THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

November 30, 2020

Last week, traditional markets ended on a risk-on note. Equities and treasuries up, dollar and gold down. Crypto may have benefited from the tilt -or simply the dollar depreciation- over the weekend. I like to think bigger factors came in play, though.

Last week, traditional markets ended on a risk-on note. Equities and treasuries up, dollar and gold down. Crypto may have benefited from the tilt -or simply the dollar depreciation- over the weekend. I like to think bigger factors came in play, though.

For the second time in a row, the mining difficulty rose, this time almost 9%, showing a clear increase in activity (and security) on the Bitcoin network. Altcoins also rose, actually, bolstered by the enthusiasm for the space.

A report that could’ve affected markets negatively but had -so far- no impact was about the Chinese police seizing about $4.2 billion worth of tokens, from the PlusToken scam. Typically, this would have been followed by some down move, with traders expecting the local treasury to dump those tokens. Price kept on rising, unphased.

The bit of news that might have carried markets up and cast aside any other consideration is the Guggenheim interest in crypto. Over the weekend, articles came out about the $275 billion fund’s amendment to their SEC filing, for their ‘Macro Opportunities’ fund. The specific fund has a value of about $5.3 billion and the amendment allows for 10% of that to be invested in cryptocurrency, via the Grayscale Bitcoin Trust. Needless to say that $500 millions coming from such a player into the space could shake things up. It’s worth noting that the amendment doesn’t mean they will invest that much or, if they did, when they would. The move can’t go unnoticed and the importance can’t be overstated.

People have been saying institutions will get into crypto for years, but it seems that, this year, they already are. There’s plenty more to join, of course, and the amount of funds along with the immutable scarcity of BTC will be felt in a very strong way.

Even in the short-run, the amount of attention BTC is getting from the media, as we get close to all-time highs, is driving a lot more traffic, searches, wallet addresses being created, etc. It’s a good time to be a Bitcoin holder.

Technical Analysis

The confidence-led rally, which started in early October was undeniably shaken up by the bout of volatility seen at the end of last week. It seems that many investors took the opportunity to ‘buy the dip’, though, and prices that visited the lower 16K’s are now decidedly back in the 18K’s.

While some speculate that we could revisit the mid 19K’s only to form a double top that would take us lower, others prefer to keep hope in the 20K level, to reach and breach.

For any buyer, the next target up is $19,050 with, maybe, a temporary retest at $17,890.

With a longer-term view, the weekly bar this weekend closed as a doji candle, barely in the red but marking an interesting interruption in what was until then a string of strong green candles. The more bearish traders will be looking at another move to the $16,270 support or even lower, in the 15–14K’s.


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