Daily market commentary from 07.08.2020

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

Bitcoin, Ethereum, IOTA

The overall situation for Bitcoin (BTC) remains solid and rather bullish. There is a good chance of reaching new short-term levels between 12,500 and 13,000. As we approach the weekend, a bigger move is to be expected. An important support is definitively at the 10,500 level. Futures contracts in general are permanently trading with a rich premium, and open interest in options is hardly declining.

Ethereum (ETH) saw a constant increase in options over the last few days and even reached an all-time high yesterday. Not many liquidations have gone through as the market is trading in a narrow range. This means there is a great deal of potential once the market starts moving in one direction.

I would like to mention IOTA briefly. They have been selected by the EU as a key innovator in a research programme with a funding volume of more than EUR 80 bn. The coin has recently lagged behind in terms of performance, but surely will catch up if the short-term resistance levels of 0.325 and 0.380 are broken.

USA and China

The relationship between the US and China remains tense as President Trump widens the China Tech Attack by ordering a ban for WeChat and TikTok apps.

Happy trading, and have a good weekend!

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About the author

Patrick Heusser

Patrick Heusser is a Senior Trader at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.

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