December 1, 2021

​​$BTC 24 Hour High $58,930
$BTC 24 Hour Low $56,640
$BTC -0.7% past 24 hours; +2.6% past 7 days

$ETH inches higher to test ATH

Good morning. $ETH’s recovery was essentially unstoppable, with now on a fourth straight day of gains. It’s marching towards $4,870, the ATH reached 20 days ago. $BTC continues to trade sideways and is searching for that much-needed buying boost to break the key resistance area.

$BTC is still holding the 100D MA and trading within a rising-wedge structure. The on-balance volume (OBV), a momentum indicator that uses volume flow to predict price changes, is useful to study $BTC’s next move. A breakdown of this indicator would mean that trading volumes are much larger on $BTC’s red days, suggesting a flight of capital from the asset. OBV has increased since June, and we would like it to continue trending higher. Expect sideways trading to continue the next two weeks as prices are squeezed into an area between support and resistance. On the off chance that $BTC slips to the 52-53K zone, it serves as a prime buying opportunity.

$ETH continued to rally above $4,600 and smashed through various resistance levels effortlessly. We’re starting to see the building of a solid run, similar to the one we drew out last week. If $ETH continues to chart higher, the next resistance level will be its ATH at $4,858, followed by the psychologically important levels at $5,000 and $5,500. However, $ETH may face some resistance at the top of the 2021 trading corridor and is also where $ETH’s logarithmic growth curve passes through. Long-term holders may see $4,650, $4,440 and $4,200 as their potential entry points. 

After Osprey Funds launched a Solana trust product two months ago, rival crypto asset manager Grayscale followed suit. For now, only accredited investors can access the product via private placement and this product offers them exposure to $SOL, the native token used on the Solana blockchain. Touted as an $ETH killer, $SOL has been in high demand, with prices skyrocketing from $50 to over $200 in recent weeks. Grayscale’s Solana Trust is the firm’s 16th investment product offering coming after $BTC, $ETH, $LINK, $MANA, $FIL and other thematic funds.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.78T, +1.3% from yesterday
  • $BTC is +0.02% at time of writing; 24H liquidations and funding rates: $137.97M, +0.00973% average
  • $ETH is +1.58% at time of writing; 24H liquidations and funding rates: $99.17M, +0.00997% average
  • Stablecoins Market Dominance: USDT 48.81%; USDC 25.33%; BUSD 8.80%; DAI 5.79%

Alts and DeFi watch:

  • DeFi TVL: $110.85B
  • $SOL +2.7% in the last 24 hours, -5.0% in the past week 
  • $SHIB +8.0% in the last 24 hours, +14.7% in the past week
  • $SAND -6.0% in the last 24 hours, +25.8% in the past week
  • $ENJ -2.4% in the last 24 hours, -7.8% in the past week

More news that caught our eye:

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

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