December 20, 2021

​​$BTC 24 Hour High $48,126
$BTC 24 Hour Low $46,550
$BTC +3.0% past 24 hours; -2.7% past 7 days

Market continues to chop, searching for a reason to move in either direction. 

Good Morning. An uneventful weekend in Bitcoin has meant prices are continuing to trade sideways around the 200D MA at $47,115. Crypto Fear and Greed Index is at 29. Funding rates are occasionally starting to stretch on the short side. Implying leverage is being used slightly more when betting on lower prices. 

OBV Indicator shows accumulative trading volume remaining steady so far (I.e. trading volume on red days is as large as trading volume on green days). As the negative sentiment grows and leverage widens further, it is looking out for a potential fake-out towards $42,600. We witnessed similar price action back in June and July, and could provide good entry points for long position top-ups. 

$ETH is having as much recent luck as $BTC, but overall the current downtrend seems to be much more controlled. Market has continued sideways, currently sitting on the 111D MA at $3,900.The MACD indicator suggests that buyers could wait for a couple more days and indeed, given the lack of clear direction, one would expect to see $3,700 tested again. Above us, now at $4,050, we have this downward trending resistance line. Should the crypto market find imminent strength, we would hope to see this level broken through, tested as support and hold. 

It was a case of 1 step forward 2 steps back for $BTC and most cryptocurrencies in general over the past 2 weeks. With the start of the month sell off still fresh in most investors’ memories, the market has been trending sideways after a commendable recovery last week. The initial positive impact of the debt ceiling being raised whilst leaving current rates unchanged gave the market a bit of a boost but the move higher faltered soon after. The alt-coin universe did not fare too well either with most chalking up negative numbers. AVAX was the rare spark, gaining a stellar 28% over the past week. Historically the festive season has been bullish for $BTC and it will be interesting to see how the market will turn over the coming days.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.28T, -2.5% from yesterday
  • $BTC is +1.33% at time of writing; 24H liquidations and funding rates: $45.19M, +0.00657% average
  • $ETH is -0.88% at time of writing; 24H liquidations and funding rates: $28.57M, +0.01052% average
  • Stablecoins market dominance: USDT 47.67%; USDC 25.96%; BUSD 8.87%; DAI 5.52%

Alts and DeFi watch:

  • DeFi TVL: $97.48B
  • $SOL +3.8% in the last 24 hours, +9.3% in the past week 
  • $SHIB +0.2% in the last 24 hours, -7.3% in the past week
  • $SAND -0.4% in the last 24 hours, +2.9% in the past week
  • $ENJ +0.9% in the last 24 hours, -4.2% 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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