Sunday, November 29, 2020
Home The Capital Tough Day For Stocks, Gold & Crypto

Tough Day For Stocks, Gold & Crypto

In Monday’s article, I suggested a downwards movement due to technical and macroeconomic indicators. It seems no asset is safe from pandemic uncertainty, at least for the short-term. This article will recap on bitcoin price movement and where I see it going in the next few days.

Global equities, precious metals, and even crypto have seen better days. Although crypto was relatively unaffected by a red equities market on Friday, it was not able to take another day of selling. Traditional markets suffered from uncertainty in corona cases, delayed stimulus, and banking scandals. It’s no surprise that markets are down, and it seems like they won’t get better until after the U.S. elections. My opinion of technology stocks being overvalued still stands. I believe we have another correction brewing, and it’s only a matter of time.

Bitcoin is not free from market turmoil. We’re looking at another bloody day if the stock markets lead a sell-off. As of writing, bitcoin needs to keep a price above the $10k support level. If not, we’re looking at a revisit to mid-$9k levels. It seems like the bears have the upper hand and are not going to throw away this advantage that they have.

Ether saw double the damage, having lost 8% compared to bitcoin’s 4% in price. Research firm, Skew, shows the Implied volatility, the market’s expectation of ether’s future price movement, has dipped below realized volatility, ether’s current movement based on historical data.

3-months daily implied versus realized ETH/USD volatility.

This signals ‘SHORT’ for technical traders as the entire options market has not seen this shift since July. The next support level that bears will be looking to break is $322 and then $288.

It seems that every trader in every market is preparing for volatile times ahead. It’s important at this time to look over your holdings and make sure you’re prepared for further market corrections.

*This is my opinion only and should not be taken as financial advice*

Popular Articles

Guggenheim Partners may be the next big player to bet on Bitcoin

Over the past few months, the crypto-market has witnessed an influx of institutional investors, most of whom have set aside significant allocations in favor...

How Ethereum Could Stage Rally To $600 If It Clears $550

Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward...

Peafarm – NFT Crypto Games on Tron 4.0 Platform, Airdrop Is Now Live

PRESS RELEASE. NFT (non-fungible token) had been used in the construction of decentralized gaming platforms, issuing proprietary tokens, anti-copy and copyright related issues. It...

Mobius Capital Partners CEO Says Trying to Predict Bitcoin Price is “Loser's Game”

In an interview with Financial News media outlets, Mark Mobius, emerging markets asset manager and founder and CEO of Mobius Capital Partners, said that...

Ripple to Cash In One-Third of its Stake in MoneyGram

Leading blockchain payments company Ripple plans to sell a third of its stake in American money transfer firm MoneyGram. Ripple currently has a stake...

Cryptos Confiscated from $4.2 Billion PlusToken Scam Likely Sold by Chinese Police, says Journalist Colin Wu

Chinese cryptocurrency and blockchain journalist, Colin Wu, has revealed that the huge amounts of Bitcoin and Ethereum seized by the Chinese government from the...