OSL Daily Update - November 19, 2020
$BTC 24 Hour High $18,393.95
$BTC 24 Hour Low $17,352.91
The crypto market cap stands at 495B to start the day after reaching yearly highs of 515B yesterday. $BTC saw an overdue market correction during America’s morning session, after reaching its 2020 ATH yesterday at 18.4k with tested support levels at 17,500.
What we’re seeing:
- Traded volumes at ~48B globally. During the three hour sell off, $BTC dropped 3% to 17,680 levels and has since been trading within a 350 range (bound between 17,600 and 17,900). Trading at neutral RSI levels and middle of Bollinger bands currently.
- With this move we saw 122m long $BTC contracts and 87m short $BTC positions liquidated to add to the volatility.
- $BTC outperforming all alts with $BTC dominance improving 65.7% to 66.1% overnight
- $ETHBTC has dropped 9% now over the past six days from 0.029 to 0.0265 levels on the lower Bollinger bands
- $ETHUSD down 1% overnight from 483 to 480 levels with a $40 traded range yesterday during the volatility on the $BTC side.
Alts and DeFi watch:
- All of the top-10 large cap alts in the red around with dips ranging from 2% to 4%
- Largest drop came from $XRP which fell 4% after seeing a strong push this week, which had it gain as much as 15% before peaking at 0.3085 levels. Currently trading at 0.030
News that caught our eye:
- Binance Holdings Limited has sued Forbes Media LLC for defamation Wednesday over a story last month that purported to reveal regulatory evasion tactics employed by the global cryptocurrency exchange. Whether this does more harm than good will be left to be seen.
- South Korea bans privacy coins Monero ($XMR), Zcash ($ZEC), and Dash ($DASH)
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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