$BTC 24 Hour High $49,799
$BTC 24 Hour Low $47,680
$BTC +0.3% past 24 hours; +7.1% past 7 days
Good morning. $BTC finally broke through 48K overnight, moving up to the upward trending support line. Based on RSI, $BTC is supported at the current level (see the chart). If $BTC drops, we expect the entire market to be dragged down with it. We have called for a pull back for some time already. Could this be it?
If $BTC’s support line fails to hold, we expect a move lower, potentially down to 38K. There are several support levels on the way down, with some stronger and more established than others.
$ETH also appears undecided on direction, which is currently in the middle of the trading corridor that has been in place since Aug 8. It would initially be supported by the psychological level at $3,000 if it goes lower. We expect to see a more aggressive sell-off if ETH ever goes below $3,000. But with the lack of leverage being used, we frankly don’t expect a pull back to be too damaging. To be fair, RSI has already been showing a breakdown in momentum for the last three weeks, so we will not be surprised if it moves lower.
For those interested in stablecoins, Paxos just announced to rebrand its USD-backed Paxos standard stablecoin as Pax dollar with the ticker USDP, bearing a close resemblance to the likes such as USDT and USDC. The move aims to make the company’s stablecoin’s nature clearer as Paxos continues its commitment to have the coin’s reserves 100% backed in cash and cash equivalents.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.14T, -3.7% from yesterday
- $BTC is up 0.1% at time of writing, support / resistance – 44,440 / 52,270
- $BTC liquidations and funding: $179.06M, 0.0166% average
- $ETH is up 0.3% at time of writing, support / resistance – 3,160 / 3,340
- $ETH liquidations and funding: $56.65M, 0.0189% average
Alts and DeFi watch:
- DeFi TVL: $83.37B
- $CAKE down 4.27% in the last 24 hours, up ~12.23% in the past week
- $AAVE down 6.13% in the last 24 hours, up ~0.79% in the past week
- $FTT down 3.65% in the last 24 hours, up ~7.18% in the past week
- $DASH down 5.71% in the last 24 hours, up ~30.74% in the past week
More news that caught our eye:
- Michael Saylor’s MicroStrategy buys 3,907 more BTC as total investment nears $3B
- What happens to stocks and crypto when the Fed stops raining money?
- Dogecoin going to help real dogs — Chicago animal shelter now accepts crypto
- Kraken’s CEO says the crypto exchange is aiming to win a European license this year
- Mark Cuban-backed firm Alethea Is creating ‘Intelligent’ NFTs
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