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 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
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.
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
Mixed results in digital assets overnight with most assets trading lower but with the significant gains all in bullish assets.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||7.76||-2.43439||13,068,789.00||$430,442,373.00|
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.