Biweekly Market Report (2020/06/15~2020/06/28)
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BTC/USD (BitMEX)
9,476 (06/14) → 8,892 (06/15) → 9,576.5 (06/16) → 9,300 (06/22) → 9,794.5 (06/23) → 8,981 (06/25) → 8,827 (06/28) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 06/28 22:00
In the past two weeks, BTC price showed a large consolidation trend. While the trend has not returned to its previous level of clarity, it has been relatively remarkable. In Figure 1-A, the original downward trend reversed immediately after a short period of time, followed by a weak rise. The rise halted and began to fall (Figure 1-B). In Figure 1-C, an upward trend presented itself, similar to that of Figure 1-A. This trend did not continue for too long before it began to decline again, and continued to decline after a small rebound (Figure 1-D).
ETH/USD (BitMEX)
236.9 (06/14) → 218.05 (06/15) → 234.9 (06/16) → 227.9 (06/22) → 249.3 (06/24) → 229.75 (06/25) → 216 (06/28) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 06/28 22:00
The trend of ETH followed that of BTC during these two weeks. ETH price also fluctuated in a large consolidation range. As shown in Figure 2-A and Figure 2-C, rapid reversals were present. While downward trends followed in Figure 2-B and Figure 2-D, they were still hovering within the expected range.
Binance mainstream crypto trend analysis
It can be seen from Table 1 that all mainstream currencies in the past two weeks have shown slight declines, while BNB tanked the hardest with a decrease of -8.2%. Various mainstream currencies have been consolidating last week, and it was only after 6/24 a longer-lasting trend came to light.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
The crypto market has been stuck in consolidation since the beginning of June. This has created an unfriendly environment to trend-following strategies. They would have little room to perform and would likely operate with losses. However, historically crypto prices have never hovered in a still range. Investors who employ trend-following strategies just need to be patient in order to seize the opportunity to profit when prices breakout or hint at new directions.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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