OSL Daily Update - June 9, 2021
$BTC 24 Hour High $33,875
$BTC 24 Hour Low $31,025
$BTC -2% past 24 hours, intra-day low -8%; intra-day high +1.4%
Bitcoin continues its downward slide into a new 24H support/resistance channel. As mentioned in yesterday’s note, the triangle formation formed during May broke aggressively towards the downside with almost all moving averages (time periods of your choosing!) signalling a strong sell sign. On the 14 day RSI, one sees a stronger move towards $30K and maybe for the hopeful bulls out there still, signals that even with these constant downward pushes, $BTC is not quite in oversold territory yet.
$ETH’s technical picture appears slightly rosier, with the SMA100/200 signalling a Buy with the EMA 200 also indicating a Buy. With the RSI and ADI at 43 and 28 respectively though, $ETH is sitting on neutral territory. $ETH reclaimed lost ground during the early Asian trading session but stumbled to a low (2,306) during the Americas time zone. With a high of 2553 reached in the afternoon, it then reversed most of its gains within the next 5 hours, leaving $ETH where it started the day.
The low of $BTC overnight at roughly $31K somewhat coincided with news that the IRS chief, Charles Rettig asking for congressional authority to collect cryptocurrency transfers with values over US$10,000. One can understand the uneasiness of market participants who prefer to operate with less scrutiny but others hold the view that this will bring further legitimacy to the crypto-market. This will in turn persuade the more sceptical to start viewing crypto-investing as being a viable alternative asset in their investment portfolio.
Digital assets market:
- Total crypto market capitalization stands at $1.50T, -2.4% decrease from yesterday
- $BTC is down 2% at time of writing, support/resistance - $30,090/$35,800
- $BTC liquidations and funding: $436.33M, 0.0032% average
- $ETH is down 1.6% at time of writing, support/resistance - $2,275/$2,625
- $ETH liquidations and funding: $279.59M, 0.0147% average
Alts and DeFi watch:
- DeFi TVL: $59.53 billion
- $CRV up 5.33% in the last 24 hours, +11.57% over the past week
- $CAKE down 3.40% in the last 24 hours, -5.04% over the past week
- $AAVE down 2.24% in the last 24 hours, -11.42% over the past week.
More news that caught our eye:
- ETH has surpassed BTC volume on most of the major exchanges in May
- Goldman Sachs backs $28M funding round for Blockdaemon
- Chinese government agency issues blockchain development roadmap
- Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption
- Winklevoss Not Selling Till $500,000 Bitcoin
OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes
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