Technical Analysis
Good Morning!
I tried applying Elliot Wave again, but failed miserably. Solana (SOL) moved higher and reached 180 USD. I will leave this be for now and stick to Bitcoin (BTC) and Ethereum (ETH)…
Bitcoin BTC (4h)
The price pushed outside of the 44'000-50'000 USD range, and is currently keeping its head nicely above the base line and the cloud. It is a tough one to chart, but from what I see (in terms of market structure) it looks like healthy spot buying interest most of the time. We saw some perpetual futures funding rates spike over the weekend, but with Monday being a US bank holiday, it was almost expected. The term structure for most of the bitcoin futures looks pretty regular with 31-Dec-21 maturities trading at around 4-5% in contango. We are far away from the crazy basis we saw in April when we reached an ATH of around 63'000. There we traded way above 25% (annualised rolling 3mth basis).
Ethereum ETH (4h)
We had a nice breakout with agressive buying pressure that pushed the price roughly 20% higher in just a few days. The magical number is once again 4'000 USD. Last time in May when we pushed through the 4'000 USD level, we rolled over pretty agressively. We have a similar story here with the structure of the market. Funding rates are nowhere close to what they were in April (or May, to be exact, as ETH topped out about one month later than BTC). It is hard to say if the EIP1559 plays a role in the steady price recovery without leveraged buyers pushing the market. But currently (see bitcoin) it looks like steady spot buying is slowly but surely pushing prices above the 4'000 USD mark.
Copyright © 2021 | Crypto Broker AG | All rights reserved.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
Disclaimer
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Risk disclosure
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.
