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:

OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes

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