December 29, 2021

​$BTC 24 Hour High $50,039
$BTC 24 Hour Low $47,388
$BTC -0.5% past 24 hours; -2.3% past 7 days

$BTC ran out of gas after flirting with $52K threshold

Good morning. The bullish push for $BTC towards $54K is on hold for now as the $52K resistance area is proven to be too strong to break through. The price moved rapidly lower towards the 200D MA at $47,660 while the leveraged longs took a beating, with the highest amount of longs liquidated in three weeks. The downside scenario we mentioned yesterday is currently playing out as $BTC trends towards the bottom of the trading range in place since December 4. A retest of $46,500 is likely to occur. Should it fail to hold, $45.5K will be the immediate support that has been held for almost four weeks. This area provides a potential buying opportunity for those looking to add to HODL positions.

$ETH did not escape the sudden pullback in prices, dropping rapidly to support level at the 0.5 Fibonacci retracement between the September-low and November-high ($3,760). As $ETH moved back to where it was a week ago, meaning the month-and-a-half long downward trend continues. However, we remain confident that the next few months will be bullish, and therefore any visits towards the area of $3,650 could serve as a buying opportunity for those who missed the chance earlier.

Learn more from today’s Trader View video.

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

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