Bitcoin made the biggest bull rally of the year and is currently trading at $ 19200.
In Brazil, it is being negotiated at approximately R $ 105000 (one hundred and five thousand reais, the highest value in history).
Bitcoin proved to be the best investment in recent years, even with great volatility and market uncertainties.
What to do now? is it a good time to buy?
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
Technical Analysis Bitcoin Daily Graph
Bitcoin continues to rise without correction.
In our last analysis we stated that the price was stretched and, when looking at the side of the technical analysis, it still is.
However, assets that have a strong trend are subject to distortions in the graphs and, when we pack in this wave of euphoria, they ignore any market parameter.
Growing since September of that year, without corrections, Bitcoin gains strength after a turbulent year in the World.
Currently traded in the range of U $ 19000, the crypto sought to break the U $ 19000, reaching the level of U $ 19400, however it did not have the strength to maintain itself.
The current Zone is a zone of extreme turbulence and a fight of bought and sold, the main trend continues upwards, but with strong resistance in the range of U $ 20000.
There is no way to predict a break in resistance, it will be a period of volatility and uncertainty.
Watch out for your exposures and altcoins, if Bitcoin breaks through the $ 20,000 they should keep falling.
We believe that altcoins will react very dynamically depending on Bitcoin.
As we experienced this Monday, we had good opportunities, however, they were quick.
At the moment, the altcoin market is down and ready to explode.
However, they depend on Bitcoin's lateralization to be able to move.
The only highlight is Ethereum, which will update its protocol to Ethereum 2.0, which is scheduled for December 1st.
Ethereum Analysis on the USD Daily Chart
Ethereum is currently quoted at $ 602.
After doing a strong rally from U $ 350, which was signaled here in our past analyzes.
At the moment, he is facing resistance, so the most interesting thing for outsiders would be to expect a retreat to the averages, in the range of $ 500.
As we will have the launch of ETH 2.0 on December 1st, the price may continue to rise without corrections.
What we consider too risky, to enter only out of anxiety.
Support: $ 450; $ 500
Resistance: U $ 610; $ 790
Ethereum / BTC
Ethereum Chart Technical Analysis on Bitcoin Pair
When we look at Ethereum listed on the Bitcoin Pair, we see that we have a good horizon to go.
However, Bitcoin can bring volatility to the market, due to its challenge with its historic top
Support: 0.30000 (satoshis)
Resistances: 0.35; 0.37; 0.39
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 16th of November. Source: Blockchain.com.
Figure 2. Total hash rate on the 22nd of November. Source: Blockchain.com.
From the 16th of November until the 22nd of November, analyzing the graphs above, we could see an increase in the total Bitcoin hash rate, this indicates a euphoria of the miners to continue maintaining the functioning of the network when mining and with that, bringing more security to the blockchain. For this week, rate stability or an increase is expected due to market turmoil and big players entering the cryptocurrency market. We are in an upward trend 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 16, 2020. Source: Coinmetrics.io.
Figure 4. Bitcoin NVT, November 22, 2020. Source: Coinmetrics.io.
Over the past week, Bitcoin's NVT has remained between 80 and 85, which indicates a good sign for bullishness if the index continues at that level. If during the week we see an increase above 100 (a very large sales force), we will have a short-term drop in Bitcoin to continue the upward trend in the medium and long term. Remembering that we always need to check more than one indicator to make assertive trades.
Fundamentalist factors have never been stronger than they are now.
A safer and more powerful network indicates greater interest in the market, coupled with the fact that large funds are investing in cryptocurrencies.
For the week we will have an excellent challenge in the $ 20,000.
Even though Bitcoin doesn't break this time, we believe it will happen inherently.
Altcoins are still being held hostage by bitcoin, we still recommend a defensive stance.