Thoughts on the market for 17.11.2020: How Timely, Banks Now are Bitcoin Experts! "Bitcoin at $318,000 Next December?" One #Citibank Exec Says It’s Possible.
#Bitcoin not only returned above 16000, but also set a new high above 16800. Total Crypto-Market capitalization is now at $475 billion and #BTC dominance index is 65.0%.
In the financial markets, the situation repeated similar to a week ago, the markets reacted positively to the news about the vaccine from #PFIZER as well as from #MODERNA. The Dow Jones peaked, the S&P 500 rose 1.1% to close at 3626.91, and the Nasdaq rose by 0.55%. Futures on the S&P 500 are now in a slight minus, the dollar index is already below 92.5, gold is growing slightly.
This was in reaction to news of the effectiveness of Moderna vaccine, which was 94.5% effective in trials. The news of the appearance of the second effective vaccine remains optimistic in the markets, despite the increase in the incidence of coronavirus, the uncertainty with the summing up of the election results and the lack of clear prospects for the support aid package. The situation can change just as quickly if it turns out that they will not be able to use the vaccine soon, or everything is not as good with it as announced. After all, Biden, with corona-psychosis, which could close the economy, will be sworn in on January 20.
#Bitcoin has completely fulfilled yesterday's review. It went above 16K and successfully updated the highs. The last resistance at 16800-17000 remained before the breakthrough to ATH, but I think that a pullback to 16500 is more likely now. If we go lower and return to the range of 16200-15800, there will be consolidation before taking a shot at 17K. Departure below 15800 - transition to full correction.
I consider the priority option to consolidate in the range of 16500-16800 before the American session, then either in this range and stay, or move to a floor below (16200-15800), followed by a transition to a correction towards 15500-14800. This will be negative for altcoins, and will postpone the altseason for some time. Both options involve a Bitcoin correction, a difference in on timing. The implementation of the first option will allow you to fix a good profit on altcoins, the second option will provide an opportunity for a good entry into both Bitcoin and alts. In general, an attempt to update the ATH on Bitcoin before the end of the year is becoming more and more likely. It is not a fact that it will immediately be successful, there are powerful resistances ahead at 16800-17000, and then before 20K, but an attempt is already good, because the main thing is to start. For instance 10500 resistance was active for a whole year.
Before that, I do not exclude one more attempt to take 17K.
Banks are now experts in Bitcoin how interesting: #Coinsdesk's @Nathaniel Whittemore has a podcast breaking down a recent Citibank report that has Bitcoin Twitter salivating and skeptical at the same time. If interested ask for the link.
Nonetheless in closing #Altcoins are crushed by #bitcoin dominance, only #Litecoin is growing. If #Bitcoin stays above 16,500, #Ethereum and #BNB are likely to rise. As always remember this is not traditional investment advice and ought not to be taken as financial advice. Must do your own research. #decryptedge
#Bitcoin not only returned above 16000, but also set a new high above 16800. Total Crypto-Market capitalization is now at $475 billion and #BTC dominance index is 65.0%.
In the financial markets, the situation repeated similar to a week ago, the markets reacted positively to the news about the vaccine from #PFIZER as well as from #MODERNA. The Dow Jones peaked, the S&P 500 rose 1.1% to close at 3626.91, and the Nasdaq rose by 0.55%. Futures on the S&P 500 are now in a slight minus, the dollar index is already below 92.5, gold is growing slightly.
This was in reaction to news of the effectiveness of Moderna vaccine, which was 94.5% effective in trials. The news of the appearance of the second effective vaccine remains optimistic in the markets, despite the increase in the incidence of coronavirus, the uncertainty with the summing up of the election results and the lack of clear prospects for the support aid package. The situation can change just as quickly if it turns out that they will not be able to use the vaccine soon, or everything is not as good with it as announced. After all, Biden, with corona-psychosis, which could close the economy, will be sworn in on January 20.
#Bitcoin has completely fulfilled yesterday's review. It went above 16K and successfully updated the highs. The last resistance at 16800-17000 remained before the breakthrough to ATH, but I think that a pullback to 16500 is more likely now. If we go lower and return to the range of 16200-15800, there will be consolidation before taking a shot at 17K. Departure below 15800 - transition to full correction.
I consider the priority option to consolidate in the range of 16500-16800 before the American session, then either in this range and stay, or move to a floor below (16200-15800), followed by a transition to a correction towards 15500-14800. This will be negative for altcoins, and will postpone the altseason for some time. Both options involve a Bitcoin correction, a difference in on timing. The implementation of the first option will allow you to fix a good profit on altcoins, the second option will provide an opportunity for a good entry into both Bitcoin and alts. In general, an attempt to update the ATH on Bitcoin before the end of the year is becoming more and more likely. It is not a fact that it will immediately be successful, there are powerful resistances ahead at 16800-17000, and then before 20K, but an attempt is already good, because the main thing is to start. For instance 10500 resistance was active for a whole year.
Before that, I do not exclude one more attempt to take 17K.
