Bitcoin Price and Trading Report: November 20th - Mine Digital
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Bitcoin Price and Trading Report: November 20th

November 20, 2020 • 
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With risk markets sliding this morning we are watching BTC for its response - trading either way can be rationalised after the fact.

Morning Traders,

Risk markets are in an interesting spot this morning, with what currently looks like a failed attempt to trade higher.

There are hints of the potential for a broad embrace of risk in markets, although whether that happens before Q1 2021 is another story. Joe Biden did come out and make clear that he would not pursue nation-wide lockdowns for the virus before the most recent move lower.

With December approaching, other forces on the market are portfolio positions adjusting for year-end and before things get quiet, traditionally being a very quiet month for finance.

Bitcoin

Bitcoin had another attempt at trading higher the last 24 hours but has since rolled over and is currently consolidating near highs. There is likely to be some opportunity in BTC for traders as risk is sold. Whether it is higher or lower will depend on the market structure.

BTC last traded at 17,846

24 hr high: $ 18,180

24 hr low: $ 17,344

BTC/USD Chart

BITCOIN TRADE

It is still not our favourite place to be initiating risk, although being short with risk selling could develop into a good trade. There is always a risk of BTC blowing through the high here and not just even with risk coming off but especially with it coming off.

If it does start levitating in those positions, a momentum trade through the first technical level may put traders in the best place to get that move.

Ethereum

Eth looks more comfortable consolidating than Bitcoin, perhaps with a short-term trade higher in the technicals regardless of what it does longer term.

24 hr high: $ 481

24 hr low: $ 465

ETH/USD Chart

Digital Assets

Mixed results in digital assets overnight with most assets trading lower but with the significant gains all in bullish assets.

AssetCodePrice (USD)24hr Change (%)VolumeMarket Capitalisation
Aave$LEND0.754216-0.782036,600,269.00$90,069,022.00
Algorand$ALGO0.264132-1.2102272,428,329.00$212,134,017.00
Aragon$ANT3.07-3.4667416,289,673.00$106,399,815.00
Balancer$BAL13.22-1.2584850,912,501.00$125,808,008.00
Bancor$BNT1.015.268218,298,668.00$83,607,921.00
Cardano$ADA0.105649-1.0534411,635,254.00$3,279,877,756.00
Chainlink$LINK13.570.641881,009,212,770.00$5,320,890,300.00
Compound$COMP113.29-1.0211237,546,526.00$447,027,306.00
Curve Finance$CRV0.8062715.646785,565,841.00$102,158,635.00
Dai$DAI10.01718122,549,198.00$995,446,152.00
Kyber Network$KNC0.90907-2.0770722,088,528.00$182,411,559.00
Loopring$LRC0.175943-0.540734,565,029.00$208,864,952.00
Maker$MKR509.13-0.3664243,659,909.00$462,902,636.00
Meta$MTA1.4310.916997,578,841.00$15,100,213.00
mStable USD$mUSD0.995707-0.63621598,330.00$36,914,749.00
Ren$REN0.314715-2.2405130,944,112.00$276,837,066.00
Reserve Rights$RSR0.021199044.4749886,202,655.00$197,601,413.00
Stellar$XLM0.0839960.34214142,745,411.00$1,760,634,525.00
Synthetix$SNX4.920.678983,178,412.00$646,506,363.00
Tezos$XTZ2.08-0.4361383,962,332.00$1,557,660,977.00
Universal Market Access$UMA7.76-2.4343913,068,789.00$430,442,373.00
yearn.finance$YFI278098.177671,277,599,604.00$830,330,171.00

Economic Calender

The interest rate decision from China today could be interesting, with Chinese debt exploding this year.

Whether you want to simply buy and sell or access advanced features, we have the tools you need. Mine’s order-book exchange lets you trade BTC, ETH, XRP, LTC and BCH against AUD, USD and USDT*. Mine Digital, Australia’s best Cryptocurrency Exchange.

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