OSL Daily Update - October 16, 2020 

$BTC 24 Hour High $11,627
$BTC 24 Hour Low $11,500
$BTC +1%

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:

 

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

 


 

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