Banks are now experts in Bitcoin how interesting: #Coinsdesk's @Nathaniel Whittemore has a podcast breaking down a recent Citibank report that has Bitcoin Twitter salivating and skeptical at the same time. If interested ask for the link.
Nonetheless in closing #Altcoins are crushed by #bitcoin dominance, only #Litecoin is growing. If #Bitcoin stays above 16,500, #Ethereum and #BNB are likely to rise. As always remember this is not traditional investment advice and ought not to be taken as financial advice. Must do your own research. #decryptedge
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Thoughts on the market for 18.11.2020: Mexico’s second-richest man invests 10% of his liquid portfolio in #Bitcoin. 166th wealthiest person in the world has revealed that he has invested in #Bitcoin.
Bitcoin surpassed expectations, successfully consolidated above 17000, and renewed new highs around 17890. After that, it moved to consolidation in the range of 17500-17800.
The growth did not end there - early this morning Bitcoin updated its highs at 18520.
Bitcoin is currently trading around 18300-18400. Total Crypto-Market capitalization now at 511 billion and BTC dominance index of 66.3%.
Stock markets fell slightly yesterday. American indices lost 0.67% to 0.28%, S&P 500 closed at 3609.53. The picture of the last week repeats itself - the rapid growth on Monday on the news about the vaccine and a slight decline on Tuesday. Tesla nevertheless entered the S&P 500, which has been expected since the summer, now we are waiting for a correction to take it into this package Markets are in uncertainty and are more inclined to decline - there are no reasons for growth, the vaccine issue has been worked out, with the aid package there is uncertainty, both in its size and in the timing of its adoption. There is no clarity about the timing of summing up the election results, Trump is at the helm until January 20, but even the Republicans from whom he is nominated are against his initiatives. Trump promised not to close the economy on a national scale, but individual states may also introduce local quarantines.
Futures for the S&P 500 are now in a slight minus, the dollar index is falling, gold is also looking down. Buffett left #Apple and cut positions at gold mining Barrick Gold Corp. and entered pharmaceutical companies. Interesting, but judging by its results in 2020, following after him is not an idea. Close by, Ricardo Salinas Pliego, the second-wealthiest man in #Mexico, has revealed that 10% of his “liquid portfolio” is invested in Bitcoin (BTC). The billionaire shared a video captured in “a Latin country” depicting banks throwing out garbage bags filled with paper money into a dumpster. He asserted that “paper money is worth nothing,” adding: “That is why it is always good to diversify our investment portfolio.” The video appears to show bags of Venezuelan bolivars being thrown out, including 10,000 bolivar notes issued in 2016 and 2017 — before the country redenominated its banknotes in 2018 amid an escalating inflation crisis. Three hours later, Pliego then tweeted a recommendation for the book The Bitcoin Pattern, asserting that “Bitcoin protects the citizen from government expropriation” and revealing his cryptocurrency investment: Source | Cointelegraph
Bitcoin surpassed expectations, successfully consolidated above 17000, and renewed new highs around 17890. After that, it moved to consolidation in the range of 17500-17800.
The growth did not end there - early this morning Bitcoin updated its highs at 18520.
Bitcoin is currently trading around 18300-18400. Total Crypto-Market capitalization now at 511 billion and BTC dominance index of 66.3%.
Stock markets fell slightly yesterday. American indices lost 0.67% to 0.28%, S&P 500 closed at 3609.53. The picture of the last week repeats itself - the rapid growth on Monday on the news about the vaccine and a slight decline on Tuesday. Tesla nevertheless entered the S&P 500, which has been expected since the summer, now we are waiting for a correction to take it into this package Markets are in uncertainty and are more inclined to decline - there are no reasons for growth, the vaccine issue has been worked out, with the aid package there is uncertainty, both in its size and in the timing of its adoption. There is no clarity about the timing of summing up the election results, Trump is at the helm until January 20, but even the Republicans from whom he is nominated are against his initiatives. Trump promised not to close the economy on a national scale, but individual states may also introduce local quarantines.
Futures for the S&P 500 are now in a slight minus, the dollar index is falling, gold is also looking down. Buffett left #Apple and cut positions at gold mining Barrick Gold Corp. and entered pharmaceutical companies. Interesting, but judging by its results in 2020, following after him is not an idea. Close by, Ricardo Salinas Pliego, the second-wealthiest man in #Mexico, has revealed that 10% of his “liquid portfolio” is invested in Bitcoin (BTC). The billionaire shared a video captured in “a Latin country” depicting banks throwing out garbage bags filled with paper money into a dumpster. He asserted that “paper money is worth nothing,” adding: “That is why it is always good to diversify our investment portfolio.” The video appears to show bags of Venezuelan bolivars being thrown out, including 10,000 bolivar notes issued in 2016 and 2017 — before the country redenominated its banknotes in 2018 amid an escalating inflation crisis. Three hours later, Pliego then tweeted a recommendation for the book The Bitcoin Pattern, asserting that “Bitcoin protects the citizen from government expropriation” and revealing his cryptocurrency investment: Source | Cointelegraph
Yesterday's analysis for the correction of Bitcoin from the resistance area of 16800-17200 did not come true. #Bitcoin easily passed these resistances, 17500 were taken outright, and the high was updated to 18520 (at the time of writing this review), these levels have not been seen since December 2017. Altcoins are crushed by Bitcoin's dominance, and the dominance index has risen again. So far Etherum cannot take 500, although it is close to it, Litecoin holds the positions reached earlier, ChanLink broke through an important resistance. Crypto-Market capitalization has taken an important level of $ 500 billion. The priority scenario is the stabilization of Bitcoin in the range of 18500-17800 and the growth of altcoins. After fixing Etherum above 500, the alt season can be considered open. The market correction in this case will be after the growth of alt-coins, i.e. after the end of the standard market cycle. If there is no force majeure, capitalization can reach the levels of 550-570 billion within a week.
