Galaxy Digital Trading update: July 15, 2019
- BTC breached the $10k level over the weekend, following a turn in market sentiment, which looks slightly bearish now: CME CoT report showing +12% increase in hedge fund shorts, Fear/Greed index at “Extreme Fear”; reduction in inflows to GBTC, etc
- That said, BTC continues to outperform Alts w/ dominance up at the 70% mark. Note that BTC is -10% over past 7 days w/ most Alts -20% or more.
- We’ve seen indication of buyers at the 11000 level with bigger buyers actually coming in at the 10,000 levels. Watch resistance levels as you hit 10,600, 10,900 and then 11100.
- The big news over the weekend was ETH’s -27.3% loss after a large sell order on Bitstamp pushed the price to $190. A move that caused issues on the derivatives side with BitMEX open interest 45% for ETHUSD as a result of liquidations – at one point, ETH traded at a $20 discount on BitMex vs Coinbase. Deribit was forced to dip far into their insurance fund to offset customer losses in ETH
- Tether accidentally minted $5B USDT on Saturday at 17:54. The mistake was due to “an issue with token decimals while preparing for an Omni to Tron swap”, according to Tether CTO Paolo Ardoino. The subsequent $5B was burned during 2 transactions on Tron’s network.
- Then there’s the “Keep Big Tech Out of Finance Act” that emerged ahead of Facebook’s hearing on 7/16. The bill is aptly named, and includes details on how to halt tech giants from becoming financial institutions, including a $1M per day fine for violating any subsection of the bill.
-Separately, on the International side, Japan has put together a working group including their Central Bank, Ministry of Finance, and FSA (as reported by Reuters) to do a deeper dive on Libra ahead of the G7 meeting with the respective heads of finance.
- In summary, a tough weekend for the market, with double digit losses across the board. Institutional sentiment seems to be shifting bearish with ecosystem fragility emphasised via Tether, the Bitstamp flash crash and Libra regulation.

“be greedy when others are fearful”?

Which way is Btc going short term?
anonymous poll

Up – 475
👍👍👍👍👍👍👍 77%

Down – 144
👍👍 23%

👥 619 people voted so far.

Buy #XBT 10750

TARGETS 10800-10850-10900-11000

Stoploss below 10600

Leverage 25x

SL Hit wait for new signal
Can't win them all 😉

Buy #XRP at 2942

TARGETS 2960-2975-2990-3010-3040-3070-3100

Stoploss below 2850

Leverage 20x

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 1 ✅
Profit: 0.6118% 📈
Period: 4 Hours 40 Minutes ⏰

BitMEX
#BTC/USD Take-Profit target 3 ✅
Profit: 37.9147% 📈
Period: 1 Days 0 Hours 13 Minutes ⏰

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 2 ✅
Profit: 1.1217% 📈
Period: 4 Hours 40 Minutes ⏰

BitMEX
#BTC/USD Take-Profit target 4 ✅
Profit: 56.872% 📈
Period: 1 Days 0 Hours 13 Minutes ⏰

BitMEX
#BTC/USD All take-profit targets achieved 😎
Profit: 85.3081% 📈
Period: 1 Days 0 Hours 15 Minutes ⏰

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 3 ✅
Profit: 1.6315% 📈
Period: 4 Hours 41 Minutes ⏰

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 4 ✅
Profit: 2.3114% 📈
Period: 4 Hours 41 Minutes ⏰

👉 Buy DENT 👈 #Binance

Buy Under - 0.00000006/7

Sell target ⭐️

Short Term Targets
1) 0.00000008
2) 0.00000010

Medium Term Targets
1) 0.00000012
2) 0.00000014
3) 0.00000018

Long Term Targets
1) 0.00000025+

Stop loss ⛔️ No Stop Loss

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 5 ✅
Profit: 3.3311% 📈
Period: 4 Hours 41 Minutes ⏰

Bitfinex, Bittrex, Binance
#XRP/BTC Take-Profit target 6 ✅
Profit: 4.3508% 📈
Period: 6 Hours 18 Minutes ⏰

Crypto Market Commentary: July 16, 2019
- BTC struggled to breach and remain above $11000 overnight, sliding down through $10500 support. The Libra hearings had a significant effect on the market, causing BTC to crash through $10000, currently trading around 9700
- With the barrage of negative headlines, thinner volumes and risk of further government disruptions its difficult to know how much is already priced in especially as we are a month away from the G7 Summit which is August.
- MACD trending negative with downside levels to consider at 9600, 9300, 9150. Beyond that, the CME gap between $8515-$9050 is a range to watch for a bottom.
- XBT swap premium is trading marginally under or at spot this morning, CME futures premiums down and spreads generally tightening.
- Altcoins continue to struggle, with BTC dominance now at 70.87%. ETH, in particular, crashed down to sub-$200 levels, may experience a bounce at this key level.
- Derivatives – GDT has had inquiries for longer term upside optionality in BTC and ETH (some suggesting cyrpto replacement strategy vs. holding spot).
- Lending – GDT has seen an increase in interest for borrowing BTC as well as a select group of ALT coins and Stablecoins (USDT). ¬¬
- A replay of the Libra hearing can be watched here.
- Things GDT is watching: Are we at risk of seeing a Sell the Rally type market?, Volumes remain thin allowing for increased volatility, What are the catalysts heading into G7 and what will the respective countries/governments say?
- In summary, we are shifting to a neutral/rangebound market outlook as the market seemingly lacks backing for a strong recovery to yearly highs. However, a short term bounce is possible.

Bittrex, Bitfinex, Binance
#XRP/BTC All take-profit targets achieved 😎
Profit: 5.3705% 📈
Period: 6 Hours 35 Minutes ⏰