Good morning from the Binance OTC desk!
Since the start of the week BTC has been extremely volatile with wild swings in both directions, Monday evening (UTC+1) we saw a sudden drop of just over 7%, which was short lived as BTC rallied over 7% again, as if the bears and bulls are playing a game of cat and mouse. Looking at the charts not much has changed as BTC is still trading between the macro range which was formed at the start of May $32,200 & $27,800, one thing that is noticeable is that selling volume is considerably greater than buying volume as each short term pump is accompanied by below average buying volume. As of now BTC is trading at an awkward point on the chart currently at $30,400 which is the middle of this week's range with what looks to be a symmetrical triangle, forming on the 15m chart giving equal probabilities to a move in either direction. Overall the bigger picture still remains the same which is trade the range until it breaks and wait for confirmation of the next move!
We are currently offering tight spreads on stablecoin swaps and are axed sellers of EURO.
Please do get in touch with the OTC team for any of your trading needs.
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