Such a positive scenario may be hampered by the emergence of some kind of FUD, the topic with Chinese exchanges has not yet worked. If Bitcoin drops below 17800 today, the alt season will be temporarily postponed. But this is an alternative (non-priority) scenario.
In closing since BTC passed $16750/17200 and that was the last reversal area, time for an update for reversal zones:
$18500 (Whales trick, BTC dumped from it by $1300 = - 7%!!)
$19650
$21500 (breakout)
$23500
$26300
$30000 (ATH)
$40000 (FOMO)
As always wishing you a blessed day ahead, and remember this is not traditional investment advice, and ought not to be considered as financial recommendation. Must always do your own research. #decryptedge
Such a positive scenario may be hampered by the emergence of some kind of FUD, the topic with Chinese exchanges has not yet worked. If Bitcoin drops below 17800 today, the alt season will be temporarily postponed. But this is an alternative (non-priority) scenario.
In closing since BTC passed $16750/17200 and that was the last reversal area, time for an update for reversal zones:
$18500 (Whales trick, BTC dumped from it by $1300 = - 7%!!)
$19650
$21500 (breakout)
$23500
$26300
$30000 (ATH)
$40000 (FOMO)
As always wishing you a blessed day ahead, and remember this is not traditional investment advice, and ought not to be considered as financial recommendation. Must always do your own research. #decryptedge
Thoughts on the market for 19.11.2020:
After reaching a high of about 18500 during the day, #Bitcoin declined several times to 17500, with brief corrections to $17200. After confirming support at 17500, bitcoin now trades in the range of 17700-18000. Total Crypto Market capitalization at $503 billion and #BTC dominance index of 66.4%
Stock markets were down yesterday. The S&P 500 closed at 3567.79, losing 1.16%, the Dow Jones lost the same amount, the Nasdaq lost 0.82%.
The picture is the same - the news about the vaccine has already worked out, there is no new positive, and the markets are near highs. There are few chances for the adoption of the support package; Republicans and Democrats are far from being able to agree. In such a situation, the decline in markets is quite logical, and if there is no positive, then this is the most likely scenario for today.
Futures on the S&P 500 are now in a slight minus, the dollar index rose slightly and is trading around 92.45, oil and gold are declining. After a strong growth in the last 48hrs, #Bitcoin has consolidated and determined with the support level. The lower border of the trading range was marked at 17550-17500. This level was confirmed twice, all corrections below were immediately redeemed. #Bitcoin is now trying to get back above 18000, so far without success.
The key question now is what will happen to #altcoins?
Bitcoin in place - alts are growing, or is Bitcoin going below 17000-16800 and altcoins are breaking through the bottom?
I consider the first option a priority. Bitcoin only needs to hold above 17800 and an alt season is inevitable. Above 18000 is even better.
To start the alt season, you need not grow (Bitcoin has already shown it, and to levels where hardly anyone expected to see it), but stability is key.
For the second day, Bitcoin is above 17K, at these levels it has been for a few days throughout its existence. Therefore, it is logical that most market participants do not believe that it is here for a long time and expect it to fall. Realizing what will happen to the alts in the event of a fall in Bitcoin, market participants have not yet entered them. But if Bitcoin holds at its current levels today or tomorrow, and goes over the weekend above 17500 (or better above 17800), the alt season is inevitable.
The capitalization level of 500 billion was taken again, although not yet confidently. To consolidate the success of Bitcoin, you just need to hold the current levels.
The option "Bitcoin is holding in the range of 17500-18000 (possibly fixing above 18000), and altcoins moving to growth" I consider a priority.
An alternative scenario is the departure of Bitcoin below 17500, which, in the event of a significant #FUD, may bring it below 16800. Then the option with an altcoin season is postponed for some time.
Interestingly, #Skype founder Jaan Tallinn said that he keeps a significant part of his fortune in Bitcoins. Here is the second person on Mexico's billionaire list to do the same. TLDR Breakdown|
Skype founder told Fortune in an interview that he stored most of his wealth in #Bitcoin.
Jaan Tallinn, the co-founder of Intercom and the communication app, was keen to support the #cryptocurrency in public.
