$BTC 24 Hour High $68,642
$BTC 24 Hour Low $66,566
$BTC -0.5% past 24 hours; +6.5% past 7 days
Bulls see $BTC at $71K amid price slips
Good morning. After spending most of the day testing the ATHs, $BTC moved slightly lower and is testing 67K as support. But if $BTC fails to break the resistance at the 1.618 Fib extension from July-Low and September-High, we will likely revisit 64K fairly quickly. The bulls, in contrast, have their eyes locked on the next price target of 71K, a key price level in the upper segment of $BTC’s logarithmic growth curve. As we just broke into the upper half of the growth curve, there is still a long way to go to the upside over the next few months. If 71K doesn’t offer much resistance, we could see a rapid price extension up to 81K, the 4.618 Fib extension from the 2017 bull run.
After reaching a new ATH yesterday, $ETH moved slightly lower. Expect prices to drop further, possibly to $4,650, before rebouncing towards $5,000. If this momentum breaks down, $4,200 and $4,000 are the first two macro support areas. $4,200 is in line with the daily close of the previous ATH in May whereas $4,000 is the local top from mid-September.
During the NY Times DealBook Online Summit yesterday, Apple CEO Tim Cook revealed that he had been interested in cryptocurrency for a while, and personally owned cryptocurrencies as part of a diversified portfolio. However, he said Apple did not hold crypto nor have plans to do so for now but there were other elements of the crypto market probably definitely worth looking into.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $3.06T, -0.5% from yesterday
- $BTC is +0.16% at time of writing; 24H liquidations and funding rates: $88.7M, +0.03023% average
- $ETH is +0.05% at time of writing; 24H liquidations and funding rates: $27.47M, +0.01258% average
- Stablecoins Market Cap: USDT 53.17%; USDC 24.7%; BUSD 9.61%; DAI 4.59%
Alts and DeFi watch:
- DeFi TVL: $113.4B
- $SOL -4.0% in the last 24 hours, +8.4% in the past week
- $SHIB -5.0% in the last 24 hours, -20.6% in the past week
- $SAND -2.3% in the last 24 hours, -18% in the past week
- $ENJ -5.4% in the last 24 hours, -1.8% in the past week
More news that caught our eye:
- Robinhood’s head of crypto operations praises SHIB community
- MicroStrategy’s Michael Saylor tells Elon Musk to buy $25B in BTC from potential proceeds of Tesla stock sale
- In a first, OpenSea crosses $10B in total volume, what next for the NFT platform
- Zimbabwe looks towards a future with BTC as it seeks guidance for BTC payments
Singapore Fintech Festival:
OSL is proud to sponsor this year’s Singapore Fintech Festival on November 8-12, 2021. With thousands of speakers and an unparalleled schedule, this is an unmissable event. Register to enjoy a complimentary digital pass from us! Limited passes are available on a first come, first served basis. https://www.gevme.com/sff2021/?promo=OSLSFF_CONF
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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