Another analysis by Financial Move in partnership with Monnos.
Bitcoin made the biggest bullish rally of the year and is currently trading at $ 15,300.
We are experiencing a period of great volatility due to the United States elections.
What to do now, is it time to buy or sell?
This analysis will sweep the cryptocurrency market and filter the best opportunities for you.
The study below is not a guide to buying or selling. Manage your risk properly.
Market and Bitcoin Overview
Bitcoin Technical Analysis - 4 Hour Chart
Bitcoin tended to seek a new top, but failed to break the $ 15800 range.
At the moment, this formation represents a double top, most likely to fall.
Recalling also that the area of U $ 16000 represents a resistance given by the weekly chart, that is, it is very relevant.
At the moment, we expect a Bitcoin retreat to around $ 13500 - $ 14000.
After this setback is completed, we expect an improvement in altcoins.
The $ 13500 Range is also a good buy point, as although bitcoin may fall to that range, the trend remains upward.
For this month, the market's eyes are on Ethereum.
With its upgrade that will happen in December, Ethereum 2.0 promises to improve Ethereum's performance, solving some scalability problems.
The market itself, suffered a strong retraction, which gives us space to think about good movements in the months of November - December.
This will not happen if Bitcoin breaks through the $ 16000 resistance and seeks the historic top of the $ 20000.
If this occurs, altcoins will suffer even more, as Bitcoin can break through the top and enter into a euphoric movement.
Analysis of Altcoins
ETH / BTC
Ethereum Technical Analysis at BTC Pair.
Ethereum has not yet confirmed the chart, but the fundamentals are strong.
At the moment, it is fighting on EMA200 + MA200, which are moving averages that act as resistance.
We have a bullish pivot in the region of 0.26 that highlighted the strength of the movement for Ethereum.
With that, we will be looking positively for a rise in this cryptocurrency between the months of November - December.
Support at: 0.26 - 0.28
Resistance at 0.35; 0.38
ETH / USDT
Ethereum Technical Analysis at USDT
Since we signaled a good time for Ethereum in our reports, the cryptocurrency has already risen by about 40%.
December is a long-awaited month for the project, so this cryptocurrency is on our radar.
At the moment, negotiated at U $ 440, we highlight the supports for those who are outside and want to buy for their portfolio.
Supports: $ 400 & $ 350
Resistance at: U $ 612
By: Isabela Ruiz Roque da Silva
HashRate (Total Hash Rate)
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 1. Total hash rate on the 2nd of November. Source: Blockchain.com.
Figure 2. Total hash rate on the 7th of November. Source: Blockchain.com.
During the week of November 2nd until November 8th, we can see an increase in the hash rate comparing last week's hash rates. It accompanied the big rise in the price of Bitcoin. This means that the miners started to get excited to keep the network running and collect their rewards. In Figure 2 we can also see that starting on November 5th, we have an increase in the rise and soon afterwards the price of the cryptocurrency tried to rise again to break the top of $ 16,000 dollars and fell again for a small correction. The rate is indicating a rise in the medium and long term.
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 3. Bitcoin NVT, November 2, 2020. Source: Coinmetrics.io.
Figure 4. Bitcoin NVT, November 7, 2020. Source: Coinmetrics.io.
As we can see in Figures 3 and 4 above, the NVT is below 100, which indicates a good sign for Bitcoin's growth during this week. Looking at the NVT in isolation, you can see a rise in the short term, but we always have to remember to check more than one indicator to make assertive trades.
The current market scenario requires some conservatism, first because of uncertainties about Trump X Biden.
Even if Biden has already been elected, he will still indicate who his economic team will be (and this may be good or bad for the market, so it is uncertain, we cannot predict).
Just like Trump is still trying to go to court.
At the moment, we highlight only Ethereum as positive and, there is a strong possibility of a retreat for Bitcoin, with strong support in the range of $ 13500.