Welcome to our new weekly brief of what is going on on the markets and what are expected events in week 41. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 41

• Stock markets fell on Friday, following a tweet from President Trump announcing that he tested positive for COVID-19. The decline continues after the weekend. The Prague Stock Exchange fell for the 5th week in a row. The PX Index lost 0.72%. The S&P 500 wrote off less than one percent (-0.96%), the Nasdaq even over two (-2.22%). Gold, silver and oil are also falling.
• The opinion of the President of the ECB and the head of the Fed is expected this week.
• Later in the month, the CEOs of Facebook, Twitter and Google will face the US Senate on October 28, due to a law protecting Internet companies from liability for content posted by their users, especially in relation to the upcoming presidential election.
• One of the largest and most anticipated IPOs of this year, AirBnB, is planned for the US for about $ 3 billion.

Cryptomarkets and marketcap: week 41

The bitcoin market underwent a strong correction to USD 10,440 last week due to a series of bearish news events that include KuCoin’s $ 280 million hack, the US CFTC’s lawsuit against BitMEX and its founders, and concerns about the news that US President Trump was infected with coronavirus. Altcoins mostly followed the lead of Bitcoin again.

• Today, we reached a marketcap value of $341 billion.
• Last week we were recording a low of $329 billion and a high of $341 billion. Bitcoin is low at $10 440 over the same period. High on Bitcoin at $10 900, now $10 960 .
• Bitcoin dominance is 57,9%.
• Market sentiment  is at 42 points, which means fear, while last week it was at 45 points, meaning also fear.

BTC/USD

The most actual price for one Bitcoin [BTC] is $10 684.74. Bitcoin is listed on 94 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $11 937 884 872, while the Bitcoin market cap is $197 759 504 470 which ranks it as #1 of all cryptocurrencies. The current situation is reminiscent of moving to the side. Dispersion $10 500-$10 900. We are probably up for quiet days, the assumption is up to 10 days of moving sideways.

Support: $10 300, next step by $9 980

Resistance: $10 900 – $11 100

LTC/USD

The most actual price for one Litecoin [LTC] is $46.43. Litecoin is listed on 144 exchanges with a sum of 392 active markets. The 24h volume of [LTC] is $925 685 580, while the Litecoin market cap is $3 066 748 380 which ranks it as #9 of all cryptocurrencies.

Litecoin (LTC) is currently trading at around $46,14 after a 4,5% drop in price since last week. A serious summer downtrend sent 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. The graph shows the band in which the LTC is locked $44,5 – $48,56. We do not expect LTC to leave the price lock within the next 7 days.

Support: $44,5

Resistance: $48,56

ETH/USD

The most actual price for one Ethereum [ETH] is $352.01. Ethereum is listed on 103 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $7 329 948 847, while the Ethereum market cap is $39 735 681 292 which ranks it as #2 of all cryptocurrencies.

Ethereum price (ETHUSD) is down by 0.45% in a calm trading day for digital currencies. Investors are therefore focusing on the dollar movements and the Decentralised Finance (DeFi) industry.

Thet chart shows that Ethereum price has been trading in a tight range in the past few days. The price is also trading at the 25-day and 15-day exponential moving averages. The price is also stuck between the first support and pivot point.

Therefore, the trend will likely remain being bullish so long as the price is above the ascending trendline. If it does, the next key level to watch will be the pivot point at $400. On the flip side, a move below $314 will invalidate this trend.

Support: $314

Resistance: $400

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.