An extremely chaotic week in the cryptocurrency market, right?
However, we stressed this in the last report, which recommended that everyone stay out of the market.
The result was a fall in the majority of altcoins.
I hope that the report was of great value to you.
This edition follows the same line as the previous vision.
The study below is not a guide to buying or selling. Manage your risk properly.
Market and Bitcoin Overview
Bitcoin failed to stay above $ 11,000 and fell to the $ 10400 region.
At the moment, it continues in an upward trend in the long run (despite the turbulence).
However, in the short term, it will face possible lateralization and uncertainty. You can try to get the $ 10600, representing a possible gain of 2%, but the risk / return ratio is 1/1, that is, it is not worth taking the risk.
The market as a whole is retreating (SP500 and Nasdaq retreated strongly this week too).
We have as a relevant fact a possible second lockdown due to the COVID that scares the markets.
The election of the new US president leaves the world on standby (wait) until we know whether we will have a pro market (Trump) or Center - Left (Biden) president.
Although Bitcoin has positively pulled the market.
None of the altcoins analyzed at the moment give good indications for the week.
If we analyze that Bitcoin is close to resistance, it makes no sense to open longer operations.
For if Bitcoin bounces off the $ 11,000 resistance, the altcoin market will retreat along.
Altcoin / BTC
Altcoin / USD
Unlike report 07, this is being released in a climate of depression in the crypt market.
However, the entire market retreats, something that was mentioned in report 07, our previous version.
We still don't see any new positions to be taken on altcoins.
And, we believe that Bitcoin will suffer lateralization, a very bad condition for operations.
There is a market every day.