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Week 45 – Overview of fundamentals and markets

inflation, stagflation, overview week 45

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 45. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 45

  • Cryptocurrencies: crypto markets are very volatile, with large fluctuations on both sides, and this also applies to Bitcoin. The cryptocurrency lost $ 300 in a few minutes this weekend, failing to maintain its level above $ 14,000 after breaking it a few days ago. BTC’s dominance has also declined, by almost 0.5%, over the past 24 hours, meaning that altcoins are trying to regain their positions.
  • Stock and commodity markets: Indices in Europe and the US went sharply to red, mainly due to nervousness from the growing pandemic and high numbers of new infections, which have already forced many European countries to re-enter lockdowns. Oil also fell sharply. The markets were dominated by safe harbors such as the USD and JPY.
  • Important events: This week will be largely about the further development of the pandemic situation, and the US elections will also play a major role in the development. The results season continues and markets will be waiting for the US central bank meeting.

Cryptomarkets and marketcap: week 45

  • Today, we reached a marketcap value of $ 393 billion.
  • Last week we were recording a low of 392 billion and a high of 404 billion. Bitcoin is low at $13 400 over the same period. High on Bitcoin at $13 910, now $13 400 .
  • Bitcoin dominance grow, now 63,5 %.
  • Market sentiment dropped slightly to 71 points, still meaning greed, while last week it was at 75 points, meaning greed.

 

BTC/USD

The most actual price for one Bitcoin [BTC] is $13 518.25. Bitcoin is listed on 92 exchanges with a sum of 400 active markets. The 24 h volume of [BTC] is $17 915 503 669, while the Bitcoin market cap is $250 521 359 850 which ranks it as #1 of all cryptocurrencies.

Bitcoin’s Price Declines Towards $13,000 Following Overnight Selloff
At the time of writing, Bitcoin is trading down just over 2.5% at its current price of $13,400.

This is around where it has been trading throughout the past couple of weeks, but the multiple rejections posted at $13,800 do seem to spell some trouble for its near-term outlook.

Any break below $13,000 could lead to serious losses that potentially invalidate its short-term strength.

Line chart

Support: $12 250

Resistance: $13 950

 

LTC/USD

The most actual price for one Litecoin [LTC] is $53.93. Litecoin is listed on 143 exchanges with a sum of 391 active markets. The 24h volume of [LTC] is $1 391 774 195, while the Litecoin market cap is $3 572 546 314 which ranks it as #8 of all cryptocurrencies.

Litecoin surged to $60 but was rejected in succeeding trading sessions while being unable to hold on to the level at $58. Over the past few days, the price sunk lower and LTC was trading within a range of $56.5 to $53. Litecoin was forming a symmetrical triangle over a longer timeframe and could see a bullish breakout. In the short-term, however, sideways movement could be the way for the asset.

Chart

Support: $50,90

Resistance: $57,70

 

ETH/USD

The most actual price for one Ethereum [ETH] is $385.36. Ethereum is listed on 104 exchanges with a sum of 400 active markets. The 24 h volume of [ETH] is $10 086 774 297, while the Ethereum market cap is $43 646 663 466 which ranks it as #2 of all cryptocurrencies.

Ether price faces a potential 30% correction after failing to break $400
Ether price is struggling despite Bitcoin rising, which may embolden the bears to push the price down below $400 before another major rally can occur.

The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with its price. In that regard, the primary altcoin indicator, Ether (ETH), has not been doing well as ETH/BTC has dropped 30% in the last two months.

Chart

Support: $364

Resistance: $396, next step by $432

 

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%