OSL Daily Update - October 12, 2020
$BTC 24 Hour High $11,400
$BTC 24 Hour Low $11,300
Stimulus talks in the United States remain on hold as President Trump blames Nancy Pelosi (despite GOP Senators alongside the Speaker) for the lack of a deal, a situation that may affect the current bullish momentum we saw last week.
Digital assets market:
- Digital asset market cap at 352B to start this week; moving up for the past five consecutive days since dropping to 321B monthly lows. As a whole, markets look to be waiting for the next big news to steer the direction of the ship.
- As a form on confirmation; Google search results relating to DeFi has dropped since September
- $BTC trading broke 11K over the weekend and has since been range bound throughout (between 11300 and 11400) after moving up 8% since Oct 1st. Looking to target next resistance at 11,500 throughout the week on increased volumes
- $ETH following $BTC, moving up for the past four consecutive days (from 340 to 375 levels), currently range bound at 370 to 376, trading at neutral RSI levels.
Alts and DeFi watch:
- $ATOM saw an uptick of 10% over the past 24 hours to 6 levels
- $LINK got back above 10 after dropping down to 8.33 levels during its most recent sell-off.
- $YFI volatility has increased since founder, Andre Cronje, stepped away from development after receiving unfair criticism surrounding his Eminence project. It's trading at 16,300 levels within a 2,600 trading range (between 15,100 and 17,750).
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world's largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL's relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.