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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

November 9, 2020
Here are two interesting statistics: 1. The total value of negative yielding bonds has just passed $17 TRILLION.

2. When Bitcoin hit almost $16,000 on Friday, there were only 33 days in Bitcoin’s history you could have bought it on, and lost money.

Essentially, 99% of the time, buying Bitcoin made you money. Obviously, that is stretching the truth a little, as we all know, fear and greed leads to terrible decisions! How many traders have bought, only to see the price drop? Well, if they just paid attention and hodled, all would be fine. But that’s not real life. As the headlines break regarding the potential success of a Covid-19 Vaccine, the stock market and Bitcoin rallied, and then, Bitcoin turned negative.

Trading the news is fun, but news rarely has any long-term impact on price trends. Unless it becomes law to take a vaccine, then, good luck with that! Bitcoin’s slide in price today has struggled to take it down through the $15,000 level, hardly the dip buying opportunity many were hoping for!

Should Bitcoin prices consolidate this week, with a trading range between $14,300 and $16,000, it would set us up for the next leg up towards $17,000. Even with a vaccine that was 100% safe and offered a 100% protection rate, the backdrop of 2020 would continue to support BTC prices. We don’t have that, what we have is a lot of uncertainty, and a lot of debt.

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