Thoughts on the market on 04/22/2020
Worked out a priority option from yesterday's Review.
After the third unsuccessful attempt to gain a foothold above 7200, Bitcoin returned below 7000, which indicates the continuation of movement in the channel with a lower border of 6500-6600 and an upper border at 7300-7400.
Now the main cryptocurrency is trading at around 6870.
Market capitalization 199 billion, dominance index 63.8
Everything was calm yesterday in the traditional markets, the S&P 500 was slowly but surely growing and was already trading above 2865, but then news started spreading over all the media and other news channels that WTI was trading for minus $ 40.
Within an hour, I saw this on the Yandex main page, on three financial portals, on almost all Telegram channels and on TV in the institution where I had a meeting.
In fact, this is just a technical moment, and not the oil itself fell, but the May futures.
But they are able to accelerate FUD in traditional markets no worse than in crypto, because American indices fell by an average of 2%, while the S&P 500 was still trading above 2800 and practically did not lose the gains of the previous week.
Now WTI is back above 20, but some positive changes are possible only after curtailing quarantine measures in the leading economies of the world. This is the most likely scenario for the next 7-10 days, because more and more world leaders understand that quarantine is much more dangerous than a virus.
And the economic consequences of quarantine affect almost everyone.
People are beginning to realize that the loss of livelihoods, the loss of business and the ability to feed their families are a more real threat than coronavirus.
The market will support curtailment of quarantine measures in leading economies, and company reports will put pressure on it.
I think that S&P will stay above 2700-2600, whatever it is in the reports.
Everything is calm on the crypto market, we are moving in the channel 6500-7300.
Today, there is likely a move to its lower border. It is far from a fact that we will approach 6500, considering how the straits are bought, but there are chances for 6650.
I bought Ether on the trading account.
Worked out a priority option from yesterday's Review.
After the third unsuccessful attempt to gain a foothold above 7200, Bitcoin returned below 7000, which indicates the continuation of movement in the channel with a lower border of 6500-6600 and an upper border at 7300-7400.
Now the main cryptocurrency is trading at around 6870.
Market capitalization 199 billion, dominance index 63.8
Everything was calm yesterday in the traditional markets, the S&P 500 was slowly but surely growing and was already trading above 2865, but then news started spreading over all the media and other news channels that WTI was trading for minus $ 40.
Within an hour, I saw this on the Yandex main page, on three financial portals, on almost all Telegram channels and on TV in the institution where I had a meeting.
In fact, this is just a technical moment, and not the oil itself fell, but the May futures.
But they are able to accelerate FUD in traditional markets no worse than in crypto, because American indices fell by an average of 2%, while the S&P 500 was still trading above 2800 and practically did not lose the gains of the previous week.
Now WTI is back above 20, but some positive changes are possible only after curtailing quarantine measures in the leading economies of the world. This is the most likely scenario for the next 7-10 days, because more and more world leaders understand that quarantine is much more dangerous than a virus.
And the economic consequences of quarantine affect almost everyone.
People are beginning to realize that the loss of livelihoods, the loss of business and the ability to feed their families are a more real threat than coronavirus.
The market will support curtailment of quarantine measures in leading economies, and company reports will put pressure on it.
I think that S&P will stay above 2700-2600, whatever it is in the reports.
Everything is calm on the crypto market, we are moving in the channel 6500-7300.
Today, there is likely a move to its lower border. It is far from a fact that we will approach 6500, considering how the straits are bought, but there are chances for 6650.
I bought Ether on the trading account.