August 19, 2021

​​$BTC 24 Hour High $45,920
$BTC 24 Hour Low $44,510
$BTC -0.2% past 24 hours; -2.0% past 7 days

Stuck in no man’s land

Good morning. The current prices are in a little bit of no man’s land. $BTC is still trading above the support line but will it continue to hold, $ETH is likely to stay where it is, while Alts may continue to catch up. 

$BTC is still testing the upward trending support line. 44K is still a critical short-term support level that we need to see hold for a continued move higher. The 200d MA is now acting as resistance, but if both fail, $BTC is likely to move down to 42.5K and continue to move lower instead of reversing higher at this level. We could see a quick drop into the high 30s and close any leveraged long positions. 38K would be the lowest that we expect the price to go, as 38K is the last higher low on the daily chart that needs to hold for an immediate, sustained move higher. We might see some sideways movements should it fail to hold. 

It’s important to keep an eye on the macro picture. Historically, the next few months in BTC’s halving cycle have been explosive. Should history repeat, it would be time to ensure levels are topped up accordingly. Thus be ready to take advantage of any extreme move higher over the next six months. 

$ETH dropped through the resistance level at 3160 and broke the minor trending support line. $ETH is currently testing 3000. If this level fails to hold, we may see a retest at around 2850. Prices may go back up, with the previous support now flipping to resistance.

Speaking of ETH, Microsoft is looking to leverage the ETH blockchain to combat digital piracy. The software giant’s new incentive system, Argus, would enable the backtracking of the pirated content to the source using a corresponding watermark algorithm. This tool provides a trustless system, which enables piracy whistleblowers to remain anonymous while still operating transparently.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.99T, +1.1% from yesterday
  • $BTC is down 0.6% at time of writing, support / resistance – 43,730 / 48,190
  • $BTC liquidations and funding: $96.96M, 0.0057% average
  • $ETH is down 1.0% at time of writing, support / resistance – 2,830 / 3,530
  • $ETH liquidations and funding: $58.71M, 0.0208% average

Alts and DeFi watch:

  • DeFi TVL: $79.88B
  • $SOL up 17.23% in the last 24 hours, up ~73.48% in the past week 
  • $UNI down 0.51% in the last 24 hours, down ~10.95% in the past week
  • $LINK down 0.92% in the last 24 hours, down ~2.38% in the past week
  • $ICP up 7.41% in the last 24 hours, down ~12.40% 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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