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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

November 20, 2020
The best thing about hodling is ignoring price swings, with the resolute belief that Bitcoin is one of the answers to a financial system that is built on a pile of debt. Global debt stands at $272T, with another $5T expected to be added to the pile by the end of the year.

The best thing about hodling is ignoring price swings, with the resolute belief that Bitcoin is one of the answers to a financial system that is built on a pile of debt. Global debt stands at $272T, with another $5T expected to be added to the pile by the end of the year.

Unfortunately, Mayayoshi Son, founder and CEO of Softbank, bought $200M of Bitcoin without ‘understanding crypto’. According to news reports, Bitcoin price watching became too much (Son claimed he was checking the price every 5 minutes!) and he exited his position at a loss. I’m not sure we can blame the Softbank CEO’s exit in early 2018 for the price decline, but it certainly would have added to the momentum!

Maybe this time around, with a deeper understanding of Bitcoin, coupled with a clear debt trajectory, will prevent Bitcoin’s new owners from throwing in the towel so quickly.

Earlier this week, we highlighted the story that this Bitcoin price appreciation had occurred with a lack of press coverage. Well, it seems CCTV, China’s official TV Channel, decided to lend a hand by running the following story:

“Bitcoin price surpasses $17.5K, up 70% in less than 50 days. Compared with 2017’s bull market, Bitcoin’s network, development and investment eco-system are now far better. The recent rise is driven by institutional funds.

And corporate treasuries…


Bitcoin is still struggling to push past the $18,265 level, and brief attempts this morning have been met with resistance, despite the bid in Alt-coin’s lifting the market.

$18,265 is our key pivotal level. If we can hold above, then we see room for the market to move to the upside. $19,050 is the next target for the bulls, with the lure of the all-time high at $19,891 likely to spur another advance if the $19,050 level is broken.

On the downside, continued trading below $18,265 will see the market drift down and test our first support level of $17,890. This would also increase the chance of a quicker drop, as traders take a breath before attempting to push the market to all time highs. $17,130 will be the first test of the bulls resolve, followed by the $16,490/$16,270 area. We expect strong support at these lower levels, even during the weekend trading session.

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