At the beginning of the year, the telecommunications genius gave away around $300,000 of Bitcoin to fund a project dealing with the issues of AI. Source | https://www.cryptopolitan.com/
We have long been talking about the fact that wealthy people and successful companies - those who think faster than the crowd - have long been entering Bitcoin on a large scale, here is another confirmation.
As always this is not your traditional investment or financial advice. Must do your own research.
@decryptedge #decryptedge
After reaching a high of about 18500 during the day, #Bitcoin declined several times to 17500, with brief corrections to $17200. After confirming support at 17500, bitcoin now trades in the range of 17700-18000. Total Crypto Market capitalization at $503 billion and #BTC dominance index of 66.4%
Stock markets were down yesterday. The S&P 500 closed at 3567.79, losing 1.16%, the Dow Jones lost the same amount, the Nasdaq lost 0.82%.
The picture is the same - the news about the vaccine has already worked out, there is no new positive, and the markets are near highs. There are few chances for the adoption of the support package; Republicans and Democrats are far from being able to agree. In such a situation, the decline in markets is quite logical, and if there is no positive, then this is the most likely scenario for today.
Futures on the S&P 500 are now in a slight minus, the dollar index rose slightly and is trading around 92.45, oil and gold are declining. After a strong growth in the last 48hrs, #Bitcoin has consolidated and determined with the support level. The lower border of the trading range was marked at 17550-17500. This level was confirmed twice, all corrections below were immediately redeemed. #Bitcoin is now trying to get back above 18000, so far without success.
The key question now is what will happen to #altcoins?
Bitcoin in place - alts are growing, or is Bitcoin going below 17000-16800 and altcoins are breaking through the bottom?
I consider the first option a priority. Bitcoin only needs to hold above 17800 and an alt season is inevitable. Above 18000 is even better.
To start the alt season, you need not grow (Bitcoin has already shown it, and to levels where hardly anyone expected to see it), but stability is key.
For the second day, Bitcoin is above 17K, at these levels it has been for a few days throughout its existence. Therefore, it is logical that most market participants do not believe that it is here for a long time and expect it to fall. Realizing what will happen to the alts in the event of a fall in Bitcoin, market participants have not yet entered them. But if Bitcoin holds at its current levels today or tomorrow, and goes over the weekend above 17500 (or better above 17800), the alt season is inevitable.
The capitalization level of 500 billion was taken again, although not yet confidently. To consolidate the success of Bitcoin, you just need to hold the current levels.
The option "Bitcoin is holding in the range of 17500-18000 (possibly fixing above 18000), and altcoins moving to growth" I consider a priority.
An alternative scenario is the departure of Bitcoin below 17500, which, in the event of a significant #FUD, may bring it below 16800. Then the option with an altcoin season is postponed for some time.
Interestingly, #Skype founder Jaan Tallinn said that he keeps a significant part of his fortune in Bitcoins. Here is the second person on Mexico's billionaire list to do the same. TLDR Breakdown|
Skype founder told Fortune in an interview that he stored most of his wealth in #Bitcoin.
Jaan Tallinn, the co-founder of Intercom and the communication app, was keen to support the #cryptocurrency in public.
At the beginning of the year, the telecommunications genius gave away around $300,000 of Bitcoin to fund a project dealing with the issues of AI. Source | https://www.cryptopolitan.com/
We have long been talking about the fact that wealthy people and successful companies - those who think faster than the crowd - have long been entering Bitcoin on a large scale, here is another confirmation.
As always this is not your traditional investment or financial advice. Must do your own research.
@decryptedge #decryptedge
Cryptopolitan
Cryptocurrency News | Cryptopolitan
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Thoughts on the market for 20.11.2020: #JPMORGAN CEO JAMIE DIMON SAYS BITCOIN ISN’T HIS CUP OF TEA.
During the last 24hrs, #Bitcoin has moved in the range of 17500-18050, with some attempts yesterday afternoon to go below 17500 that were quickly redeemed. Gaining a foothold above $18000 has also failed and is currently trading at 17950-18000 price range. Total Crypto-Market capitalization is at $505 billion and BTC dominance index of 66%.
Stock markets showed a slight increase yesterday, American indices rose from 0.15% to 0.87%, the S&P 500 closed at 3581.87 Despite poor statistics on the labor market (for the first time in a month, the number of applications for unemployment benefits increased), the markets reacted with mixed sentiments, registered a decline and also showed a slight increase as well. This once again confirms that the markets are torn off from the real economy, they are moving on information about vaccines, an aid package, and coronavirus psychosis.
Jamie Dimon, CEO of JPMorgan, is still not convinced of Bitcoin. He said in a recent speech/presentation at the New York Times’ Dealbook Online Summit that Bitcoin is still not his “cup of tea,” adding that he doesn’t want the media or anyone else to get up in a fuss over this. The Wall Street CEO added that while he isn’t interested in Bitcoin, he is interested in blockchain as a way to enable better consumer experiences, such as cheaper transactions. Source | https://bitcoinist.com In my view be careful and don't follow blindly sentiments and comments from such quarters. They will just pull the rug when you least expect, in the end they benefit. Follow eductive content and enlighten yourself #Decryptedge is here for you.
