Weekly Crypto Report, waiting for a clear direction

GENERAL OVERVIEW

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.

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.

Overall, BTC performed better than top altcoins as represented by our indexes.

TOP PROJECTS

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.

TECHNICALS

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.

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).

DISCLAIMER

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