OSL Daily Update - October 14, 2020
$BTC 24 Hour High $11,500
$BTC 24 Hour Low $11,400
Asian trading session seeing stable markets heading into the mid week/month, with market cap at 354B, down 3B from yesterday:
- $BTC trying to regain some traded volumes as it decreased 8% overnight to 19B.
- $BTC trading on a tighter range from yesterday at 11,400 to 11500, with 11,700 levels as the next target and support levels at 11,300 and 11,200.
- $ETH found stability around 380 support levels, currently trading at 383, trading on upper Bollinger bands and $20 above 10d SMA on slightly overbought RSI levels. Resistance at 400 previously tested two days prior, and support at 375, roughly $8 away currently from the time of writing
- $BCH seeing a healthy and overdue leg up - price improving six out of the last seven days, trading up 16% from 219 to 254 levels over this time frame
Alts and DeFi watch:
- TVL increases overnight from 11.06B -> 11.35B with ETH fees still maintaining around mid 50 gwei range
- $UNI range bound between 3.3 <> 3.6 still, moved up 4% overnight to 3.38 currently
- $LINK finding support at $11 levels for its third day, looking to target 11.84 -> 12 levels on the next move up.
- $YFI continuing its slide from 16400-> 15800 levels and still trading at oversold levels. Currently trading in the bottom Bollinger band range, and below 10d SMA by $900
News that caught our eye:
- CFTC chairman Heath Tarbet acknowledges US Regulations are a blocker on blockchain and digital asset development
- China announces a lottery where they will be distributing 10M RMB for its first digital currency test towards mainstream adoption in the country
- NYDIG parent company announces $100M in $BTC treasury reserve after quadrupling its client count this year.
- “Consider a portfolio with a target allocation of 5% bitcoin...” says Fidelity Digital Assets report. “...the opportunity cost for not allocating to $BTC is higher”.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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