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OTC Weekly Trading Insights (06/10/2022): Up, down and all around

Binance OTC team
2022-06-10 12:49

Convert Portal Volume Breakdown
  • Compared to previous weeks, this week has been fairly spread out in terms of volume breakdown, an unsurprising development, considering how indecisive the market has been the past week.
  • This week's highest volume transactions were stablecoin swaps at 18.2%, suggesting that market participants are still nervous over the legitimacy of various stablecoins. However, we have seen a drop of 2.87% compared to last week.
  • Crypto to Fiat transactions saw an increase this week of 9.83%, as the market moves erratically. With the ongoing uncertainty around stablecoins, participants move holdings back to Fiat and patiently wait on the sidelines.
  • There has also been an increase of 8.68% in Stablecoin to Fiat transactions this week, once again suggesting that investors are cashing out crypto holdings until the market shows signs of returning towards the upside.

Overall market technicals

BTC: A game of cat and mouse


  • The overall picture for BTC still remains the same as we continue to trade in this sideways macro range between $32,000 & $28,000.
  • In the last two week,s BTC tried to make a break to the upside, which was short-lived twice as it failed to trade above the resistance level around $32,300 which also coincides with the golden pocket fib level.
  • BTC has been extremely volatile, as we have seen wild swings in both directions as if the bulls and bears are playing a game of cat & mouse. However, after each subsequent rally to the upside, BTC has failed to break above the previous highs and buying volume has always been less than selling, an indication that bears may be more prevalent in the market.
  • BTC has formed a new local support around $29,200 which is also the 0.786 fib level, bulls will need to hold this level, otherwise there is a potential to retest the previous major support level around $28,600.
  • Once again the BTC fear & greed index still remains at ‘Extreme fear’, and with the increase in total transactions converted to fiat, this is unsurprising as market participants appear nervous.
ADA

  • ADA has been a coin of interest this week, after seeing a price increase of nearly 20% since the start of the week and outperforming most of the market.
  • Early last month, ADA traded slightly above its previous January 2021 support before seeing a slight relief bounce. Since then, ADA has formed a parallel channel which it is currently trading between.
  • Looking at the charts, the midline of the channel has been well-respected and also coincides with the golden pocket fib level. In order for the bulls to remain in control we will need to see this level around 0.5455 hold.
  • One thing to bear in mind is that whilst trading towards the upside after retesting the midline, volume was decreasing whilst price was increasing indicating volume divergence.

Crypto calendar
06/19/22 - Ethereum Community Conference
06/21/22 - ALICE full game release
06/30/22 - AXS Land gameplay
06/30/22 - ADA Vasil Hardfork
News events of note
PayPal expands crypto offerings - Since PayPal’s crypto service went live back in 2020 the feature was limited to buy, sell and hold only. Now the Fintech giant is finally allowing users to transfer their holdings to different wallets.
Flipping Pancakes - Binance labs makes an investment in PancakeSwap, a DEX built on the BNB chain, $CAKE rallies nearly 10%
For the gamers - Solana Ventures sets up a new $100m fund for GameFi and DeFi in South Korea. Whilst primarily being focused on the Solana blockchain, the fund will also be helping to keep some of the Terra-based projects afloat.
Bloomin’ Crypto! - The famous TradFi Bloomberg Terminal increases its crypto coverage and now spans across the top 50 coins including; BTC, ETH, XRP, SOL and more.


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