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Industry news:
The digital asset ecosystem has been losing sleep over the past 15 days after a bearish turnaround in mid-February contributed to a substantial dip in the prices of major crypto-assets. Coins such as Bitcoin, Ethereum, and Litecoin were significantly affected as their prices slumped below key resistances.However, taking a moment away from the current bearish trend, institutional investments in both BTC Futures and BTC Options recorded a fruitful period in February.Deribit has grabbed a foothold in the industry over the past year, with the exchange recording consistently high Options volume over the past 6 months. According to Deribit's latest institutional newsletter, the exchange recorded an average of 120K Bitcoin Options per month. However, over the past two months in 2020, the volume shifted gears and recorded an even higher average.
Technical analysis:
BTC has been trading downwards as I expected. BTC did break the mini Pitchfork upward channel and confimed the downside continuation . Watch for selling opportuntiies with the downward targets at the price of $8.210 and $7.680
The most recent drop did start after the BTC breakdown of the bear flag that we mentioned yesterday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes...
Stochastic oscillator got the bear cross in the background, which is good confirmation for our short bias.
Support levels and downward targets are set at the price of $8.210 and $7.680
Resistance levels are set at $8.515 and $8.925.
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