The market is experiencing a unique moment, with Bitcoin having touched and passed very close to its maximum history (All Time High).
I understand that many are excited about this moment, and we will deepen our view of the market.
In highlight, we have Ethereum that performed around 71% after our analysis and we highlight Ethereum as the best currency for the month of November and December.
This study 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 Weekly Graph
We highlighted the weekly Bitcoin chart above.
At the moment, it is being traded close to the historic high, which is there at $ 20,000.
We closed the last week below the last resistance level, which is a warning factor as a whole for the market.
We will only consider that we actually broke, when the price managed to break the $ 20,000 and close the week above that.
Bitcoin Graphical Analysis: 4 Hour Intraday Graph
Here follows a more detailed view, zooming in and looking at the 4-hour chart.
So far, Bitcoin has tried to break the $ 20,000 mark and has been rejected, projecting its move into the $ 17000 range, which is where the 200-period moving averages (exponential and simple) are.
There, we will find good supports to hold the price.
That bearish look will be reversed if Bitcoin Breaks the $ 20,000
Resistance: $ 20,000
Support: U $ 17000; $ 14500.
Analysis of Altcoins
Altcoins are alternative currencies to bitcoin.
These are various cryptocurrency projects that have been dubbed altcoins.
These have a much higher volatility than Bitcoin and can leverage our results.
However, they can also take everyone to the ruin, if you do not know the right time to enter and leave.
Bitcoin is the King of the market, and he will always be responsible for the valuation and devaluation of other projects as a consequence, all of which depend on the success of bitcoin.
For the week, follow our vision:
Analysis of Altcoins for Week
Note that we did not mark any as positive.
This is due to the fact that we are at a crucial moment for Bitcoin and this brings us many uncertainties to the market.
Getting the altcoins right requires precise targeting, at the moment, we do not have confirmation of which path Bitcoin will take (break the historical top or retract).
We highlight some coins in yellow, these are currently in an important support and may prove to be good purchases.
However, as Bitcoin is in charge, we will remain conservative.
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 23rd of November. Source: Blockchain.com.
Figure 2. Total hash rate on the 28th of November. Source: Blockchain.com.
Last week, we can see from the graphs that we saw a slight drop in Bitcoin's total hash rate. This indicates that even with Bitcoin's high to medium to long term being a commented and expected subject by many investors, miners have lost their breath a little. During the weekend we had a strong increase, but analyzing only the hash rate, a drop is possible in the short 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, 23 November 2020. Source: Coinmetrics.io.
Figure 4. Bitcoin NVT, November 28, 2020. Source: Coinmetrics.io.
As well as the total hash rate, analyzing the NVT graphs, we can see a sign of a drop in the short term: the NVT of the last few days has been above 100, which indicates little movement in the market and this is dangerous for a drop in price of Bitcoin. Of course, we always need to look at the scenario as a whole and not just an indicator.
Results Achieved in 2020
We closed November reaching an incredible performance in the year of 70.1%.
In a troubled year, with COVID and extreme market volatility, we managed to perform well both in accumulating new Bitcoins and in maximizing capital in reais.
We also highlight that our year was a tough one, we had reached a 50% appreciation in the middle of the year, however, a wave of volatility left us in light profit, of around 10%.
Note that there is a strong recovery window, where we took advantage of the opportunities and made the year.
We highlight a few things here: Opportunities do not exist every day and often are small windows that make it possible to embrace the performance of the year.
When you read some studies on the Stock Exchange, or any market, you will see that the market remains lateral for most of the year and, when defining a trend, this is where the opportunities appear.
Learn that most of the things that sell you out there on the internet are lies, know what is actually true following our work.
Bitcoin is extremely close to the historic top, being a time of extreme market attention.
There is no way to predict whether it will break and exceed $ 20,000 at this point, no one can say that.
Therefore, we prefer to wait for a definition of the market and the appearance of new opportunities.
Remember that you don't have to operate every day, we have to take advantage of the clear opportunities that do not exist at the moment.