Bitcoin dropped during the day and reached local lows below 16200. After that, the main cryptocurrency moved to growth and for the last 6 hours has been trading in the range of 17000-17400.
At the time of this writing, Bitcoin is worth 17240.
Market capitalization 513 billion, dominance index 62.2%.
American markets were closed yesterday because nothing significant happened in the traditional markets. The dollar index is around 92, gold at 1807, oil at highs since the coronavirus crash.
Markets are waiting for the Christmas rally.
The main events took place on the crypto market yesterday. Bitcoin started yesterday above 18900, and by the evening reached lows below 16200. Market capitalization lost more than 15%, altcoins, as always happens in such cases, fell even more.
As expected, Bitcoin found the bottom just below 16200.
At this level, purchases began, which quickly returned the main cryptocurrency, first above 16500, and then above 17000.
Now Bitcoin is above 17,000 for over 6 hours. Altcoins are also recovering - Ether is back above 500, and Ripple is above 0.5.
It was a planned correction.
The reason was the strange statements of the CEO of Coinbase, about the Trump administration's attempt to strike a blow at anonymity in the crypto industry before leaving.
And it all turned out on Thanksgiving, in a thin weekend market.
There were too many people who wanted to go above 20K, it was necessary to dump the ballast and refuel.
The deer shouldn't buy Bitcoin cheap and hold it to new highs. He should buy it above 18K, then, in anticipation of a collapse, sell at the stop below 17K, then go short and suffer).
The forecast is the same - a return above 18K within a week. Today, Bitcoin is expected to move in the range of 16800-17800, perhaps we will stay there until Monday, then an attempt to take ATH, which is very likely to be already successful.
If Bitcoin stabilizes above 17200, altcoins will grow.
Especially if we go above 17200 for the weekend.
An alternative option is another test of the 16200-15800 range over the weekend.
Thoughts on the market on 11/26/2020