EQUOS — Morning Update — November 6th

Happy Friday and happy Bitcoin. We’ll talk about traditional markets further down, but, for now, it is enough to say that BTC is sitting at $15,650 — a multi-year high and levels only seen during the 2017 ramp up to 20K.

As mentioned yesterday, a lot of the moves are supported by leveraged funds — which tend to not hold up, and feel very not supportive, when markets retrace or correct. This is worth taking into account when trading.

For now, though, we’re up 10% on the day and up 120% since the start of the year. BTC is outperforming any major asset class easily, whether that’s equities, bonds, real estate, or gold. It feels great for hodlers, and more in general, good for any stakeholder in the crypto space and terrible for anybody sitting on the sideline. This is a fantastic set-up for further moves up. From a charting perspective, there’s really nothing holding BTC back: Skies are clear and 20K is in sight.

It’s worth noting that the enthusiasm endures as good news keeps pouring in, the latest one with Square reporting $1.63 billion in Bitcoin sales for the third quarter via its Cash App.

The bull run is not just about crypto-related news, though. Markets in general have turned risk on with the S&P up almost 2%, the Nasdaq up almost 3%, treasuries staying flat, and gold rising 2.3%.

It’s interesting to see that investors are feeling optimistic about the future, regardless of who wins this relatively tight presidential race. Currently, Biden is leading with 253 electoral college votes, while Trump remains at 214. What I find surprising, though, is people totally casting aside other concerns, such as the increase in coronavirus and the ongoing trade tensions.

Speaking of casting concerns aside, let’s talk about alts. They’ve been underperforming BTC for a while now, but are still holding up and rising in dollar terms, which is always a consolation for holders (including yours truly). One should also look at the BTC Dominance index, currently at 66.4, but with the RSI and slowed stochastics at elevated levels. My guess: After the trend has steadied on BTC, traders will be looking for the next thing to profit on and rotate through the various altcoins, which will be subsequently pumped and eventually play catch up -percentage wise- with the BTC rally.

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Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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Justin d’Anethan

Justin d’Anethan

Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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