OKEx Market Watch: Aug 26, 2019 – OKEx Blog
The crypto markets kick off the week with a bang. As volatility is back to the markets with the escalation of the US-China trade truce over the weekend. We’ve seen equities, FX and commodities were in risk-off mode and we expect the trade issues will continue to weigh on market sentiment, and that could drive BTC to retest the previous $10500 resistance. Meanwhile, the Altcoin space was mostly in green during the early Monday Asia session.
Traders may also start their week with headlines galore for US regulators. The House of Representatives Financial Services Committee wrapped up their trip to Switzerland, the US lawmakers are reportedly remained concerned about Facebook’s Libra project after series of meetings with their swiss counterparts, and further reviews would be needed.
- US Fed Chair Jerome Powell believes a more “growth-oriented” Fed couldn’t limit the economic damage of the US-China trade war. In the highly-anticipated Jackson Hole Symposium, Powell said, “setting trade policy is the business of Congress and the Administration, not that of the Fed.”
- BoE’s Carney opens to the idea of a global virtual reserve currency. In the Jackson Hole meeting, Carney said the move could ease the global economy’s reliance on the dollar alone and could help non-US policymakers when it comes to managing inflation and safeguarding financial stability.
- More BTC hodlers are in profit now. Data from The Block shows that almost 80% of all Bitcoin addresses with a positive balance are in profit. Pro-crypto economist Alex Krüger, suggested that some 21.36 million BTC addresses are “in the money”.
BTC/USDT
- Things look rather positive on the 4-hour chart, as the pair have been trying to reclaim the 10,500 levels. The pair have been failed to maintain above such levels last week.
- A Symmetrical triangle pattern has formed on a daily chart. We will see if it’s able to produce some higher highers this week in order to have a positive breakout.
- It’s worth noting that OKEx’s Top Trader Sentiment Index shows that the percentage of short position has increased over the weekend and reached a recent high of 46% on Monday.
- At the same time, the OKEx BTC Long/Short Ratio remained at a low level, suggesting BTC downside could be limited.
ETH/USDT
- Short-term momentum is strong for ETH/USDT. The pair has traded above the downward trend line which formed early August on the 4-hour chart.
- However, the upside seems limited since 200 is a major resistance, which is also near the 38.2% of the Fibonacci Retracements.
XAS/USDT
- A breakout has seen in XAS/USDT on the daily chart as the pair surged almost 20% on Monday trading.
- However, the trading volume and the price-performance have been in divergence, indicating that the rally could soon run out of steam.
- The first level to watch would be 0.0839, which is 38.2% of the Fibonacci Retracements.
PRA/USDT
- PRA/USDT was one of the shakers across the OKEx trading platform, the pair gave up almost 20% of value compared to 24-hours ago.
- The neckline is a key level to watch, the pair could drop to 0.022 area if the neckline is compromised.
Published at Mon, 26 Aug 2019 08:54:27 +0000
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