$BTC 24 Hour High $57,955
$BTC 24 Hour Low $55,915
$BTC +1.5% past 24 hours; -4.7% past 7 days
Possible bullish divergence forming on RSI, is the bottom in?
Good morning. The U.S. Thanksgiving holiday is just around the corner, some analysts expect the overall trading volume to decline during the break — a downward trend that has been consistent over the last three years. If it does happen, will it slow down $BTC’s price recovery?
$BTC regained some ground to move higher during the U.S. and European hours after drifting lower yesterday. Earlier this week we talked about looking for the emergence of a possible bullish divergence structure on the RSI. To confirm this bullish trend, $BTC needs to break 58K to the upside and hold as support, followed by a swift breakout at 60K. A break and retest of the downward trending resistance line could also be a trend reversal signal, and the market is looking to move higher (see video). A similar occurrence happened in September which foreshadows a bull run, with $BTC surging from 44K to 66K.
$ETH saw a stronger move higher, posting a higher low yesterday than the low on November 19. Currently, the 0.618 Fib level between September-low and November-high at $4,028 is holding as support. It’s worth noting that RSI also seems to be changing direction, but funding rates have been reset. While ultimate support zones at $3,850 may still be tested, $ETH may see another higher low (at around $4,200) or a break of resistance at $4,400 followed by a retest as support. If so, $ETH may not drop to these levels at least for now.
November is turning out to be a banner month for crypto start-ups with more than $3B in venture capital funding, bringing the total number to $18B in 2021. This amount is nearly five times more than what crypto start-ups received in 2020, with the largest crypto venture fund (Paradigm) at $2.5B launching in November, and GRIID, a BTC mining infrastructure company received a $525M line of credit by Blockchain.com. If crypto were to head into a bear market, fund managers are reportedly confident that it will not deter hot money from flowing into this space as smaller projects are starting to see real revenue growth and thus attract even more capital inflows.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.74T, +3.0% from yesterday
- $BTC is -0.28% at time of writing; 24H liquidations and funding rates: $65.61M, +0.00735% average
- $ETH is +0.16% at time of writing; 24H liquidations and funding rates: $48.2M, +0.03036% average
- Stablecoins Market Cap: USDT 49.65%; USDC 24.81%; BUSD 8.74%; DAI 5.88%
Alts and DeFi watch:
- DeFi TVL: $108.06B
- $SOL +0.8% in the last 24 hours, +0.2% in the past week
- $SHIB -3.5% in the last 24 hours, -14.5% in the past week
- $SAND +11.9% in the last 24 hours, +69.5% in the past week
- $ENJ +7.1% in the last 24 hours, +32.8% in the past week
More news that caught our eye:
- U.S. banks must seek regulatory permission before engaging in certain crypto activities -regulator
- Using $BTC as an inflationary hedge
- Ripple case with SEC to ‘likely’ reach a conclusion in 2022, says CEO
- $ETH/$BTC on the verge of breaking out; NFT market may be stagnating
- Jerome Powell secures second term as inflation persists
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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