ZB Market Daily: FCA ban plunges Bitcoin & Yearn Finance while EOS goes rally
Risk sentiment came quite strong on Tuesday morning. Investors and traders were on the risk off sentiment bias as FCA (Financial Conduct Authority) has published final rules banning the sale of derivatives and exchange traded notes (ETNS) that reference certain types of crypto assets to retail consumers. This turn future traders on risk off to short their position in the course of 6th of October 2020 trading Session.
Bitcoin
BTC intraday Perspective: downside pressure below $10811.65.
We are seeing a medium probability bearish scenario and $10426.88 marks a potential downside target for shorts, as well as a platform for buyers to consider to long position if the support is rejected.
RSI is showing downside pressure as well as indicated on the chart. Currently the RSI is 39.50 level which is over-sold territory for Bitcoin.
Bollinger band: The Bear pressure is much which leads to the break of the middle band and hitting the low band. The Bollinger is contracting showing probable calmest approaching which concord to the level of the static support.
Yearn Finance
YFI intraday perspective: downside pressure below $20533.20.
We are seeing high probability Bearish scenario. this is major correction of the YFI from all time high of $43171.99 of 13th of September 2020. This correction is needed for healthy growth of the asset which could provide levels of liquidation if a rebounce occurs from the demand zone on the downtrend.
YFI is approaching support as the sell-off persist. This could be a probable level where traders can long a position to the upside if there is lot of volume and fundamental impact.
RSI, from technical outlook shows that the downside pressure is much on the crypto asset, currently the RSI is 34.50 level which is over sold for Yearn Finance. Traders are shorting from the resistance hit a target at 16400 while price is approaching support of $ 15797.51.
Bollinger Band: Bear pressure is still very active on the crypto asset pushing price from the upper band to the lower band. The middle band has been broken and price is now laying on the lower band. If this lower band which is at a level of confluence with the support is broken, massive plunge to the Dip will continue in the coming days ahead.
EOS
EOS intraday perspective: upside pressure above $2.62.
We could see high probability of Bullish scenario where the strong Resistance that has held for couple of day was smashed with a breaking news of the crypto asset. Google cloud joins the EOS blockchain network as block producer candidate as tweeted by “ZDNET” below.
This news cut the attention of traders which causes EOS to gain volume and momentum to break the resistance of $2.62 to the upside to print a monthly high of $2.96. although traders liquidated their long position and price retrace to the resistance.
If a bullish candle is formed at the resistance, we could anticipate for an uptrend market structure where the resistance will act as the higher low, with bullish bias a new higher high will be printed if conditions are meant.
RSI is on the territory of over bought which cause the correction to the level of resistance.
Bollinger Band: price broke the upper band and the cause the band to become divergence. This means there is still room to the top for EOS to rally in the coming days ahead.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com.
