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Week 46 – Overview of fundamentals and markets

value, inflation, week 46

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 46. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 46

  • Cryptocurrencies: Bitcoin is now reaching its new annual highs. Even the 2019 record of nearly $ 14,000 was broken. The primary cryptocurrency has gained approximately $ 1,500 in 24 hours. Since something similar happened exactly three years ago, before a historic high of $ 20,000, part of the cryptocommunity is already speculating and expects a new record. Although most alternative coins began to grow later, they seem to have finally caught up the train. Currently, the technically over-bought Bitcoin keeps the price above $ 15,000 among all the global events. There was a slight drop in prices at crypto-markets over the weekend, but now prices are rising again.
  • Stock and commodity markets: The post-election situation in the US has caused stock prices to rise worldwide today. The Stoxx Europe 600 index added about 1.5 percent and other European indexes generally added more than one percent and are doing well. The MSCI World Stock Index, which includes stocks of 49 countries, set a historic record today during the opening hours of European trading.
  • Important events: The pandemic will be the key topic next week again, given the still high statistics and restrictions imposed in most countries. Information on the availability of vaccines is now awaited, and investors may be nervous about the delay. There is now a lot of cheap money on the markets, and there will probably be even more if central banks continue their quantitative easing policies. The outcome of the US election, which the current President Trump has already challenged, will also be addressed.

Cryptomarkets and marketcap: week 46

  • Today, we reached a marketcap value of $ 435 billion.
  • Last week we were recording a low of 387 billion and a high of 453 billion. Bitcoin is low at $13 430 over the same period. High on Bitcoin at $16 000, now $15 129 .
  • Bitcoin dominance grow, now 64,3 %.
  • Market sentiment increased to 90 points, meaning extreme greed, while last week it was at 71 points, meaning greed.

 

BTC/USD

The most actual price for one Bitcoin [BTC] is $15 150.97. Bitcoin is listed on 93 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $21 535 177 605, while the Bitcoin market cap is $280 874 257 110 which ranks it as #1 of all cryptocurrencies.

The current movement within the bearish channel has support at $ 13,700. We see the resistance at the moment in the resistance line of the bearish channel. Tough resistance at 16,000-17,500 USD.

Chart

Support: $13 700

Resistance: $16 000

ETH/USD

The most actual price for one Ethereum [ETH] is $442.90. Ethereum is listed on 102 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $16 633 413 940, while the Ethereum market cap is $50 205 804 745 which ranks it as #2 of all cryptocurrencies.

On Thursday, November 5, the altcoin formed its third consecutive green candle on the daily chart and climbed further to $ 416.

Bulls were once again on the move on Friday as their preferred coin continued to surge, hitting $ 456 and thus growing by 9.6 percent.

The trading session on Saturday was not that good for buyers and ETH corrected its price down to $ 435. On Sunday, November 8, the coin erased all losses from the previous session and moved up to $ 455.

Diagram

Support: $332

Resistance: $453

XRP/USD

The most actual price for one XRP [XRP] is $0.247512. XRP is listed on 119 exchanges with a sum of 398 active markets. The 24h volume of [XRP] is $1 163 038 938, while the XRP market cap is $11 215 375 224 which ranks it as #4 of all cryptocurrencies.

Chart, line chart

The first day of the weekend came with a significant drop. The “ripple” experienced a heavy pullback and closed the day at $0.249.

Then on Sunday it rebounded from the $0.25 support and climbed to $0.253.

Support: $0,231

Resistance: $0,259

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 (BTC) 16.341,59 5,77%
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Ethereum (ETH) 508,85 3,42%
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