OSL Daily Update - October 16, 2020
$BTC 24 Hour High $11,627
$BTC 24 Hour Low $11,500
Market cap has moved up 23B this month, but down 3B this week to 354 levels, largely seeing the majors trading range-bound with a fair bit of volatility happening on DeFi-related tokens, as the community seems to be waiting for the next large announcement to determine the next swing. With that being said, we saw the likes of Square, MicroStrategy, and Grayscale making similar announcements that have provided a vote of confidence into the world of digital assets.
$BTC broke above the 11,500 resistance after moving up $81 overnight from its range-bound territory for the past four days. Next target is at 11,730, whilst trading at overbought levels currently, and trading $320 above 10d SMA. Month to date, $BTC performing well, up 9.81% from 10,460 levels
$ETH trading $10 above 10D SMA currently (380 vs 370), recovering slightly after dropping three days consecutively, support levels at 370 still and trading at neutral RSI levels with ETH fees hovering around 38 Gwei
$BCH corrected slightly (-0.7% to 263) after breaking thru its two month highs and targeting 291 with increased volume traded. Current local ATH at 337, as set on Aug 2nd.
Desk seeing increased flow in major coins such as $BTC and $ETH, consistent with the market trends. Payment processor flows have been relatively consistent, with a decreased window for arb for those trading USDT.
Alts and DeFi watch:
Andre Cronje releases a statement confirming he is stepping away from the DeFi world (hopefully for now) and his explanation for “I test in prod” statement on social media
$YFI traded down 4% overnight to 14,100 levels, but it seems to have found support at 13,700.
$LINK down two days in a row now at -5%, currently trading at 10.70 levels after circling around 11 levels throughout the week
News that caught our eye:
Binance announces a substantial investment, $100M, into 6 projects that are currently developing the BSC: AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima
Hackers infiltrated the Robinhood platform and reportedly stole funds from nearly 2000 account holders using email accounts to create fake Robinhood credentials. It’s a cautionary tale to ensure you safeguard your online profile and activities. Always enable additional safety protocols such as 2-factor authentication on your accounts where available. Please exercise caution when dealing with anyone that asks for access to your private information or proposes a transaction or business arrangement involving your digital assets, regardless of how and where it is requested.
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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