August 10, 2021

​​$BTC 24 Hour High $46,455
$BTC 24 Hour Low $42,981
$BTC 6.6% past 24 hours; 16.8% past 7 days

Almost 6% rally in $BTC overnight, with $ETH also trading at 5% higher.

Good morning. $BTC didn’t spend much time in the 42-44K range at all. Yesterday it looked like price consolidation in that range took place. $BTC smashed through the resistance area at 45-46K on its second attempt. Though 200d MA acted as a weak resistance, it succumbed very quickly to the rally in the end.

The last two Fibonacci resistance levels have been broken through very easily and tested support before the rally continued higher. We now see major resistance at 50K. $BTC is now at an important psychological level at $50K because it is the previous price consolidation area. Whether the previous resistance levels are tested and held as support will significantly affect how it pans out. Currently, $BTC is targeting the mid-40K range, followed by 41K.

In a similar vein, $ETH hardly spent time trading in and around 3K. Prices are pushing higher towards $3,300 but it may be partly due to the exaggerated rally in May, so the pull back and prolonged sideways move were an exaggeration. The mean reversion took place and prices were back trading in the corridor that has been in place since the beginning of the year. Support at $2,900 held after being tested yesterday, followed by $2,600 if we fail to hold. The initial resistance is likely to be at $3,300-$3,350, followed by $3,900.

With 87% of the ETH’s “free float” being locked, staked and hoarded, the balance 13% of ETH potentially presents itself as a good trading set-up. During an interview with former Goldman executive Raoul Pal.  ETH’s dominance share has sharply increased over the past two weeks, now representing 26% of all digital investment products vis-a-vis 11% at the beginning of the year. BTC took another hit in terms of outflow with $33M worth leaving exchanges while ETH saw minor inflows totaling $2.8M.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.9T, +6.3% from yesterday
  • $BTC is down 0.4% at time of writing, support / resistance – 43,454 / 48,480
  • $BTC liquidations and funding: $200.88M, 0.0140% average
  • $ETH is down 0.6% at time of writing, support / resistance – 2,904 / 3,190
  • $ETH liquidations and funding: $118.16M, 0.0191% average

Alts and DeFi watch:

  • DeFi TVL: $80.76B
  • $SOL up 5.09% in the last 24 hours, up ~17.19% in the past week 
  • $EGLD up 11.40% in the last 24 hours, up ~34.57% in the past week
  • $DOT up 7.09% in the last 24 hours, up ~12.06% in the past week
  • $AXS down 1.76% in the last 24 hours, up ~11.84% in the past week

More news that caught our eye:

OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.

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