A bite-size overview of digital asset market trends
Bitcoin bulls may just find more ground on Tuesday (Jul 23) as technical signals are suggesting BTC may found its short-term support. BTC/USD traded at around $10,200 level at OKEx in Asia trading, while OKEx’s BTC Futures Index slipped about 3% at around $10,240.
Crypto watchers will focus on the latest development of the testing of Bakkt, the highly anticipated Bitcoin future platform from the Intercontinental Exchange, regulators remained concern about its physically delivery methods, and regulatory approvals are still pending.
Speaking of regulators, Facebook’s Libra coin has remained a hot topic among finance watchdogs around the world. Europe Central Bank’s Benoit Coeure said Libra will not be allowed to launch until it guarantees safety for its users. Damian Collins, a senior official at the British Parliament went even more aggressive, saying the project could open a door to “massive fraud”.
Movers & Shakers
Here are some movers and shakers across the OKEx trading platform.
The pair seems to have solid support around the 50-day SMA area, and we saw a symmetrical triangle pattern is formed on a daily chart, suggesting the price has been consolidating, however, we expect volatility will pick up later.
Litecoin buyers may want to wait a little longer before entering the market. LTC/USDT traded 5% lower on OKEx. The pair has formed a downtrend since July, and a head and shoulders top in June, with the neckline at around 99.88 area. There are also some key support levels to watch, including 84, 71 and 66.5.
The pair is one of the biggest movers across our trading platforms, having jumped more than 16% to around 0.003 USDT. In the 30-minute chart, it appears to be in a range trading mode, with the lower band at 0.0028, and the higher band at 0.00333.
Another highlight from OKEx’s mover list is CIC/USDT. The pair did a breakthrough from a daily chart downtrend in the past day and managed to stay at around 0.0009 level on Tuesday trading. The first reference level would be 0.001, which is Monday’s high. However, the rally could run out of steam if the volume is unsustainable.
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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