Biweekly Market Report (2020/08/26~2020/09/09)
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BTC/USD (BitMEX)
11,657 (08/24) → 11,224 (08/26) → 12,071 (09/02) → 9,811 (09/09) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 09/09 09:00
Ever since BTC hit this year’s high on 08/17, its decline was imminent, as shown in Figure 1-A. Then in Figure 1-B marking 08/26, the price reversed and appeared a trend similar to the slow bull. On 09/02, the price of BTC collapsed along with the US stocks. The price of BTC fell from 12,071 to 9,811, a decrease of 18.72%. At this time, the trading volume rose instantly and many positions closed. This showed that many long positions were closed by stop losses, and subsequent prices continue to fluctuate around the 10k point (Figure 1-C).
ETH/USD (BitMEX)
393.25 (08/24) → 376.5 (08/26) → 490.6 (09/02) → 309 (09/06) → 334.40 (09/09) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 09/09 09:00
The trend of ETH in the past two weeks is very close to that of BTC. Since ETH set a new high last month, ETH began to fall (Figure 2-A). And on 8/26, a wave of increase of about 28% ushered in. Although the increase was significant, it did not last long (Figure 2-B). On 9/2, ETH also collapsed along with the prices of US stocks and BTC. The lowest price marked 309, a drop of 36.9%. While its volatility was much higher than that of BTC (Figure 2-C), its subsequent prices wandered around 330.
Binance mainstream crypto trend analysis
In the past two weeks, the overall market direction has taken a deeper retracement. The overall trend was still upward before the end of August, but signals quickly changed at the beginning of September, with medium and large currencies falling by 8–15% respectively. Only BNB managed to not go negative. Although it once fell below $18, thanks to Binance’s new Launchpool mining boom, BNB was able to go +10.86%.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
The current market situation is rather chaotic. There have been several downward signals below the 10k point, before they return to the consolidation stage of 10,000–10,300. Short-term investors should not chase orders with large positions. If BTC falls below the 9k point supported by the previous wave, there is a chance it will go further down, especially with the US general election approaching. It is expected that global traditional markets correlate closely with crypto. Investors must carefully adjust positions and control risks.
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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