The past week was average for the cryptocurrency market. BTC price is still firmly over 11’000 USD but struggles to find the momentum to push even higher.
The 99-periods Moving average which was being tested a couple weeks ago held as a support and this keeps the general uptrend for BTC still intact.
On Friday, the market experienced some turbulence after the news that one of OKEx exchange keys-holder was cooperating with a public security bureau because of an investigation. This in turn caused the freezing of withdrawals from the exchange and BTC price to drop 3% in minutes. However, the 11’000 USD level was not touched and the price rebounded afterwards.
Traditional financial markets are in the meantime experiencing some volatility, mainly induced by the difficulties found by Democrats and Republicans in reaching a deal about an additional fiscal stimulus in the US. A rotation from tech stocks to other sectors seem also to start being in the realm of possibilities. This will represent an important development with respect to what we have seen since the lows of March. At the same time, it is eventually going to be interesting to see if BTC behave like a tech stock or not.
Bitcoin had a positive week, closing the period with a price of 11’329 USD and a +2.19% performance w/w.
Overall, BTC performed better than top altcoins as represented by our indexes.
Seven of the top coins reported a positive result, with no double-digit gains or losses. The median return was -1.57%.
Binance Coin (BNB) was the best performer, reporting a +6.32% return w/w for a price of 30.28 USD per coin. The exchange is experiencing a positive trend for four weeks now.
Ripple (XRP) was the weakest project of our group after being the best during the previous one, reporting a -5.13% performance w/w in order to close at 0.23 USD.
On a wider period, Monero (XMR) grabs the top spot in terms of return while Neo (NEO) the worst in terms of risk/return ratio.
Looking at the last seven days’ prices, all the coins seem to be trading in the lower half of their price range apart from BNB and Bitcoin Cash (BCH).
On a weekly basis, we can see how the top coins are approaching a negative setting in terms of moving averages’ difference, while RSI and MACD in particular are giving the opposite signal. The situation appears to be also worsening on a wider time horizon, with MACD in particular deteriorating for basically all the coins.
The situation on a monthly basis sees Neo (NEO) as the coin clearly suffering the most in terms of positioning with respect to its price range.
We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. All the coins bar BCH and BNBare showing particular weakness with respect to BTC. On a wider period, the “strong” group is joined by XMR, Cardano (ADA), and Chainlink (LINK).
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The views expressed in this report reflect the analysts’ personal views about the cryptocurrencies subject of the report. These views may change without notice and are subject to market conditions. The report is prepared for information purposes only and by no means constitutes a solicitation to investment or disinvestment. All the data are taken from Binance at 14:00 UTC on the 16th October 2020. USD and USDT are used interchangeably for illustration purposes. All the presented valuations, indicators, and analyses are subject to errors. The report is for personal use only and should not be republished or redistributed