Welcome to our weekly brief of what is going on on the markets and what are expected events in week 42. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 42

• Stock markets were like on a swing last week when further negotiations on a potential US government stimulus program failed and were renewed again. The main indexes rose on Friday morning. The S&P 500 grew by more than 3.0%, while the Dow Jones and NASDAQ gained 2.5% and 4.5%, respectively.
• Oil has also been pushed up, gaining almost 5%, as the Delta Hurricane appears to be threatening oil production in the Gulf of Mexico. Gold is also growing slightly again.
• The deterioration of the coronavirus situation in the world is once again bringing to the fore technological titles that have responded positively to the first wave of infection.
• US presidential election remain as the most important event.
• Two main central banks (Fed, ECB) and their statements have a major influence on further development.
• There are also talks about the UK leaving the EU.
• Coronavirus pandemic in Europe is gaining momentum and more and more restrictive measures are being added in individual countries.

Cryptomarkets and marketcap: week 42

Bitcoin responded with a significant jump to $ 10,900 after announcing that Square bought $ 50 million worth of bitcoins. Most of the altcoins followed. Cryptomarkets now continue with the growth.

• Today, we reached a marketcap value of $365 billion.
• Last week we were recording a low of $334 billion and a high of $366 billion. Bitcoin is low at $10 599 over the same period. High on Bitcoin at $11 471, now $11 471.
• Bitcoin dominance is 58,2%.
• Market sentiment improved to 52 points, which means neutral, while last week it was at 42 points, meaning fear.

BTC/USD

The most actual price for one Bitcoin [BTC] is $11 503.28. Bitcoin is listed on 90 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $14 257 775 030, while the Bitcoin market cap is $212 983 518 257 which ranks it as #1 of all cryptocurrencies. Within the graph we see the emerging new bullish channel (blue lines). With growth of over $11,100 we confirmed the bullish scenario. The closest resistance is at $11,500-11,700 and then a hard resistance at $12,000.

Support: $11 100

Resistance: $11 500-$11 700

LTC/USD

The most actual price for one Litecoin [LTC] is $50.88. Litecoin is listed on 146 exchanges with a sum of 392 active markets. The 24h volume of [LTC] is $1 233 240 330, while the Litecoin market cap is $3 363 253 317 which ranks it as #9 of all cryptocurrencies. In 2020, LTC is in profit of 17%, which is below the market average. If the LTC overcomes the current resistance at $50, it can rise sharply to $54.

Support: $48,56

Resistance: $50,90

ETH/USD

The most actual price for one Ethereum [ETH] is $384.61. Ethereum is listed on 106 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $10 142 293 145, while the Ethereum market cap is $43 451 673 861 which ranks it as #2 of all cryptocurrencies. Ethereum managed to break the bearish trend and move support from $314 to $364. Currently we see a bullish trend where the resistance is at $396.

Support: $364

Resistance: $396

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.