$BTC 24 Hour High $48,198
$BTC 24 Hour Low $46,224
$BTC -2.9% past 24 hours; -4% past 7 days
Sideways trading persists amidst low trading volume
Good morning. As 2021 winds down, the indecisive spot markets continue to witness sideways price action. There is no aggressive buying interest from institutions since they have yet to rebalance their portfolio for 2022. Chances are the status quo will remain as we head into 2022.
Today’s let us take a look at $BTC’s price development from the 2017 peak to find out how important the current support level is. In July 2021, we repeatedly highlighted the significance of a similar level at $30,300, which held. The 1.68 Fibonacci retracement is important as it allows $BTC’s macro bullish trends to develop further. Significant support is at where we are now and above $46,855. To convince us the bull market is likely to continue, the 2.618 Fibonacci retracement currently acts as support needs to show more strength. Should it fail, last week’s low at $45,600 and the area towards the bottom of the aggressive wind down at the end of November at $42,500 will provide additional shorter-term support levels for $BTC.
Like $BTC, $ETH saw sideways action over the past 24 hours and wedged between 0.5 Fibonacci retracement from September-low and November-high. The crucial support area below $3,680, formed from the previous resistance level in September and October, continues to hold. The market is now waiting for a confirmatory move in either direction, so expect $ETH to trade sideways until early 2022. While money is sitting on the sidelines, keep an eye on sudden fake-outs to the downside towards $3,500 before a swift recovery kicks in.
Learn more from today’s Trader View video.
More news that caught our eye:
- Institutional investors are ‘going to take a serious look’ at bitcoin in early 2022
- Year-end review: El Salvador adopted BTC, then bought the dip
- Elon Musk addresses mystery of bitcoin creator’s identity
- With a $BTC leverage squeeze in play, the price could be headed this way
- Newly minted BTC miner gem mining reaches hashrate of 1.25 EH/s
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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