OKEx Market Watch: Jul 29, 2019
A bite-size overview of digital asset market trends for this week
Volatility is expected to pick up in the crypto space as traders will start their week with bitcoin below $10,000 level. The prices of BTC has down more than 30% from 2019 high, and analysts see the short-term bearish case of BTC still strong, however, markets remain long-term bullish on the top digital asset.
Regulatory development is still under the spotlight, the United States Senate Banking Committee is set to hold a broader debate on crypto and blockchain regulatory frameworks on Tuesday. Meanwhile, do not forget any major development from Facebook’s Libra could become a new driver of the market.
On the other hand, Huawei CEO Ren Zhengfei believes China could create its digital currency to compete with Libra. In a media interview, Ren said, “Even China can issue such currencies, why to wait for Libra?”
As we discussed last week, the FOMC’s July meeting could trigger a new round of capital outflow from dollar assets and that could benefit assets such as gold and BTC. Read our research “Gear Up for the Fed Meeting” for more.
Movers & Shakers
Here are some highlights from OKEx’s trading platform.
- A double top pattern has formed since the pair reached its year high of 13,071 in June.
- The double top neckline is at around 10440.
- OKEx’s strategist noted that BTC/USDT has closed below 60-day SMA (white line) for more than three consecutive days, and that could be considered as a short-term bearish signal.
- The pair could find support around the 9000 level, which is the 50% Fibonacci retracement.
- LET topped our mover list at OKEx’s exchange platform, jumped more than 70% against USDT on Monday Asia session.
- The next key level to watch: 0.010189, which is the 78.6% Fibonacci retracement, and that’s also near the previous top area.
- MACD will produce its first bull cross in more than two weeks if the pair can close in the green today.
- The pair surged 40% in the past 24 hours at OKEx exchange.
- Two reference levels from daily chart to bear in mind. 0.02929, which is the top formed back in November 2018; 0.049, which is another top from September 2019.
- Bearish volume divergence has started to take shape, meaning trade volume has been dropping despite the price has been going up.
- The pair rose almost 30% in a 24-hour time frame to around 0.2099.
- The price surge has caused a breakthrough in a recent downtrend, while MACD has shown signs of improvement.
- AAC has failed to find support near the 0.004 level against USDT, extending the medium/long term downtrend, and that level could become new resistance.
- The pair could test its support in the range between 0.00221 to 0.00285.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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