Obviously, proceeding from considerations "the worse the situation in the economy, the sooner the aid package will be provided." The dollar index is down to 92.32, gold is down by 1962, S&P 500 futures are in the red.
Bitcoin fulfilled yesterday's review, remaining in the range of 17,500-18,000.
In the first half of yesterday, it tested the lower end of the range, while the correction below 17500 was quickly redeemed. Bitcoin further moved to growth, reaching a high of 18200, but has not yet managed to gain a foothold above 18K. At the same instance Bitcoin has not gone below 17800 for the last 4 hours either.
Yesterday we talked about the alt season, the topic is also starting to be worked out. The first to start this time was Litecoin, which reached highs above 83, just a little short of the annual high (most likely, this is the plan for today).
Market capitalization is again slightly above $ 500 billion, a confident consolidation above this important level and a full-fledged alt season will begin after Ethereum stays above $ 500.
The plan for today is Bitcoin trying to gain a foothold above 18K. Support is still at 17500. We are waiting for the continued growth of altcoins, first of all, Etherum, then the entire TOP.
If, against the background of some external negativity, Bitcoin fixes below 17500, the alt season will be postponed for some time. But the first option is a priority.
As always this is not traditional investment advice and ought not to be taken as financial recommendation. Must do your own research. Have a blessed weekend ahead and look forward to our review tomorrow. #decryptedge.
During the last 24hrs, #Bitcoin has moved in the range of 17500-18050, with some attempts yesterday afternoon to go below 17500 that were quickly redeemed. Gaining a foothold above $18000 has also failed and is currently trading at 17950-18000 price range. Total Crypto-Market capitalization is at $505 billion and BTC dominance index of 66%.
Stock markets showed a slight increase yesterday, American indices rose from 0.15% to 0.87%, the S&P 500 closed at 3581.87 Despite poor statistics on the labor market (for the first time in a month, the number of applications for unemployment benefits increased), the markets reacted with mixed sentiments, registered a decline and also showed a slight increase as well. This once again confirms that the markets are torn off from the real economy, they are moving on information about vaccines, an aid package, and coronavirus psychosis.
Jamie Dimon, CEO of JPMorgan, is still not convinced of Bitcoin. He said in a recent speech/presentation at the New York Times’ Dealbook Online Summit that Bitcoin is still not his “cup of tea,” adding that he doesn’t want the media or anyone else to get up in a fuss over this. The Wall Street CEO added that while he isn’t interested in Bitcoin, he is interested in blockchain as a way to enable better consumer experiences, such as cheaper transactions. Source | https://bitcoinist.com In my view be careful and don't follow blindly sentiments and comments from such quarters. They will just pull the rug when you least expect, in the end they benefit. Follow eductive content and enlighten yourself #Decryptedge is here for you.
Obviously, proceeding from considerations "the worse the situation in the economy, the sooner the aid package will be provided." The dollar index is down to 92.32, gold is down by 1962, S&P 500 futures are in the red.
Bitcoin fulfilled yesterday's review, remaining in the range of 17,500-18,000.
In the first half of yesterday, it tested the lower end of the range, while the correction below 17500 was quickly redeemed. Bitcoin further moved to growth, reaching a high of 18200, but has not yet managed to gain a foothold above 18K. At the same instance Bitcoin has not gone below 17800 for the last 4 hours either.
Yesterday we talked about the alt season, the topic is also starting to be worked out. The first to start this time was Litecoin, which reached highs above 83, just a little short of the annual high (most likely, this is the plan for today).
Market capitalization is again slightly above $ 500 billion, a confident consolidation above this important level and a full-fledged alt season will begin after Ethereum stays above $ 500.
The plan for today is Bitcoin trying to gain a foothold above 18K. Support is still at 17500. We are waiting for the continued growth of altcoins, first of all, Etherum, then the entire TOP.
If, against the background of some external negativity, Bitcoin fixes below 17500, the alt season will be postponed for some time. But the first option is a priority.
As always this is not traditional investment advice and ought not to be taken as financial recommendation. Must do your own research. Have a blessed weekend ahead and look forward to our review tomorrow. #decryptedge.
Bitcoinist.com
Bitcoin News, Recent Updates, Price and Analysis – Bitcoinist
Bitcoinist is a Bitcoin news portal providing breaking news, guides, price and analysis about decentralized digital money and blockchain technology.
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Thoughts on the market for 24.11.2020: #Paypal Bought 70% of All Newly Mined #Bitcoin Last Month as Demand Rockets.
Trust you are all doing well. Apologies for not updating yesterday as was on transit.. Nonetheless grateful and now back. Notably the last 24 hrs #Bitcoin was in flat around 18400. Attempts to update its highs did not lead to success, it was not possible to go above 18770, corrections towards 18200 were also quickly redeemed, the last few hours Bitcoin has been trading in the range of 18380-18520. Total Crypto-Market capitalization at $559 billion and #BTC dominance of index 61.0%.
