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OTC Weekly Trading Insights (May 20th): BTC’s Final Frontier

Binance OTC Team
2022-05-20 16:06

  • TRX founder Justin Sun, still bullish on algorithmic stablecoins as he introduces new reserves plan for his upcoming stablecoin USDD.
  • GAL has recently been listed on Binance and has seen trading volumes of over $74m, interesting project focusing on Web 3.0 Credential developments.
  • According to VeChains Q1 report, their treasury held $1.2B in crypto, a slight drop compared to 2021 Q4’s figure of $1.38B.
  • EOS network introduces new plans to revive the obscure project, as they expand its strategic partnerships.

    Trade our top 5 weekly coins of interest here!

Overall market technicals

BTC: Bearish momentum continues

  • After a volatile two weeks, BTC looked to be showing early signs of a recovery after forming a short term uptrend making a series of higher highs and lows.
  • Taking a closer look, BTC formed a rising wedge, as of the 18th of May BTC broke the wedge, indicating that the bears still had control.
  • The rising wedge can be confirmed by the hidden bearish divergence seen in volumes: as price was steadily rising, volume can be seen decreasing.
  • BTC found support of a previous day's lows and saw a bounce to the previous highs of the wedge, which also coincides with the golden pocket fib ratio.
  • Currently, BTC is trading at previous highs of the rising wedge and has somewhat formed a range between $28,650 & $30,750. Right now, with the overall market structure still appearing bearish, a move above previous highs ($32,500) would help reestablish bullish momentum.
  • The BTC fear & greed index is currently at ‘Extreme fear’ highlighting the uncertainty around crypto at the moment. With the events that have unfolded recently, volatility still remains high.

VET

  • VET continues to show bearish market structure on the higher timeframe, with continuous downtrending movements since the start of November.
  • As selling pressure thrived last week, VET broke through key weekly support ($0.044), continuing to trade downwards until reaching 2020 resistance now turned support ($0.022).
  • Since then, VET has seen somewhat of a relief bounce and is now trading between the middle of its newly formed channel. It appears to have formed a smaller, tighter range within the greater range whilst it waits for BTC’s next anticipated move.

GALA

  • GALA is another coin that has been trading in a long-term downtrend. Since the start of November, it has been highly correlated with BTC
  • Since reaching an ATH back in November, GALA is down over 94% and is now trading just above weekly support from last year ($0.075).
  • As of now, GALA has formed what looks to be a descending triangle on the H4 chart with the top forming between the golden pocket ratio and the bottom as the 2021 weekly support.

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Crypto calendar

05/19/22 - EOS Hard Fork
05/25/22 - KAVA Mainnet Launce
05/31/22 - RUNE Mainnet Release

News events of note

BTC on credit - Two Israel based credit card firms; Max and Isracard are taking a step into the Cryptoverse as they are working on solutions to allow cardholders to purchase BTC and crypto cashback features.
Stablecoins under scrutiny - Following the collapse of Terra’s UST algorithmic stablecoin, there has been a lot of questioning about the regulation and sustainability of others within the space. Central bank governors and finance ministers from G7 are preparing to discuss the future of regulations around Cryptocurrencies.
Bankers turned Bitcoin - Japan’s largest investment bank, Nomura, plans on establishing a crypto subsidiary taking its first steps into the Cryptoverse, helping institutional clients invest into cryptocurrencies and NFT’s. Initial thoughts will be bullish and likely to see other TradFi firms follow pursuit.
Twitching for crypto - Twitch co-founder raises $24m for web 3.0 gaming company, Metatheory. Their focus will be around NFT’s, comics and P2E game set to launch at the end of 2022.

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