From the LBank blog.
In the past two weeks, Bitcoin (BTC) has remained at a relatively high level, trending towards consolidation. However, a decrease in the overall market trading volume has cooled the market.
The market appears to be in a state of anticipation for the forthcoming Federal Reserve interest rate decision later this month.
BTC analysis on weekly charts indicates that the currency is still within a consolidation cycle, having broken through and held above the 30,000 mark. There’s been a decrease in volatility, and the trading volume is shrinking.
Given these conditions, it’s likely we are about to see the market make a directional decision. Our suggestion for investors at this point is to be patient. It is plausible that the market makers are “shaking out” investors through this volume reduction.
Ethereum (ETH) is approaching the lower end of its uptrend line, based on the weekly chart. In a trending market, it’s often suggested to buy the dips, thus we would recommend buying on any pullbacks for ETH.
Looking at Bitcoin Cash (BCH) on the 30-minute chart, we see a high-level downward trending oscillation, but crucially, key price supports have not been breached.
Given this, we anticipate that a bounceback might be imminent. For investors, it might be worth considering going long at the bottom, betting on a final bounce back while setting a stop loss should the support level break.
As for Verge (XVG), the recent surge in interest and subsequent listing of contracts have led to increased and disordered volatility. Traditional technical indicators may not be applicable to this coin pair. Binance has implemented rate limits and trading restrictions for frequent traders, while Bitget charges fees every hour.
Both these measures are aimed at limiting open positions. Given the high volatility of this pair, we recommend shorting on the highs to avoid high fee stages.
In conclusion, while the market appears subdued, it is teetering on important decision points across multiple cryptocurrencies. This presents opportunities for strategic trades based on this analysis. The key is patience, buying on dips, and acknowledging the increased volatility of newly listed coins.
Always remember to manage your risk and adjust your strategies based on current market conditions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/july-11th-market-analysis-from-lbank-derivatives-77473ce71241?source=rss-87c24ae35186——2