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Week 43 – Overview of fundamentals and markets

week 43

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 43. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 43

  • Bitcoin absorbed well news on suspension of trading on crypto exchange OKEx and defended the limit of 11,400 USD. Primary cryptocurrency has continued upward for the past 24 hours. Now bitcoin trades slightly above this limit. Overall, cryptomarkets are now trading more horizontally or with only slight fluctuations.
  • Stock markets were nervous last week. US indexes eventually defended their positions, while European indexes fell back into the red, mainly due to the growing coronavirus pandemic across Europe and the tightening of measures against the spread of the virus. Another negative influence is the political situation in the USA and the unsuccessful attempt to reach an agreement on support measures before the upcoming elections. Failure in the Brexit negotiations is also a problem. These topics will be the key events for the stock and commodity markets this week as well. On Wall Street, the results season will continue at full speed this week, which should start to have a greater impact on the markets. Gold and silver are still growing as of today, there is an increased uncertainty on the markets.
  • The head of the American Fed, Jerome Powell, will speak at the IMF meeting today, and the topic of digital currencies should also be discussed. In addition to the results and new data from the economy for 3Q, the head of the EU central bank and the head of the British central bank are also expected.

Cryptomarkets and marketcap: week 43

  • Today, we reached a marketcap value of $364 418 801 382 (0.65%)
  • Last week we were recording a low of $338 billion and a high of $369 billion. Bitcoin is low at $10 450 over the same period. High on Bitcoin at $11 720, now $11 540.
  • Bitcoin dominance is 58,61 %.
  • Market sentiment improved to 55 points, which means greed, while last week it was at 52 points, meaning neutral sentiment.

BTC/USD

The most actual price for one Bitcoin [BTC] is $11 531.86. Bitcoin is listed on 96 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $10 923 636 368, while the Bitcoin market cap is $213 586 151 342 which ranks it as #1 of all cryptocurrencies.

Chart

Bitcoin was valued at around $7,300 in January 2020, in mid-February, the price surged to the $10,000 mark. However, as the pandemic smashed the market, the BTC price took a steep dive and reached below $5,000 by mid-March. Breaking its long-time resistance it reached the $12,000 mark in mid-August and later stood at a firm position with $10,000. Also, the BTC market made headlines when Square bought $50 million worth of Bitcoins. These big whales seem to strengthen the BTC position in such unprecedented situations.

Support: $ 11 100

Resistance: $11 735

 

LTC/USD

The most actual price for one Litecoin [LTC] is $47.94. Litecoin is listed on 147 exchanges with a sum of 392 active markets. The 24 h volume of [LTC] is $786 409 625, while the Litecoin market cap is $3 171 405 112 which ranks it as #10 of all cryptocurrencies.

Chart

If the Litecoin price remains above the control of the bulls, it may likely roll to the nearest resistance at $51, $53, and $55 levels. On the downside, any bearish movement below the moving averages within the channel could bring the market price to the support level of $44, $42, and $40 respectively.

Support: $45

Resistance: $50,40

 

ETH/USD

The most actual price for one Ethereum [ETH] is $378.63. Ethereum is listed on 101 exchanges with a sum of 400 active markets. The 24 h volume of [ETH] is $6 950 525 360, while the Ethereum market cap is $42 811 750 117 which ranks it as #2 of all cryptocurrencies.

Chart

Ethereum saw a small increase today as it hit $376 again. ETH managed to rebound from the 2019 High at $364 over the weekend, which prevented the coin from slipping below. Against Bitcoin, Etheruem seems to be trapped within a symmetrical triangle but is quickly approaching the apex.

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. 

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bitcoin
Bitcoin (BTC) 16.252,39 5,68%
ethereum
Ethereum (ETH) 504,27 2,92%
platoncoin
PlatonCoin (PLTC) 0,363696 4,33%