Stock markets were up yesterday as expected. American indices added 0.33% to 1.18%. Markets were pushed up by news about another vaccine with 90% effectiveness, as well as unexpectedly strong #PMI data. The release of strong data pushed up the dollar index and dealt a strong blow to gold, which continues to fall and is trading below 1820. Futures on the S&P 500 are growing and are already trading around 3600, the dollar index after yesterday's spurt above 92.7 is again below 92.5, oil is growing, gold is falling.
The cryptocurrency market after #Bitcoin updating the highs on Friday, Bitcoin remains in the range of 18800-18000, the dominance index has decreased since Saturday by 4.5%, a number of TOP-alts have updated their annual highs, and Ethereum has reached the levels where it was last in 2018, and the market capitalization has approached 560 billion
Now the only intrigue is whether this market cycle will end in a standard way (that is, by a correction of the entire market), or will we move on take its ATH and consolidate above 20K?
Option 1 - This is the standard market cycle, it has always been. After a long rise in Bitcoin and the local alt-season, a bullish consensus is coming to the market and a correction is needed. I will post here about all the possible options later, Stay tuned.
To some news, Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets
Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says. Paypal announced in late October that its customers – running in excess of 300 million active users – will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts.
The decision also meant users could use their coins to buy things from the 26 million merchants that accept Paypal, it said. Paypal rolled out the crypto service to U.S. customers early this month, with the rest of the world set to be integrated later.
Data shows bitcoin’s current rally has in large part being driven by institutional buyers. According to the bitcointreasuries.org website, which curates bitcoin investments by publicly traded companies, about 21 firms, including Microstrategy Inc and Galaxy Digital Holdings, hold a combined $14.42 billion of BTC in reserve. That’s 832,351 BTC or over 4% of bitcoin’s circulating supply. A number of these purchases have happened in the last few months, pushing the price of bitcoin higher. Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reported a record $1.6 billion bitcoin revenue, will have to pay more for each coin.
“When other, larger financial institutions follow their (Cash App) lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price,” it explained. Source | News.bitcoin.com
In closing and as I wish you a good afternoon ahead, #BTC targets to look at are $17200/16800/15500 . This view will fail if #BTC breakout $18750 and close above daily. Please Note: this #Bitcoin updates is an explanation for market movement and doesn't mean buy or sell. Remember to always do your own research, this is not financial or investment advice. #decryptedge
Trust you are all doing well. Apologies for not updating yesterday as was on transit.. Nonetheless grateful and now back. Notably the last 24 hrs #Bitcoin was in flat around 18400. Attempts to update its highs did not lead to success, it was not possible to go above 18770, corrections towards 18200 were also quickly redeemed, the last few hours Bitcoin has been trading in the range of 18380-18520. Total Crypto-Market capitalization at $559 billion and #BTC dominance of index 61.0%.
Stock markets were up yesterday as expected. American indices added 0.33% to 1.18%. Markets were pushed up by news about another vaccine with 90% effectiveness, as well as unexpectedly strong #PMI data. The release of strong data pushed up the dollar index and dealt a strong blow to gold, which continues to fall and is trading below 1820. Futures on the S&P 500 are growing and are already trading around 3600, the dollar index after yesterday's spurt above 92.7 is again below 92.5, oil is growing, gold is falling.
The cryptocurrency market after #Bitcoin updating the highs on Friday, Bitcoin remains in the range of 18800-18000, the dominance index has decreased since Saturday by 4.5%, a number of TOP-alts have updated their annual highs, and Ethereum has reached the levels where it was last in 2018, and the market capitalization has approached 560 billion
Now the only intrigue is whether this market cycle will end in a standard way (that is, by a correction of the entire market), or will we move on take its ATH and consolidate above 20K?
Option 1 - This is the standard market cycle, it has always been. After a long rise in Bitcoin and the local alt-season, a bullish consensus is coming to the market and a correction is needed. I will post here about all the possible options later, Stay tuned.
To some news, Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets
Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says. Paypal announced in late October that its customers – running in excess of 300 million active users – will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts.
The decision also meant users could use their coins to buy things from the 26 million merchants that accept Paypal, it said. Paypal rolled out the crypto service to U.S. customers early this month, with the rest of the world set to be integrated later.
Data shows bitcoin’s current rally has in large part being driven by institutional buyers. According to the bitcointreasuries.org website, which curates bitcoin investments by publicly traded companies, about 21 firms, including Microstrategy Inc and Galaxy Digital Holdings, hold a combined $14.42 billion of BTC in reserve. That’s 832,351 BTC or over 4% of bitcoin’s circulating supply. A number of these purchases have happened in the last few months, pushing the price of bitcoin higher. Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reported a record $1.6 billion bitcoin revenue, will have to pay more for each coin.
