BTC Market Analysis-November 19th

 2020-11-19 10:42:26

Although BTC’s price rushed high and then fell back, there is still a big disagreement between the long and short sides. On the one hand, investors holding cryptocurrencies in the market are eager to flee short-term. On the other hand, the increasing number of new investors has made the price trend more uncertain.

Overall, BTC's activity decreased slightly after a short-term retracement. The rapid price dropping on November 18th triggered investor interest in entering the market, and the number of new addresses quickly rebounded to a peak of 580,000, the highest since 2017. In other words, investors flocked to enter the market during the price correction, indicating that FOMO sentiment is still brewing.

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The process of selling BTC by investors on the market lasts for a short time, but has a great impact on the price. The critical US $18,000 has become a short-term resistance zone. The number of active addresses reached a short-term peak of 1.18 million on November 18th, indicating that the competition among investors on the market is also fierce.

Data on the chain shows that BTC has maintained its peak trading volume for three consecutive trading days starting from November 16th. This shows that investors' attention to BTC has not been reduced due to the price retracement.

In general, combined with the recent inflows of BTC, which have reached 1.15 billion, 3.96 billion and 1.27 billion, respectively, it shows that the bulls have invested a large amount of funds recently, and BTC may gain support again.

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