crypto market review

A jewelry forecast was given in the previous review "In the area of ​​10000-10100 there are a huge number of shorts stops. I do not exclude a false breakdown and removal of these stops. And then in the event of a sharp breakthrough 10100, the probability of instant correction down is very high." Which is what happened. Buyers did not have time to gain a foothold above the level of 9800, but there were enough forces to break through the psychological mark of 10000 where there were a huge number of shorts stops. The shorts were carried out and went for a local correction. Now BTC is moving in the corridor 9750-9900. Market capitalization at around 282 billion dollars, although at the time of the false breakdown of 10,000, the capitalization was 290 billion dollars. The dominance of Bitcoin continued to fall to 63.5%, as a result of which Alcoins have been growing for several days in a row. The fear/greed index fell to 57 but still demonstrates customer greed.

The SP500 index fell slightly, and gold grew. TESLA shares fell -29% after long growth. TESLA once again reminded everyone what could happen to an asset that is overheated by customers. But traditional markets continue to support and pump up fast money. The Fed has poured over $ 170 million into the funds. At the same time, the People's Bank of China poured 140 billion yuan into the market.

 

Coronavirus is not defeated, although the rate of spread of the virus has decreased — the other day, from the founder of the BTC.TOP pool, Jiang Zhuyer, it became known that the Chinese authorities demanded that his mining farm be closed. But all the same, for now, coronavirus has a more positive effect on the cryptocurrency market than negatively. So far, the threats of shutting down mining farms are insignificant. There is also talk of extending the New Year holidays in China. It is not difficult to assume that if the extension of the vacation occurs, BTC can reliably consolidate its position. If there is no extension, China's stock indices will creep up, and BTC, on the contrary, may go for a correction. After all, it is no secret that in the era of unstable situation in the world, it is cryptocurrency that becomes a means of payment there was a meeting with Buffett, who met Justin Sun, Litecoin creator Charlie Lee, eToro CEO Yoni Assia, Huobi CFO Chris Lee and head of the Binance charity Helen High. At the meeting, Justin Sun presented Buffett with Bitcoin and TRON coins. But Buffett remained in his opinion regarding Bitcoin and cryptocurrencies. This event triggered the rise of TRON and Bittorent.

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Technically, the BTC weekly chart closed with the absorption of the entire October fall. The day opened red and shows a bearish absorption that plays against the bulls. And now, in order to keep the trend strength, it is important for the buyer to close the day above 9900-10000. To prevent overheating, it is important for us to correct locally for a half-week growth candle. If in the coming days, there will be no correction, at least to the level of 9550, then with a repeated breakthrough of 10,000, we will face a more severe fall.

 

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The first signs of local correction appeared. The CME session opened with a gap in favor of bears and lower prices. On the clock frame, the RSI is showing divergence while the MACD is looking in favor of falling. The buyer is clearly having trouble moving up. Now if we do not gain a foothold over the level of 9800 and do not test 10000 with the repeated removal of shorts, the seller will push the price to 9550. This level is our strong support and we should not punch it the first time without serious manipulation in the market. If the 9550 persists, I expect to retest 10,000 with a deeper approach.

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All of what I wrote above was about a short and medium-term perspective. As for the long-term picture, I still believe in breaking up news from the media under halving. With the breakthrough of 10,000, we have already seen how influencers promote Bitcoin. It won't be effortless to imagine what will happen on the threshold of the most important event of the four years. But we can say for sure that significant market players are interested in breaking up the news in the media to sell their assets as expensive as possible.

  • Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk
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