“When other, larger financial institutions follow their (Cash App) lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price,” it explained. Source | News.bitcoin.com
In closing and as I wish you a good afternoon ahead, #BTC targets to look at are $17200/16800/15500 . This view will fail if #BTC breakout $18750 and close above daily. Please Note: this #Bitcoin updates is an explanation for market movement and doesn't mean buy or sell. Remember to always do your own research, this is not financial or investment advice. #decryptedge
As promised earlier today a write up on crypto-market movement.
Everything on the market is according to the plan, which was discussed earlier over the weekend. #Bitcoin is holding above 18,500, altcoins are expected to grow, everyone is good and everyone is happy.
But what's next? Will we fall, when and where?
Let's consider the possible scenarios.
1. Bitcoin is holding above 18,000, alts are growing.
Capitalization reaches 540-560 billion, followed by a correction of the entire market. This is a standard market cycle. Bitcoin Rise - Altcoin Rise - Correction, Consolidation and Next Cycle.
The previous such cycle began in late July-early August, when Bitcoin took 10,500 and reached 12,400. Altcoins grew throughout August, after which, in early September, Bitcoin went to 9800-10000, and the alts broke through all possible bottom support levels.
The current cycle opened with the capture of 12K with subsequent consolidation above ATH-2019. This was in the plans for November, but the plan was exceeded beyond expectations!).
It's time to move on to the final stage - the growth of altcoins, which is now happening. After such an increase in Bitcoin, the TOP alts have every chance to cover at least annual highs. Ripple and Ether have already shown the way, if this option is worked out, the TOP alts will go the same way.
Stable #Bitcoin in the range of 18000-18800, and a falling dominance index will be a sign of the development of this option. The fall in the dominance of Bitcoin to 55-57% will indicate the imminent end of the cycle.
We see this option as a priority.
2. Bitcoin since the beginning of the week goes below 17500.
Altcoins fall to where they were, or deeper. Market capitalization returns below $ 500 billion
In this case, the completion of the market cycle is postponed by several weeks.
This option is possible in the event of an unfavorable external background - FUD, actions of regulators, something extreme in the stock market. In this case, we don't think there will be an analogue of the fall in March or 2018. This factor will work and we will stop either above the psychological level of 15K, or above ATH-2019 (13800-14000).
3. Bitcoin takes ATH and fixes above 20K.
Most market participants expect a rebound down from 20K. Can you imagine how many short positions will be opened between 19 and 20K? And they will all put stops between 20 and 21K. Such a stop zone is an attractive target, and it is quite possible to reach 23-25K on them. Whether this breakout will be true or false is the second question, but the scenario is quite real, because there is practically consensus in the market regarding a pullback from ATH, and we know how the consensus ends.
There are no signs of such a scenario, Bitcoin will just do it).
Alts in this case will first lose in capital, but if the breakdown of 20K turns out to be true, then many TOP alts will take their ATHs.
If we prioritize these scenarios, then consider this: 1-3-2.
Option 1 is also possible, turning into option 3.
A correction in this case will still happen sooner or later, just such an outcome would mean that the market cycle, which is written at the beginning of the article, is not over yet, and the stage of Bitcoin's growth is underway. Nonetheless option 1 as a priority.
A little over a month ago, if you read our daily market thoughts you should immediately buy Bitcoin, so as not to regret the missed opportunities later. Since then, it has grown by 70%. Whether to buy it now or wait for a correction depends on the period for which you buy it. If for several years, you can buy at any level, since with the price of Bitcoin above 50K, it will not matter much whether you bought it for 18K or 15K.
If your investment horizon is shorter, then it is better to wait for a correction or enter the undervalued alts from the TOP.
If you want to take profitable positions money regardless of whether the market goes up or down #decryptedge is here for you.
Everything on the market is according to the plan, which was discussed earlier over the weekend. #Bitcoin is holding above 18,500, altcoins are expected to grow, everyone is good and everyone is happy.
But what's next? Will we fall, when and where?
Let's consider the possible scenarios.
1. Bitcoin is holding above 18,000, alts are growing.
Capitalization reaches 540-560 billion, followed by a correction of the entire market. This is a standard market cycle. Bitcoin Rise - Altcoin Rise - Correction, Consolidation and Next Cycle.
The previous such cycle began in late July-early August, when Bitcoin took 10,500 and reached 12,400. Altcoins grew throughout August, after which, in early September, Bitcoin went to 9800-10000, and the alts broke through all possible bottom support levels.
The current cycle opened with the capture of 12K with subsequent consolidation above ATH-2019. This was in the plans for November, but the plan was exceeded beyond expectations!).
It's time to move on to the final stage - the growth of altcoins, which is now happening. After such an increase in Bitcoin, the TOP alts have every chance to cover at least annual highs. Ripple and Ether have already shown the way, if this option is worked out, the TOP alts will go the same way.
Stable #Bitcoin in the range of 18000-18800, and a falling dominance index will be a sign of the development of this option. The fall in the dominance of Bitcoin to 55-57% will indicate the imminent end of the cycle.
We see this option as a priority.
