Welcome to our weekly brief of what is going on on the markets and what are expected events in week 51. It should help you with jumping back on track after weekend.
Fundamentals and expected events: week 51
- Cryptocurrencies: The price of Bitcoin reached again its peak from December 6th this Sunday, at $ 19,400, which means an increase of 10% in just two days. After that it fell back to $ 19,000, but then the price of Bitcoin rebounded again during Monday morning trading and regained $ 19,300. Currently, this level acts as a too strong resistance and the price of BTC is falling again to the levels of 19,100 USD. Bitcoin thus reaffirmed its reputation as a highly volatile asset. Altcoins follow the market leader and also fluctuate considerably on the sides. They are currently slightly in red numbers.
- Stock and commodity markets: Tesla shares will be included in the broadest US S&P 500 index on Friday. Investors are likely to focus on the beginnings of distribution of the covid-19 vaccine in the US, where the pandemic continues to rise sharply despite government restrictions.
- Important events: Many events and macro data await us in the last week before Christmas. The US Federal Reserve will hold its last meeting this year during Wednesday’s trading session. Decisions on interest rates and other assistance for companies and people affected by the pandemic are expected. In Europe, there will be one last chance to reach some agreement on Brexit.
Cryptomarkets and marketcap: week 51
The total crypto market cap lost $ 14 billion to its value for the last seven days and now stands at $ 557 billion.
- Today, we reached a marketcap value of $557 billion.
- Last week we were recording a low of $521 billion and a high $567 billion. Bitcoin is low at $17 620 over the same period. High on Bitcoin at $19 346, now $ 19 050.
- Bitcoin dominance is now 63,5 %.
- Market sentiment is at 95 points, meaning extreme greed, last week it was at 91 points.
The most actual price for one Bitcoin [BTC] is $19 107.73. Bitcoin is listed on 87 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $17 218 205 358, while the Bitcoin market cap is $354 845 293 268 which ranks it as #1 of all cryptocurrencies. You’ve seen a lot of volume on Bitcoin in the last week. The drop to $ 17,500 features support for the channel pattern. We are currently above $ 19,000 and Bitcoin has dropped from yesterday’s high to $ 19,300. Consolidation to 19,000 is expected.
Price activity is nearest the 50-bar MA (4-hourly) at 18686 and the 200-bar MA (Hourly) at 18686.
Technical Support is expected around 16500/ 15996 with Stops expected below.
Technical Resistance is expected around 19800/ 20300 with Stops expected above.
The most actual price for one Ethereum [ETH] is $580.25. Ethereum is listed on 101 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $6 952 148 402, while the Ethereum market cap is $66 049 384 472 which ranks it as #2 of all cryptocurrencies. Within Ethereum, we are seeing resistance of $ 600 continuing to $ 620. We are monitoring support at $ 548. A triangle pattern is being created on the chart and currently investors want to keep the pattern. In the following days, there could be a drop to the support line.
The most actual price for one Stellar [XLM] is $0.169525. Stellar is listed on 100 exchanges with a sum of 233 active markets. The 24h volume of [XLM] is $550 632 993, while the Stellar market cap is $3 692 373 742 which ranks it as #11 of all cryptocurrencies.
There was a clear break above the $0.1650 resistance to start the current increase. There was also a break above a crucial bearish trend line with resistance near $0.1640 on the 4-hours chart. The price even spiked above $0.1750 and settled above the 55 simple moving average (4-hours).
The first major support is near the $0.1650 level and the broken trend line. The 55 simple moving average (4-hours) is also near the $0.1650 level. Moreover, the 50% Fibonacci retracement level of the recent increase from the $0.1492 swing low to $0.1792 high is at $0.1650. The next major support is near the $0.1500 support. Conversely, the price could clear the $0.1800 hurdle and continue higher. The next major resistance is near the $0.1900 level, followed by $0.2050.