OKEx - Leading Cryptocurrency Exchange Demo Trading
Copied

Share articles to

Academy Trading Ideas Article

Further BTC price increase could be mitigated by bearish divergence

2020.10.28 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) has increased by 3.7% over the past 24 hours and is currently holding a gain of 14.3% over the past seven days. As has been the theme recently, altcoins are failing to keep pace with the cryptocurrency market leader — with most of the majors either trading flat or down.

BTC's leadership has driven the total cryptocurrency market capitalization up an additional 2% to $409,054,608,529, as per data from CoinGecko. Meanwhile, BTC dominance has increased nearly an entire percentage point and now stands at 61.7%.

Most altcoins have either traded flat or down as BTC continues to devour market dominance. Source: Coin360

United States and European futures declined to mixed Asian stocks this morning. The traditional markets continue to remain highly concerned about the COVID-19 pandemic and its continued economic impact.

Top altcoin gainers and losers 

  • CRV/USDT +39.35%
  • PMA/USDT +26.93%
  • BOT/USDT +22.93%
  • ORBS/USDT -15.08%
  • IQ/USDT -17.52%
  • ROAD/USDT -33.33%

ROAD is once again the worst performer on OKEx — something that has become all but a daily occurrence. Everipedia (IQ), meanwhile, is one of today's losers after being yesterday's top performer — a spot that is being held today by the token for decentralized stablecoin exchange Curve (CRV).

BTC technical analysis

The price of BTC is currently trading underneath resistance at $14,000 but has yet to touch that level. The possibility of breaking said resistance without some kind of pullback is mitigated by a developing bearish divergence on the four-hour time frame. The price of the market leader is putting in higher highs while the Relative Strength Index is putting in lower highs — a sign that a correction may be due.

OKEx's BTC/USDT 4h chart — 10/28. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) is currently holding on to its key support level by a thread. Successfully holding this level could see the bulls make an attempt to push the leading stablecoin up toward $490 in the medium-term. However, a breakdown here would see ETH re-enter its previous trading range and possibly test $335, once again.

Ethereum price - 10/28
OKEx's ETH/USDT 4h chart — 10/28. Source: OKEx, TradingView

Not an OKEx trader? Learn how to start trading!


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 involve 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.


OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

Follow OKEx Insights on Twitter and Telegram.

Exclusive Reward for Newcomers

Earn free bitcoin worth $10 by signing up & placing your first order!

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 involve 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.

Recommended

trading-ideas-en