Biweekly Market Report (2020/07/28~2020/08/11)
-
BTC/USD (BitMEX)
10,603 (07/28) → 12,163.5 (08/02) → 10,560 (08/02) → 11,872 (08/07) → 11,635 (08/09) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 08/09 18:00
The BTC trend at the beginning of the two weeks continued to maintain its previous long-term trend, soaring all the way to the $10,000 mark, but the strength and continuity of its rise have begun to appear weaker than before (Figure 1-A). And on 08/02, a lot of selling pressure emerged, causing BTC to fall sharply. Within 15 minutes, it fell by nearly 8%, and its open positions also dropped by a considerable amount instantly. It can be seen that many traders at that time were facing liquidation (Figure 1-B). Consolidation began after the price stabilized, and after a short period of increase (Figure 1-C), another weaker consolidation followed (Figure 1-D).
ETH/USD (BitMEX)
313.85 (07/28) → 418.2 (08/02) → 327.2 (08/02) → 404.35 (08/04) → 362 (08/08) → 400 (08/09) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 08/09 18:00
The trend of ETH in the early two weeks was the same as that of BTC, maintaining a previous bull market, rising all the way to the $400 mark. The difference is that the strength and continuity of the rise have were not weakened overtime (Figure 2-A). While selling pressure was still present on 08/02, which caused the price of the currency to fall, it immediately rebounded (Figure 2-B). Consolidation followed (Figure 2-C) until a rapid decline on 08/08, but soon the price also immediately rebounded (Figure 2-D).
Binance mainstream crypto trend analysis
In the past two weeks, all mainstream currencies have increased by 10–30%. It is a slow bull market that has not appeared for a long time. Even though the increase of BTC and ETH is not as high as some smaller coins, they are present in this wave of bull market, playing key roles as leaders. The most alarming increase is LINK, whose market value and transaction volume have squeezed onto the mainstream stage. It can be said that it is the most explosive currency in 2020.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
Even if there is no obvious trend in the current market, the current price is still above the 15-day and 30-day moving averages. From the perspective of the price difference between Binance’s delivery contract and the perpetual contract and the direction of the funding rate, most investors are sitting on longs. In addition to the directional approach, since the delivery maturity date is imminent, investors can also lock in the price and eat the difference between the delivery contract and the perpetual contract. It should be noted that the exchange’s margin can be shared. If not, leverage must be controlled to avoid liquidation.
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.
Bincentive Website : https://www.bincentive.com
LinkedIn : https://www.linkedin.com/company/bincentive
Twitter : https://twitter.com/BincentiveToken
Facebook : https://www.facebook.com/bincentive
Instagram : https://www.instagram.com/bincentive.official
Telegram : https://t.me/bincentive_en
