Technical Analysis
Good Morning!
Here's a short recap of what happened with Huobi yesterday: one of the largest Chinese exchanges after OKEx.
It all started with a rumour. This pushed Bitcoin (BTC$) from 13.7k down to 13.2k. Then came the official denial.
And markets rallied back up towards 13.6k. But on-chain data shows that traders/investors have no risk appetite and so they moved a large amount of coins away from the Huobi exchange.
In BTC terms, we see that roughly 26,000 BTC was moved out ($350 million worth). There was also talk about movements of $100 million USDT, which were withdrawn (but I have no on-chain data for that).
The number of venues where traders/investors feel safe leaving some of their capital is shrinking. Especially in the Asian hemisphere where it looks like regulators are doing some year-end clean-up.
Today, we bring you a short TA-Tuesday report
Bitcoin BTC$ (4h)
As long we stay in this upward trending channel, the bullish setup will remain intact on a short-term basis.
In the medium term, 12.7k is still relevant, and as far as the bigger picture is concerned: 11.1k.
On the topside, 14.2k is still a tough resistance. But if we can take it out, I believe we will see a swift move towards 15k.
Copyright © 2020 | Crypto Broker AG | All rights reserved.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
Disclaimer
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Risk disclosure
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.
