October 4, 2021

​​$BTC 24 Hour High $49,404
$BTC 24 Hour Low $47,260
$BTC +0.9% past 24 hours; +11.2% past 7 days

Crypto prices holding higher following jump end of last week

Good morning. Though $BTC’s September monthly close was lower than expected, prices marched higher last Friday at the start of October. Chances are, the 58K target the market bulls hope to reach is well in sight.

Over the last two weeks, $BTC was finding support from the 111D MA (see the purple line in the chart). Plus, the 0.5 Fib retracement level between the June low and September high held as key support for $BTC. For the run to continue, we will need to break the short-term local top at 48,920 to push towards the 50-51K range. If we want $BTC to trend higher, we will need to break the downward-trending resistance line.

$ETH saw an ATM monthly close. We broke $3,300 a level that previously acted as a ceiling for essentially the entire month of August. After finding support at the 0.5 Fib retracement level ($2,863) between June and September, it’s looking to tick up to the $3,500 level.

Looking at MA, both $ETH and $BTC saw support at 111D MA, with $ETH returning to trading above the 50D. A cup and handle pattern is still in play. Will it signal the potential bull run for Q4 that the market is anticipating?

Following China’s central bank’s continued blanket ban on crypto trading, KuCoin, a Seychelles-based exchange, is the latest to close all mainland Chinese accounts. KuCoin announced to remove all affected customers to shift their coins/square their positions by December 31. To date, exchanges followed suit include Binance, Huobi and Gate.io, with mining pools such as Sparkpool and BeePool shutting down. Even CoinGecko and CoinMarketCap were not spared either, both sites are blocked by China’s Great Firewall.

Learn more from today’s Trader View video: 

Digital assets market:

• Total crypto market capitalization stands at $2.22T, +1.1% from yesterday
• $BTC is down 0.2% at time of writing, support / resistance – 42,750 / 50,089
• $BTC liquidations and funding: $60.63M, 0.0105% average
• $ETH is down 0.5% at time of writing, support / resistance – 2,970 / 3,500
• $ETH liquidations and funding: $20.85M, +0.0041% average

Alts and DeFi watch:

• DeFi TVL: $89.54B
• $SOL up 1.2% in the last 24 hours, up 26.9% in the past week 
• $AVAX down 2.4% in the last 24 hours, up 2.0% in the past week
• $ALGO up 9.1% in the last 24 hours, up 11.2% in the past week
• $XTZ up 13.3% in the last 24 hours, up 39.4% in the past week

More news that caught our eye:

• Is the state of Texas poised to become the next big crypto-destination 
• Colin McRae’s Subaru got sold for $360K worth of BTC 
• Netflix working on documentary about scandal involving crypto exchange QuadrigaCX 
• Here’s the biggest risk to BTC, according to crypto veteran Anthony Pompliano 
• As ETH prepares for Altair upgrade, ‘bug-bounty program’ to reward users 

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