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Week 39 – Overview of fundamentals and markets

invest, price, Bitcoin, week 40

Welcome to our new weekly brief of what is going on on the markets and what are expected events in week 39. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 39

  • Bank shares are falling sharply due to a new scandal around the world’s largest banks laundering money worth 2 trillion USD.
  • The price of gold is rising to an all-time high this year. Now it has reached its third peak since 1971, when the Bretton Woods system was abolished, and with it the USD bond to gold. Thanks to the policy of low to negative interest rates of the world’s major central banks, gold is again an attractive store of value.
  • Markets are starting to be nervous again regarding the increasing numbers of COVID-19 cases and possible new partial restrictions or lockdowns.
  • Tensions between the US and China are also rising again.
  • There will be several statements from Jerome Powell from FED during this week, and also the US Treasury Secretary.
  • At the end of the month, options for bitcoin futures expire with a total value of over US $ 1 billion. Higher volatility of cryptomarkets can be expected due to that.

Cryptomarkets and marketcap: week 39

  • Today, we reached a marketcap value of $334 billion.
  • Last week we are recording a low of $318 billion and a high of $338 billion. Bitcoin is low at $10 570 over the same period. High on Bitcoin at $10, 950, now 10 570.
  • Bitcoin dominance is declining at 58,6 %.
  • Market sentiment rose back to neutral region at 48 points, while last week it was at 39 points, meaning fear.

A close up of a chart

BTC/USD

Bitcoin must outperform altcoins to kick off a long-term bull market. Bitcoin is currently hovering at $10,570. We maintained support at $9,980. Investors definitely want to keep it above $10,000. The nearest resistance is at $ 11,100 after we broke the $ 10,600. Last 4 week, before crashing, BTC price jumped to a new 2020 high 12 400 USD. Today Bitcoin crash about -3,67%.

Support: $9 980

Resistance: $11 100

A close up of a chart

LTC/USD

Litecoin (LTC) is currently trading at around $45,66 after a 25,43% drop in price since last 4 weeks. Now 33,59%. A serious summer downtrend send LTC to around $45 from $68. At the moment, LTC seems to be in bad shape after a massive drop from $68. High in year 2020 is around $84,52. Will the altcoin again continue to down? Probably yes. Let’s take a look at the LTC chart.

Support: $44,04
Resistance: $54,26 and next continue $61,63

A close up of a chart

ETH/USD

Currently, ETH/USD is around $358 (-6,9%/24h.). Indeed the $360 has switched into a resistance, offering lower prices. Price breaks back into the $380-$360 range. Very low $312s is a real possibility going forward. Support is $340. Last 4 week we can see pump about +23%, ETH price jumped to a new weekly high$ 481. Today crashed ETH about -6,9% to price $358. Will the altcoin (ETH) again continue to down? Probably yes.

Support: $340 

Resistance: $380 

A close up of a chart

DeFi

In market Defi today can see crashed market too. Today: cDAI -0,32%, WBTC -2,78%, DAI -0,33%, yCrv -2,49%, YFI -19,68%,  LEND -23,72%, UMA -23,78%, UNI-V2 -5,72%,

If you would like to know more about our charts and what they mean, we are preparing a series of webinars for beginner traders. Follow us to learn more. 

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bitcoin
Bitcoin (BTC) 11.635,61 5,03%
ethereum
Ethereum (ETH) 344,46 3,59%
platoncoin
PlatonCoin (PLTC) 0,263325 6,60%