August 20, 2021

​​$BTC 24 Hour High $47,380
$BTC 24 Hour Low $44,100
$BTC +5.2% past 24 hours; +6.3% past 7 days

BTC rally lifts entire market

Good morning and happy Friday. Prices surged, putting local tops of $BTC and $ETH back in sight. $BTC held the upward trending support line and found support at $44K. It then moved back higher and is now testing resistance at $46,800.

For $BTC, the 45-46K support level appears to be back in play. If the momentum holds, we will test 48K over the weekend, with a big resistance level above us. On the downside, our take is any break below the upward trending support line would see prices revisit at 42.5K at least. The Wyckoff accumulation is still in action, would we see a bullish move and break into the 50K area over the next couple of weeks? 

$ETH rallied on the back of BTC. $ETH broke the resistance level at 3125-3175, and it’s now trading back above it. $ETH moved back into the trading corridor that we have been in most of the time since the beginning of the year. The entire area between 3000 and 3100 is starting to have some decent price consolidation, which we previously lacked. This builds a strong support block for ETH going forward, with the next target of local top at $3,330 is firmly in sight. 

Yesterday, ETH founder Vitalik Buterin made critical comments on both Square and Facebook’s blockchain plans in an interview. His gripe with Square’s model, helmed by Jack Dorsey, was that the firm’s reliance on BTC and Square might need to control user funds through a multi-sig wallet owned by different participants. Allegedly ETH would have solved this with smart contracts being able to operate like “lockboxes”. Buterin also criticized Facebook, calling the recent revival of Libra under the name Diem a “rebirth of dead ends”.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.09T, +5.1% from yesterday
  • $BTC is up 1.2% at time of writing, support / resistance – 43,730 / 48,190
  • $BTC liquidations and funding: $191.24M, 0.0182% average
  • $ETH is up 1.4% at time of writing, support / resistance – 2,830 / 3,530
  • $ETH liquidations and funding: $66.96M, 0.0431% average

Alts and DeFi watch:

  • DeFi TVL: $82.01B
  • $DOGE up 3.27% in the last 24 hours, up ~20.54% in the past week 
  • $DOT up 9.86% in the last 24 hours, up ~27.34% in the past week
  • $SHIB up 3.50% in the last 24 hours, up ~9.58% in the past week
  • $MKR up 5.63% in the last 24 hours, up ~13.52% 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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