Market Analysis for 24.09.2020 Bitcoin confirmed yesterday's | Your Crypto Boss

Market Analysis for 24.09.2020

Bitcoin confirmed yesterday's forecast of movement towards 10200. After another unsuccessful attempt to consolidate above 10,500, the main crypto currency left the range and headed for this support. A local minimum of around 10130 was reached, after which the main crypto currency bounced back to 10280-10300, where it has been trading for over 2 hours.

Market capitalisation 324 billion, dominance index 58.7%

The American market performed well during the day yesterday. The S&P 500 closed with a minus of 2.37%, reaching the end of July. The IXIC fell by more than 3%.
Gold continues to fall, and is now around 1860.

Market participants were disappointed by the business activity indices, which were worse than predicted. And Powell, whose speech came down to the fact that the Fed can inject new money into the economy, but it does not help.

The scenario I was talking about seems to be starting to work - there are a lot of forces in the US that are against Trump's victory in the elections. These forces do not need markets to grow, fluttering and sluggish slippage is quite resistant. Now is the time to make Trump's move by giving him some positive.

If that doesn't happen and the S&P 500 doesn't return above 3250, there is every chance of continuing the decline. There will be no collapse like in March, I wrote yesterday about the reasons, but the S&P 500's movement towards 3000 is quite possible if the markets are not given (or at least promised to give) more money.

Bitcoin is expected to test 10,200, continuing to show a correlation with the stock market. So far this has ended in a bounce, everything depends on the external background. If the stock markets continue to fall, 10200 will not hold out and Bitcoin will return to the 10200-9800 range.

The situation is much worse with the altcoins, they are actively looking for a new bottom, falling much harder than the main crypto currency, and are now at a level as if Bitcoin has already gone below 10K. If Bitcoin grows, they will come back to life quickly and if they leave below 10K, and especially below 9,800 they will go into a steep peak.

The Fed is obviously interested in the topic of the digital dollar, and they are obviously getting a lot of rest from the laurel of USDT. There may soon be news about the release of the US CBDC. Considering that the main geopolitical competitor of the USA, China, has already released the digital yuan, this will be a logical move.

Today, the priority option with a breakthrough of 10200 and Bitcoin entering the range of 10200-9800. Only a reversal of the external markets, which are now looking down, can change this situation. The alternative is movement in the 10200-10400 range.

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