OSL Daily Update - May 27 2020 

$BTC 24 Hour High $8,991.97
$BTC 24 Hour Low $8,757.29
$BTC -1.3%

Global markets are on the rise as investors turn optimistic with the alleged vaccine progress along with the reopening of countries outweighing fears over the escalating US-China tensions.

Digital assets market:

It’s been a slow moving day.  The desk has been seeing more flow via the Americas desk, with LATAM markets starting to resume trading, as the lockdown restrictions ease.  The Asian session saw more USDT arb closing.  The payment provider flow was at 70% capacity yesterday, and we expect it to decrease throughout the day. More $BTC sellers which follow the current trends in the market.

$BTC still showing signs of bearish sentiment after failing to break through 10K on a couple of occasions last week, further dropping to lows of 8,600. Currently range bound between 8,750 and 8,900. It’s trading on the lower Bollinger bands for the past five days with RSI showing oversold levels. No overnight change in $BTC dominance, remaining at 65.5% for the second consecutive day. However, the digital asset market cap dropped 3B overnight from 250B to 247B.
 

In alt markets:

  • For the most part alts followed $BTC on this drop, with the exception of $HBAR which surged 16% over the past two days, outperforming all other mid-cap alts. Has since corrected to 0.0427 levels, 44% away from its ATH at 0.095.

  • With $BTC fees having dropped 54%, with fewer miners and more network congestion, may begin to fuel alt season

  • $XTZ trading within a tighter range than yesterday between 2.65 and 2.76. Trading at neutral levels, on par with 10 and 30 day MA, still targeting to break above 2.90 range with increased volumes

  • $ETH maintains its levels slightly above 200 in withstanding selling pressure. Next tested support levels at 191 and looking to challenge resistance past 210 on the next move up 


Other news that caught our eye:

  • No timetable announced for the Chinese digital Yuan despite the ongoing pilot research.

 

May the trend be your friends!

 

OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti

 


 

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