Daily market commentary from 26.11.2020

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

What goes up must come down…

I was watching the sell wall on our screen at around 19.5k yesterday afternoon. Our take was that we need another catalyst to get enough power to break through. This did not come to pass and we were rejected yet again at 19.5k.

The bid side was always thin due to the fact that the market was pushing higher on the back of so-called “market buys” (these are orders that just hit the offer and are not visible in order book heat maps).

Also, it came as no surprise that we saw this dip in Asia. It was the timezone with the least buying interest. Europe and the US were the drivers.

The shake out was good in order to clean out some of the overleveraged. Perpetual funding is back to more normal levels, and the term basis came back a bit (see images below).

Market commentary

Market commentary

The liquidation amounts were brutal. We saw in Bitcoin (BTC) alone over $565 mio getting liquidated. Most of the volume and leverage seemed to have been on Binance. Ethereum (ETH) followed closely with $216 mio, which is (in relation to the average) a very high ratio. The total liquidation across all currencies was over $1 billion (see image below).

Market commentary

In terms of spot volume, we have seen the biggest 1h volume on this dip over the last 30 days. Also, the month of November is so far the highest volume month for 2020 (see image below).

Where do we go from here?

On the daily BTC$ chart we see no big change. The big range we mentioned previously is still intact: $17k-$19.5k. I am expecting to see some choppy sessions within this range.

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About the author

Patrick Heusser

Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.