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Week 03 – Overview of fundamentals and markets

quality, week 03

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 03. It should help you with jumping back on track. 

Fundamentals and expected events: week 03

  • Cryptocurrencies:While most altcoins mimicked BTC’s performance last week, some now seem to start attempts to overcome the biggest cryptocurrency. Ethereum leads with 50% gains against BTC in a relatively short period. The second largest digital asset has added more than $ 100 since its ATH breach of $ 1,450 in January 2018. Analysts are now beginning to warn that the cryptomarket is overheated and a correction is ahead.
  • Stock and commodity markets: Global stock markets stabilized and the beginning of the week was calm thanks to the national holiday in the USA. Markets are now waiting for the inauguration of the new US president.
  • Important events: US President Donald Trump officially ends his term today. Joe Biden has already made it known that he plans to start in the office by signing many executive orders, such as the re-accession of the United States to the agreement on CO2 emissions and economic aid. The USD is expected to weaken. US-China relations are also expected to improve. The release of macro data for 2020, which was significantly affected by the coronavirus pandemic, continues.

Cryptomarkets and marketcap: week 03

  • Today, we reached a marketcap value of $1,05 T.
  • Last week we were recording a low of $900 billion and a high $1 112 T. Bitcoin is low at $32 700 over the same period. High on Bitcoin at $39 600, now $37 500.
  • Bitcoin dominance is now 65,4%.
  • Market sentiment is at 80 points, still meaning extreme greed, last week it was at 90 points.

BTC/USD

The most actual price for one Bitcoin [BTC] is $37 140.10. Bitcoin is listed on 83 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $43 779 738 468, while the Bitcoin market cap is $690 974 093 713 which ranks it as #1 of all cryptocurrencies.

Bitcoin is currently at $ 37,500. In the chart we see a triangle that will not allow it to grow above $ 39,000. The current movement of the bulls is towards the resistance line triangle. Next step is resistance in $41 000 .

Chart

BCH/USD

The most actual price for one Bitcoin Cash [BCH] is $526.38. Bitcoin Cash is listed on 124 exchanges with a sum of 392 active markets. The 24h volume of [BCH] is $2 317 602 198, while the Bitcoin Cash market cap is $9 767 235 982 which ranks it as #8 of all cryptocurrencies.

Graphical user interface, chart

Per the Bitcoin Cash price prediction, the cryptocurrency has recently broken above a significant descending trend line that has a triangle formation with the bottom of the up-channel. The first level marked near $512 has already been passed by the BCH price while the next levels lie at $538 and $611. The analyst discussed that if BCH does not break above this ascending parallel channel, the cryptocurrency will return to the $600 range by the 25th of January. Once the price reaches the $600 range, a local breakout towards the upside for this main channel can be expected by the BCH price.

ETH/USD

The most actual price for one Ethereum [ETH] is $1 379.78. Ethereum is listed on 94 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $28 822 861 828, while the Ethereum market cap is $157 726 787 542 which ranks it as #2 of all cryptocurrencies.

In the past few days, Ethereum started a steady increase from the $904 swing low against the US Dollar. ETH price broke a couple of important hurdles near $1,120 and $1,150. The bulls remained in action, resulting in a push above the $1,200 level and the 55 simple moving average (4-hours).

Chart

The price traded above the 76.4% Fib retracement level of the downside correction from the $1,350 high to $904 low. Finally, there was a break above a major contracting triangle with resistance near $1,250 on the 4-hours chart.

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