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Week 44 – Overview of fundamentals and markets

factor, economy, week 44

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 44. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 44

  • Crucial last week was the news that PayPal is going to enter the field of cryptocurrencies from 2021. Following this announcement, Bitcoin’s rocket growth began, reaching $ 13,000 to date and growing. Bitcoin was also mentioned positively by rapper Kanye West in the podcast of Joe Rogan, which is followed by millions of people. Other positive news regarding the entry of large institutional investors into the cryptocurrency supported the growth, and the market is now entering the so-called FOMO mood.
  • On the other hand, traditional financial markets show losses. Investors around the world are increasingly nervous about the growing second wave of the pandemic, affecting whole countries, which are starting to impose lockdown measures again causing the economy to stagnate. Interestingly, the second wave of the pandemic is not hitting Asia so far. Markets are also waiting for announcement of the financial results of large technology companies.
  • The results of the US presidential election, which will take place in a week, are awaited. Another ECB meeting will take place on Thursday, which is likely to confirm the current monetary policy stance. Preliminary GDP results for the third quarter in the United States will be published on Friday, and if the results are worse than expected, it could lead to further declines on the traditional financial markets.

Cryptomarkets and marketcap: week 44

  • Today, we reached a marketcap value of $ 398,4 billion.
  • Last week we were recording a low of 364 billion and a high of 399 billion. Bitcoin is low at $11 630 over the same period. High on Bitcoin at $13 400, now $13 211 .
  • Bitcoin dominance grow, now 61,4 %.
  • Market sentiment shooted up to 75 points, which means greed, while last week it was at 55 points, meaning neutral sentiment.

 

BTC/USD

The BTC/USD exchange rate kicked off the new week in positive territory on signs of institutional adoption, lower sell-off sentiment, and the global market uncertainty over the second coronavirus fiscal aid and the November 3 presidential election.

The actual price for one Bitcoin [BTC] is $13 211.20. Bitcoin is listed on 91 exchanges with a sum of 400 active markets. The 24 h. volume is $13 619 981 434, while the Bitcoin market cap is $244 767 351 342.

Chart

Bitcoin persistently held onto the gains it made last week on the news of PayPal foraying into cryptocurrency space. The fintech firm’s decision to allow its users to store and spend Bitcoin raised the demand for the asset on the retail market.

Support: $12 720

Resistance: $13 450

 

LTC/USD

The most actual price for one Litecoin [LTC] is $57.50. Litecoin (LTC) is the 8th largest digital asset with a current market capitalization of $3.8 billion and an average daily trading volume of $3.7 billion. The coin has gained over 23% in the last seven days, becoming the best-performing cryptocurrency out of top-10 on a week-on-week basis, Litecoin is listed on 142 exchanges with a sum of 392 active markets.

Chart

If $56.8 is verified as support, LTC/USD may continue growing with the next focus on the psychological barrier of $60 strengthened by the recent high and the upper line of the 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $64.

Support: $50,9

Resistance: $61,63

 

ETH/USD

ETH is currently trading at $405 after a mild pullback from the $421 high. After a massive rally towards $421, Ethereum is finally under a consolidation period. Ethereum is listed on 108 exchanges with a sum of 400 active markets. The 24 h. volume of [ETH] is $6 187 412 688, while the Ethereum market cap is $45 869 972 441 which ranks it as #2 of all cryptocurrencies. Chart

So far, the price of ETH has retraced mildly from $421 to $404 currently. The MACD remains bullish and the RSI is not overbought. The next resistance point seems to be located at $488.95, the high established on September 1.

Support: $396

Resistance: $488,95

 

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) 16.340,45 5,98%
ethereum
Ethereum (ETH) 507,82 3,57%
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PlatonCoin (PLTC) 0,363696 4,33%