Thoughts on the cryptomarket as of 12/09/2020

Bitcoin has once again tested the support at 18800, and this time it did not hold out. The price of the main cryptocurrency reached local lows of about 18K, after which it traded for several hours around 18,200 - 18,250.

Market capitalization 538 billion, dominance index 63.0%.

Stock markets were up yesterday. American indices added 0.3% to 0.47%, S&P 500 renewed highs again and closed above 3700 for the first time.

This was not prevented even by record data on hospitalizations from coronavirus in the United States and the lack of progress on the aid package. FDA approval of the vaccine is scheduled for Thursday. But this is in the USA, and in the UK, mass vaccination has already begun.

Asian indices and futures for the S&P 500 are growing now. More details will be on our stock channel.

Bitcoin left the 19500 - 19800 trading range, the exit was down. The main cryptocurrency hit lows around 18K, where it was previously 1.12, after which it bounced above 18,200, and has been trading around 18,250 for several hours.
Market capitalization has lost about 30 billion, and the increased dominance index suggests that, as always, altcoins have suffered much more than the main cryptocurrency.

So far, everything is within the framework of a small correction. Bitcoin several times unsuccessfully tried to take 19,500, and the market capitalization was the level of 600 billion. They did not succeed, so they went to refuel. If you don't hit, they beat you. If we do not return above 18700 before the American session, then we can go below 18K.

But the priority option is Bitcoin in the range of 18000 - 18700, with a subsequent return above 18700. If we go below 18000, the option with refueling, which was discussed here, will work.

Bitcoin lost less than 10%. And even if he falls by the same amount, this will not affect his prospects in any way. And this factor is not going anywhere either. The very phrase "Bitcoin fell to 18200" sounds beautiful. Especially when you remember where Bitcoin was a year ago.

Everyone knows what reasons led the price of Bitcoin to these levels. And each of these reasons is still relevant. Hence, taking ATH is still relevant and falling is an opportunity.

Thoughts on the cryptomarket as of 12/08/2020

Category: Analytics | Views: 44 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoin markets #btc news | Rating: 5.0/1
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