$BTC 24 Hour High $38,400 / Low $37,362 | $BTC -0.5% Past 24 hours; +4.2% Past 7 days
ETH may test $3K early next week
Good morning and Happy Chinese New Year! BTC again tried to break through the downward trending resistance line that has been in play since the ATH on the 10th November. Given current high correlation to equity markets (META the latest tech stock to get hammered), it makes sense to be patient and not FOMO into every intraday rally.
BTC has broken through the resistance line on the Daily RSI, but the entire rally over the last two weeks has been accompanied by lower trading volumes, implying a roll-over lower could be on the cards.
Currently, BTC is finding its first key area of support at $36,700, followed closely by $35,560 and then $33,000.
Our short term resistance target for ETH at $2,730 was tested, but ultimately held. Prices are now consolidating just below this level, looking to try again.
We are starting to see that textbook prices moving higher that played out last October. Previous resistance holding as a new support level. If this pattern continues, we could expect to see ETH test $3,000 early next week.
ETH’s 50W MA also coming in at exactly $3,000, could act as a good target to take profit for day traders. Keep an eye on this level and expect to see some resistance when it is reached.
Learn more from today’s Trader View video.
We wish you health, prosperity, and good fortune in the Year of the Tiger!
Digital assets market:
- Total crypto market capitalization stands at $1.8T, -1.0% from yesterday
- $BTC is -0.6% at time of writing; 24H liquidations and funding rates: $19.54M, +0.00623% average
- $ETH is -0.74% at time of writing; 24H liquidations and funding rates: $17.79M, +0.00028% average
- Stablecoins market dominance: USDT 44.81%; USDC 28.54%; BUSD 8.6%; TerraUSD 6.46%; DAI 5.24%
Alts and DeFi watch:
- DeFi TVL: $189.85B (-0.01% over last 24h)
- $SOL -3.2% in the last 24 hours, -6.9% in the past week
- $SHIB -3.7% in the last 24 hours, -6.4% in the past week
- $SAND -5.0% in the last 24 hours, +22.4% in the past week
- $ENJ -1.5% in the last 24 hours, +10.4% in the past week
More news that caught our eye:
- SFC-HKMA joint circular is a critical tool for the development of a competitive digital asset market in Hong Kong
- Hong Kong gives banks brokers the crypto go-ahead
- China pilots nationwide blockchain development over real-world use cases
- Chinese food delivery giant joins CBDC efforts
- JPMorgan analysts drastically lower long-term target for $BTC, name biggest challenges for BTC: Report
- Mainstream adoption might not boost $BTC, Goldman Sachs says
- $BTC: This Italian couple traveled around El Salvador for 45 days ‘living off only BTC’
- $LUNA plunges by 25% as panic around MIM stablecoin aggravates
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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