This Week has a Holiday on Thursday
Markets rely on liquidity in order to survive. A Market with no liquidity is no market at all, it’s just a guy on QVC trying to sell towels to dry your car with. Holidays are one of those things that can remove active liquidity from the market. In other words, traders that would normally be taking positions, whether buy or sell will be away from their computers for either a few hours or for the entire day.
The good news is that this Holiday is only in America. The bad news is that the American money is still rather significant given the regional market data. That being said, this Holiday is a little bit different than other Holidays.
The Holiday always lands on a Thursday and most people will burn a vacation day to have the Friday after Thanksgiving off as well. This gives them a 4-day weekend instead of a 2-day weekend. And if you’re going to be off Thursday and Friday, well there’s no reason to come back to the charts for Saturday and Sunday. And there you have it, a wild market with little American Support for 4 days and it all begins this Wednesday afternoon.
So the moral of the story is that we will have less liquidity than we usually do and the market can have slightly different than normal with less American Support. This could mean that it is easier to push up or down.
In other News
The Bitcoin CME Gap from Friday was filled first thing last night when the Futures market opened its doors. Not too much of a surprise there even after the Friday/Saturday bump from Support. The real question comes down to today and whether traders are looking to reclaim this area as support and dump it for a further discount.
The current activity has been pretty weak but the volume is decent given the time of day.
El Salvador has some new news about Bitcoin as they want to create a Bitcoin City but their bullish news about using Bitcoin as legal tender a few months back didn’t really do too much to the market as their buy orders were less than most whales.
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