November 29, 2021

​​$BTC 24 Hour High $57,748
$BTC 24 Hour Low $53,672
$BTC +4.6% past 24 hours; -3.0% past 7 days

$BTC recovers from the Black Friday plunge

Good morning. The market rebounded from the Black Friday plummet, with $BTC dipping into the $53,000 area. The news about the outbreak of the COVID-19 omicron variant broke on Friday also forced $ETH along with most altcoins to slip, taking the entire market cap down by another $100B. As the market started recovering, the Crypto Fear and Greed Index gradually rose from 21 (“Extreme Fear”) to 33 (“Fear”) today. Yet the silver lining is that the index historically needs to drop to such lows before the market sentiment flips and an aggressive shootout occurs.

$BTC’s downward-trending resistance line continues to hold, while support, as was the case for the previous pullback in October, can be found at the 111D MA, at $53,300. To confirm the signs of bottoming out, $BTC needs to break the resistance at $58,700 and retest it as support, preferably with one or two daily closes above this level. To the downside, we are looking at a potential move to $52,500 (the local top from early September) or a visit to the high 40s. The current RSI is trying to push higher, but it could be a fake-out so keep an eye on this. 

$ETH faked out to the upside on Thursday, before dropping down quickly to the 0.618 Fib retracement of the Sept-Low, Nov-High, at $4.027. $ETH recovered much faster than $BTC, with prices moving higher to test the resistance line again. $4,400 is the clear resistance area to break, while a breakdown of support at $4,000 could see a test of $3,800. Any sudden spikes down below $4,000 could be seen as a serious buying opportunity for long-term holders. 

Google revealed in a recent security report that most recently hacked accounts on its cloud platform were used to mine digital assets. 86% of 50 recently compromised accounts were used for resource-intensive for profit activity, consuming CPU/GPU resources and storage space. Half of the compromised accounts were due to no or weak passwords set by users that were susceptible to brute force attack, and a quarter were vulnerabilities in the third-party software installed by account owners. The report shows how digital workspaces continue to be targets of malicious hacker-miners.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.7T, +4.0% from yesterday
  • $BTC is -0.12% at time of writing; 24H liquidations and funding rates: $91.55M, +0.01196% average
  • $ETH is -0.19% at time of writing; 24H liquidations and funding rates: $67.08M, +0.01649% average
  • Stablecoins Market Dominance: USDT 49.03%; USDC 25.44%; BUSD 8.60%; DAI 5.77%

Alts and DeFi watch:

  • DeFi TVL: $105.8B
  • $SOL +3.8% in the last 24 hours, -13.7% in the past week 
  • $SHIB 0.0% in the last 24 hours, -11.60% in the past week
  • $SAND +20.7% in the last 24 hours, +88.2% in the past week
  • $ENJ +5.5% in the last 24 hours, +15.0% in the past week

More news that caught our eye:

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

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