Hello Astronauts,
That week we didn't have that many emotions.
The market remained lateralized, much of the time and, we did not have great opportunities.
As mentioned in other analyzes, we remain cautious with the market.
Since we are in a consolidation movement, waiting for a definition.
More relevant facts until November will be the Possible Second Lockdown and the Trump X Biden election that takes place in early November.
Until then, the market will move cautiously and will have a lot of noise, which represents irrational volatility and, in turn, exacerbated risk.
The study below is not a guide to buying or selling. Manage your risk properly.
Market and Bitcoin Overview
Bitcoin was once again rejected in the $ 11,000 zone.
Reinforcing our view that Bitcoin will be sideways in the range above $ 10,000, with no major direction and no major movements per hour.
Main support is in the range of $ 9800 - $ 10,000 and there is your best shopping area.
Altcoins Scenario
The market is still not positive.
I believe that if you have followed the previous editions you have already proved the value of our report.
This week the scenario starts to improve, but, for the most part, we are still on alert.
Check out our vision for the week.
Altcoin / BTC
Altcoin / USD
Ethereum (long term)
ETH / BTC
Ethereum is in an interesting area for the long term.
After holding at 0.32, the asset remains in an upward trend.
However, in the short term, we have no signals for short trades, only for holders (people who think about investing for years to come)
ETH / USD
Dollar-listed Ethereum made an important move that touched our expected region.
Ethereum's main support is in the range of $ 300.
Ethereum played in the $ 318 region over the past week, which represented an excellent buy.
For those who are outside, we always recommend buying in the stands.
Main support of the moment U $ 300 - U $ 330.
For the long term, ethereum can play again in the region of U $ 410 and later in U $ 490.
It is not a short-term view and it is not a good possibility of short trade.
Binance Coin
BNB / BTC
Binance in the btc pair is graphically positive.
Honestly, it's one of the best currencies of the week, in terms of the chart.
It has a bullish bias, but outside the support area, which we highlight in the graph using a green rectangle.
Supports in the range of 0.0023 - 0.00245
Resistance in the range of 0.00257; 0.0028; 0.0031
BNB / USD
It follows the same scenario mentioned above.
Main supports in the range of: U $ 24.7 and U $ 26
Resistances at U $ 28; $ 31; $ 33
Fundamentalist View
Total hash rate (TH / S)
The estimated number of terahashes per second that the bitcoin network is performing in the last 24 hours.
The Total Hash Rate (TH / s) is a metric to measure the mining power of the blockchain network. The higher the number of hashrates, the greater the security of the network and the greater its resistance to attacks in general.
It is an important metric for analyzing miners' investments in mining equipment and long-term investments.
Figure: Total hash rate on September 18th. Source: Blockchain.com.
Figure: Total hash rate on the 24th of September. Source: Blockchain.com.
Figure: Total hash rate on September 25th. Source: Blockchain.com
As we can see in the charts above, the rate on September 18 was 143,138. With the fall of Bitcoin, the rate decreased to 133,839 last Thursday, September 24th.
The rate started to rise again, reaching 136,695 on September 25, which could explain long-term market optimism and consequently, a rise in the price of Bitcoin.
NVT (Moving Value)
The NTV is an indicator that indicates whether the price of Bitcoin is in line with the financial volume of the cryptocurrency in the last 90 days: if the price of the cryptocurrency has gone up and there is little volume in the market (few transactions in the currency), the indicator will always show a peak.
Figure: Bitcoin NVT, from June to September 2020. Source: Coinmetrics.io
Analyzing the NVT chart, we can see a peak on August 26, which demonstrated an increase in Bitcoin price in the short term, but without volume (very high NVT), which days later culminated in a sharp drop to the range of U $ 10,000.00 dollars.
The current scenario indicates that the asset has a great chance of increasing in value, since analyzing the NVT, there is no evidence that the cryptocurrency is overbought.
Conclusion
We have a cautious outlook on the market again.
In the vast majority, we have this conservative view in all markets, both the Brazilian Stock Exchange and the American Stock Market.
Factors that we have no control over, such as the lockdown and the US election, ask us for caution.
The altcoins and Bitcoin scenario also calls for caution, only those with long-term vision should remain on the market.
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