With coronavirus restrictions taking place around the world and the potential Biden administration promoting their plan of a ‘6-8 week lockdown’, risk has eased off overnight.
Other factors at this stage in the year are that December is coming up – often a quiet month as well as continued uncertainty around the US election.
This may set us up for weakness in December despite vaccine news and the promise of a Biden technocracy allowing funds to flow and also in spite of expectations that 2021 holds the potential for rabid risk-on.
Gold is still weak and we have a bearish outlook for the asset in the short term with the potential embrace of risk on the horizon and without systematic risks exploding.
Bitcoin has been consolidating at its highs, with potentially a slight bearish bias if we can be so bold to suggest it although BTC could trade through highs or be controlled again here.
Bitcoin last traded at 17,785
24 hr high: $ 18,483
24 hr low: $ 17,041
Bitcoin USD Chart
Fading momentum could be the trade today as well as watching the risk markets – mostly the S&P500 in the case of a developing selloff. If risk is reduced in capital markets there could be a good trade in BTC. While the all-time-high move is still a potential in the asset, it could be dangerous for traders who do not manage their downside from these levels.
Eth looks the more promising asset this morning, although it has struggled to get a start recently.
24 hr high: $ 496
24 hr low: $ 456
Ethereum USD Chart
Alts are still generally underperforming besides the bounce from lows in DeFi that occured. YFI is the only asset trading significantly higher.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||7.9||-3.46069||17,237,704.00||$437,862,059.00|
There is employment data out for Australia today but not too much going on besides that.
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