Academy Trading Ideas Article

Kyber Network Surges Ahead of Staking Support as Bitcoin Sentiment Remains Slightly Bearish: Crypto Market Daily

2020.06.09 adamokex

Bitcoin (BTC) was trading around $9,673 as of 10:00 UTC, per OKEx’s BTC Index Price. It has dropped by less than one percent over the past 24 hours and is still in the middle range of the Bollinger bands with Relative Strength Index (RSI) sitting in the neutral zone. 

The market-leading cryptocurrency made another dump and pump yesterday around midnight, surging to as high as $9,891 before a sudden drop to $9,570. Increased volatility on the low time-frame is not ideal for high leveraged traders. 

EOS is a laggard among big-cap cryptocurrencies, losing 1.65 percent — though its developer, Block.one, has revealed the launch date of July 4 for social media platform VOICE.

Ethereum Classic (ETC) has maintained good momentum after its “Phoenix” hard fork Sunday night and is still in the green over the last 24 hours.   

The total cryptocurrency market capitalization has not changed much over the past 24 hours and is sitting at $276 billion. Bitcoin dominance remains at 64.4 percent, per CoinGecko data.  

crypto market prices
OKEx Token Index Board (as of 10:00 UTC). Source: OKEx

Top gainers and losers

  • KNC/USDT +19.94%
  • EGT/USDT +12.47%
  • PPT/USDT +11.27%
  • GTO/USDT -7.24%
  • YOU/USDT -8.43%
  • MOF/USDT -8.64%

According to OKEx Spot data, KNC is the top gainer over the last 24 hours with a 19.94 percent return. The altcoin project is going to support staking in late June. Other top gainers are EGT and PPT

MOF is the biggest loser over the last 24 hours. 

Derivatives traders turned bearish 

The OKEx BTC Long/Short Ratio dropped below 1.0 approximately one hour ago. It shows a short-term bearish sentiment in the derivatives market with price not improving. 

okex btc long/short ratio
OKEx BTC Long/Short Ratio. Source: OKEx

The Top Trader Sentiment Index tells us the same story — 53 percent of top traders are holding short positions, while 45 percent holding longs. 

okex btc top trader sentiment index
BTC Top Trader Sentiment Index. Source: OKEx

Bitcoin technical analysis

The BTC/USD chart did not change much from yesterday. Bitcoin is still running around $9,700, per OKEx Quarterly Futures (BTCUSD0626) price. The short-term resistance has moved from $10,200 down to $10,000, where bulls were facing a lot of selling pressure. 

A trading strategy between $9,450 and $9,900 looks optimized these days. If the price could confirm a breakout below $9,450, it may test $8,550 support level again. However, a fakeout can not be ruled out. 

btcusd
OKEx BTC Quarterly Futures (BTCUSD0626) 1H chart. Source: OKEx

Ethereum technical analysis

Ethereum is running in the neutral zone around $243 — far from critical levels at $233 and $253. Intraday support is sitting at $238 with short-term resistance at $246. 

ethusd
OKEx ETH Quarterly Futures (ETHUSD0626) 1H chart. Source: OKEx

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


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