December 28, 2021

​​$BTC 24 Hour High $52,100
$BTC 24 Hour Low $50,361
$BTC -0.7% past 24 hours; +8.7% past 7 days

$BTC still looking for support

Good morning! Returning from the holiday the market seems to have slightly picked up. In our last video a week ago, we highlighted how one key area of $BTC resistance above us was at 52k. This is the top of the range we have been trading in since the 4th Dec is now being tested. There is reason to now be cautiously optimistic. The day after our last update we broke through the resistance on the RSI, and the MACD flashed its buy signal. Since then, OBV is picking up – buyers are returning into the market in numbers. 

A week ago, we saw a break out of the downward trending trading channel in place since the 4th Dec. The top of the channel was tested as support, and prices moved higher again. We are now at an area where we may see this again but on a larger time frame. The area up to 53k is now absolutely crucial. I expect, given the momentum that’s returning to the prices, that we may push towards 54k in the next few days. This 52-53k needs to hold as support, or we expect prices to break down again and continue their path back towards the mid 40k’s. 

$ETH is moving doggedly higher, building a solid price block just above $4,000. The upward trending in price action is very clear to see. Similar to October, the methodical retest of previous resistance areas creates a clear price path to the upside. 

We are now encountering some resistance, 1% below $4,200. Should we clear this target, then we may have a pretty clear path towards $4,400. The downward trend on the RSI seems to have been broken for now. The MACD also flashed a buy signal on the 22nd Dec. OBV suggests we are not yet seeing the same enthusiastic return in buyers on green days as we have seen with Bitcoin, so will be monitoring this one closely. 

Just a year ago, no one knew much of or paid attention to the concept of meme coins. Based on Coinmarket cap’s most viewed coin list, $BTC was displaced by meme coin $SHIB as the most viewed coin of 2021. $DOGE was 3rd followed by $ADA which is the native token for smart contracts network Cardano. Amazingly $ETH came in 5th which was eyebrow raising as it should have placed higher on this most viewed list being the 2nd largest market capitalized coin and all. Nevertheless this upheaval in terms of most-viewed shows the burgeoning interest from retail investors and the general public to get involved in the crypto space by owning something fun and accessible without thinking too much about the technicalities behind coins.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.52T, +2.1% from yesterday
  • $BTC is -1.24% at time of writing; 24H liquidations and funding rates: $37.53M, +0.00908% average
  • $ETH is -0.80% at time of writing; 24H liquidations and funding rates: $14.33M, +0.01064% average
  • Stablecoins market dominance: USDT 47.33%; USDC 25.55%; BUSD 8.87%; TerraUSD 6.08%; DAI 5.48%

Alts and DeFi watch:

  • DeFi TVL: $103.77B
  • $SOL -3.0% in the last 24 hours, +10.9% in the past week 
  • $SHIB -1.20% in the last 24 hours, +24.1% in the past week
  • $SAND -5.70% in the last 24 hours, +31.50% in the past week
  • $ENJ -6.0% in the last 24 hours, +36.90% 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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