OKEx Technical Weekly: Dec 2, 2019

Bitcoin bulls on thin ice; Altcoins mixedCryptocurrency traders have been staying cautiously optimistic as we enter the final trading month of the year. The prices of bitcoin briefly touched 7800 levels over the weekend before sheltering in the 7500 area. We’ve also seen the same mixed sentiment in the altcoin space, as ETH and XRP gained about 1.5%, while LTC and ATOM gave up less than 2% of their values.The mixed sentiment in the crypto market also illustrated in market data. Data from OKEx shows that futures contracts traders have been holding a split view on BTC, with the Long/Short Ratio hovered in the 1 area.Figure 1: OKEx’s BTC Long/Short Ratio (Source: OKEx)However, another set of data shows that investors have been reluctant to enter the market despite market sentiment has slightly rebounded. The latest reading of the Sentix Bitcoin Sentiment Index has rebounded from last week’s -34 percentage points to -22percentage points.Figure 2: Sentix Bitcoin Sentiment Index (Source: Sentix)Patrick Hussy, Managing Director at CEFA, believes that “fears remain in the market that the sell-off could continue.” Although extreme fear usually indicates a price rebound, Hussy said he hadn’t seen indications that show investors’ willingness to buy. Bitcoin bulls may have to be patient before the next significant price increase can take place.US investors are expected to return into the market as Thanksgiving weekend wrapped up, crypto watchers may want to refocus on the overall trade volume, and the potential changes in the momentum and market dynamic.What You MissedFacebook’s Libra project may face additional regulatory hurdles as US lawmakers have been pushing to classify stablecoins as securities. The obstacle came at the time when Libra has been in consideration of embracing fiat-pegged stablecoins model, rather than a single token supported by a basket of national currencies. Libra Association insisted that the project is a commodity.Banks in Germany may soon be allowed to sell and store crypto assets. That’s according to a local newspaper. Handelsblatt Facebook: https://www.facebook.com/okexofficial/LinkedIn: https://www.linkedin.com/company/okex/Telegram: https://t.me/okexofficial_enReddit: https://www.reddit.com/r/OKEx/Instagram: https://www.instagram.com/okex_exchangeSteemit: https://steemit.com/@okex-officialWebsite: https://www.okex.comAltcoin Magazinehttps://medium.com/media/4b37fd61c8660dc2cbfe8232dfa683e2/hrefOKEx Technical Weekly: Dec 2, 2019 was originally published in ALTCOIN MAGAZINE on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: OKEx

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