OSL Daily Update - September 11, 2020 

$BTC 24 Hour High $10,489
$BTC 24 Hour Low $10,216
$BTC +1.15%

$BTC appears to have found at least a temporary floor as its price action suggests as it is forming a rounded bottom and a higher high, and possibly a higher low, in lower time frames. Immediate support lies in the $10,000 mark, while the next test for bulls, if $BTC can move higher in the next couple of days, is in the $10,800 zone. Failure to hold the current support might mean bears could take $BTC down to $9,300, the highest volume node of the past 18 months. 

  • $BTC is now moving up from oversold levels in several indicators such as Stochastic RSI and RSI.
  • $BTC physical volumes increased from an average of roughly 33M to $52M traded in the last 24 hours with Bitmex Open Interest in the $580M mark, with longs paying shorts. 
  • Bitcoin Dominance is now just below 60% again, giving some alts room to breathe.
  • $ETH is trading at $371 at the time of this writing as it is successfully trying to reclaim $360 as support after running +18% from this weeks low.
  • $ETH/BTC is also advancing and trading now at 0.0358 with next resistance being 0.0375 as gas prices have incited additional platforms to be DeFi-ready.
  • DeFI market cap currently at 14.99B, up from yesterday's levels and now with over $7.11B in total value locked, with Lending related projects bouncing the most.

 

News that caught our eye:

As Binance Smart Chain’s (BCS) mainnet goes live, CZ has announced that BCS will have access to Binance, so that its users can benefit from the best of CeFi and DeFi in one place.

 

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

 


 

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