It has been a rollercoaster in the S&P500, retracing its entire move to shrug off delays in stimulus.
We think that the obvious move is to 3500 to stop-out shorts and to establish that the market is likely to become a bit of a zombie market – this could be one of the last trades before a long period of consolidation – well into 2021.
However there is a strong risk-bid in energy (oil), perhaps suggesting that we are close to a stimulus deal in the US as well a strong bid in the Australian equity markets, so risk is back on for now.
BTChas not seen anything too exciting over the same period but is nearing the end of its consolidation.
The sun is out this morning and the birds are chirping and we are ready to be long BTC to take out this major short trade bias once and for all.
The BTC chart shows the long-term up-trend at the bottom that the market did not quite make it to. Additionally, the horizontal support at around 10,400 shows the market unable to breach that level which had been major highs since June – it is the last stop before a move.
BTC last traded at $10,670
24 hr high: $ 10,684
24 hr low: $ 10,548
Eth is looking a little sad compared to Bitcoin, trading on the underside of its range for a long time.
24 hr high: $ 342
24 hr low: $ 332
Mixed results in digital assets overnight with Bancor, Ren, Synthetix and Aave having a good bid.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||5.96||-9.04562||14,149,800.00||$329,741,239.00|
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