *:
[24.01.2021][Analytics]
Aave and Chainlink hit new highs as Bitcoin price fights to hold $32K (0)
[23.01.2021][News]
China’s bitcoin miners hit by global chip shortage (0)
[23.01.2021][News]
Crypto exchange OKCoin to Integrate with Bitcoin Lightning Network (0)
[23.01.2021][Analytics]
Ethereum Could See an Explosive Move Higher Following Massive 20% Surge (0)
[23.01.2021][News]
Bitcoin in Your Pocket: Best Crypto Mobile Wallets of 2021 (0)
[23.01.2021][Analytics]
Bitcoin suffers worst week in months amid regulation fears (0)
[23.01.2021][News]
Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’ (0)
[23.01.2021][News]
Amid blackouts and police raids, Iran weighs benefits of Bitcoin mining (0)
[23.01.2021][News]
MicroStrategy CEO: “Avalanche of Money to Flow from Institutions & Corporations into Bitcoin” (0)
[23.01.2021][News]
Montana County to Hold Public Hearings on Zoning Rules for Crypto Miners Amid Growing Complaintsv (0)

BACK TO NEWS LIST