Zignaly Providers Monthly Recap (July)
TL;DR
Someone turned off the crypto markets (very scarce price action possibly due to the holiday season)
BTC still hovering below a major resistance level with ETH lagging
Providers doing ok considering that this is not a good market for them (thin sideway).
Intro
Last month we mentioned an important resistance level that BTC is currently respecting and which is still at play. However, since BTC keeps making higher highs and higher lows on a high time frame, once the buying pressure is high enough this should lead to a breakout through this resistance. Unless that fails, our medium-term outlook remains bullish for the time being.
In the meantime, the price keeps moving in a very thin sideways, which might infer a very low interest from market participants at the moment, possibly due to the holiday season and temporary lower participation from institutions.
Providers
BTC Futures
As mentioned the Providers have been doing relatively well considering the hostile market conditions, the BTC Futures Provider being the most active of the two, alternating quite a few short and long positions, but managing the chop and registering a mere -3.67% loss for the month.
A few weeks ago the system switched to a bullish setup from the bearish setup that it has held for several months during the bear market, so it should be able to generate a large amount of profits when/if BTC decides to move upwards.
ETH Futures
The ETH Futures Provider has instead been less active, holding a short position for almost a month now, which hasn’t generated any profit since ETH is going nowhere, but at least has managed to keep us out of (big) troubles.
As mentioned several times, however, the ETH Futures Provider has a much more aggressive setup compared to the BTC Futures Provider, which also means that it will be more subject to accumulating losses when the market conditions are not favorable, in fact, this provider has registered a -14.55% loss for this month.
Conclusions
Until BTC doesn’t seriously attempt at getting through the big resistance level, all we can do is patiently wait for the next move to happen, hopefully, sooner than later.
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