2. Bitcoin since the beginning of the week goes below 17500.
Altcoins fall to where they were, or deeper. Market capitalization returns below $ 500 billion
In this case, the completion of the market cycle is postponed by several weeks.
This option is possible in the event of an unfavorable external background - FUD, actions of regulators, something extreme in the stock market. In this case, we don't think there will be an analogue of the fall in March or 2018. This factor will work and we will stop either above the psychological level of 15K, or above ATH-2019 (13800-14000).
3. Bitcoin takes ATH and fixes above 20K.
Most market participants expect a rebound down from 20K. Can you imagine how many short positions will be opened between 19 and 20K? And they will all put stops between 20 and 21K. Such a stop zone is an attractive target, and it is quite possible to reach 23-25K on them. Whether this breakout will be true or false is the second question, but the scenario is quite real, because there is practically consensus in the market regarding a pullback from ATH, and we know how the consensus ends.
There are no signs of such a scenario, Bitcoin will just do it).
Alts in this case will first lose in capital, but if the breakdown of 20K turns out to be true, then many TOP alts will take their ATHs.
If we prioritize these scenarios, then consider this: 1-3-2.
Option 1 is also possible, turning into option 3.
A correction in this case will still happen sooner or later, just such an outcome would mean that the market cycle, which is written at the beginning of the article, is not over yet, and the stage of Bitcoin's growth is underway. Nonetheless option 1 as a priority.
A little over a month ago, if you read our daily market thoughts you should immediately buy Bitcoin, so as not to regret the missed opportunities later. Since then, it has grown by 70%. Whether to buy it now or wait for a correction depends on the period for which you buy it. If for several years, you can buy at any level, since with the price of Bitcoin above 50K, it will not matter much whether you bought it for 18K or 15K.
If your investment horizon is shorter, then it is better to wait for a correction or enter the undervalued alts from the TOP.
If you want to take profitable positions money regardless of whether the market goes up or down #decryptedge is here for you.
Thoughts on the market on 26.11.2020: #Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome #Crypto Wallet Rules.
After #Bitcoin hit highs above 19,500 yesterday, Bitcoin has corrected to 18,200 where it is currently trading. Total Crypto-Market capitalization is at $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 in the USA (in particular, the PMI index is at its highs in 5 years), 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, while European indices are likely to be positive 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 actually. 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 Treasury is going to impose strict rules on the movement of crypto assets outside the exchanges. “This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted. Source | Coindesk. Supposedly, each exchange will have a white list of addresses, and all the rest will be considered black. Will write about Travel rules later.
I guess it's FUD. First, they are not idiots and understand that the market in this case will go into the shadows, and exchanges will begin to move to other jurisdictions. Secondly the current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec. 31 and allow Congress to spend the funds on other aid for businesses and individuals. Source | CNBC.
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%. Worked out option 1 for those in the telegram channel you got this.
The question remains - is this a full-fledged correction and Bitcoin is going to 16-15K, or is it a small drain on the background of FUD and will return to growth in the near future?
For now, more inclination towards option 2 - Bitcoin will find support in the range 18200-17800, and move to growth, and then the entire market. Because the market cycle looks incomplete yet, and the alt-coins have not grown significantly, and the ATH has not been updated.
If Bitcoin consolidates below 17800, then there will be a full-fledged correction in the direction of 15800-16400.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
After #Bitcoin hit highs above 19,500 yesterday, Bitcoin has corrected to 18,200 where it is currently trading. Total Crypto-Market capitalization is at $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 in the USA (in particular, the PMI index is at its highs in 5 years), 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, while European indices are likely to be positive 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 actually. 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 Treasury is going to impose strict rules on the movement of crypto assets outside the exchanges. “This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted. Source | Coindesk. Supposedly, each exchange will have a white list of addresses, and all the rest will be considered black. Will write about Travel rules later.
I guess it's FUD. First, they are not idiots and understand that the market in this case will go into the shadows, and exchanges will begin to move to other jurisdictions. Secondly the current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec. 31 and allow Congress to spend the funds on other aid for businesses and individuals. Source | CNBC.
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%. Worked out option 1 for those in the telegram channel you got this.
The question remains - is this a full-fledged correction and Bitcoin is going to 16-15K, or is it a small drain on the background of FUD and will return to growth in the near future?
For now, more inclination towards option 2 - Bitcoin will find support in the range 18200-17800, and move to growth, and then the entire market. Because the market cycle looks incomplete yet, and the alt-coins have not grown significantly, and the ATH has not been updated.
If Bitcoin consolidates below 17800, then there will be a full-fledged correction in the direction of 15800-16400.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
Good morning,
Let's remember to register for the class ... it's today in the evening
https://www.eventbrite.com/e/binance-kenya-making-crypto-your-business-tickets-129328409755
Let's remember to register for the class ... it's today in the evening
https://www.eventbrite.com/e/binance-kenya-making-crypto-your-business-tickets-129328409755
Eventbrite
Binance Kenya: Making Crypto your Business MasterClass
Binance Kenya: 1-Day Online Masterclass ‘Making Crypto your Business’