2021-12-26 11:34:05
Daily Market Review & Thoughts: Dec 26
# BTC (four-hour chart). Bitcoin went for a correction, as suggested in yesterday's review. After an unsuccessful attempt to storm the upper border of the ascending channel around $ 51,150, the asset began to decline. Buyers activated near the level of the exponential moving average 200 EMA from the daily timeframe, above which the price is trying to close at the time of writing the review.
The RSI shows that its line begins to bounce off the lower line of the Bollinger Bands indicator plotted on the RSI, which increases the likelihood of a price movement reversal. EMA 21 4 H is on the way of the upward movement, a rollback from this zone ($ 50 120) is likely at the first attempt to storm it to the correction level of 0.5 Fibonacci ($ 49 260) with a false exit from the trading channel. Then I expect to see a continuation of the local uptrend to the upper border of the ascending channel - $ 52,500. The idea will lose its relevance when the price consolidates below the support level of $ 49,260.
# ETH. The asset is trading above the support level of $ 4,000, the nearest resistance is around $ 4,150. The growth of ether in the pair to #BTC amounted to 1.3% over the past day.
Summing up the results of the outgoing year, we can note the record total trading volume on cryptocurrency centralized and decentralized exchanges in 2021, exceeding $ 15 trillion (1). Centralized sites still dominate - they accounted for $ 14 trillion. Thus, there was a significant increase in trading volumes compared to last year, trading volume on decentralized exchanges increased by 858%, and on centralized platforms - by 689%.
Binance remains the leader in the market for centralized exchanges, with deals worth $ 9.5 trillion on the site, which is 67% of the total trading volume. On decentralized platforms, Uniswap is the leader, accounting for 75% of the trading volume.
It is also noteworthy that some DEX managed to bypass fairly large centralized platforms in terms of trading activity, for example, the dYdX decentralized derivatives exchange in September for the first time surpassed the Coinbase spot markets in terms of trading volume. According to Coinmarketcap, Uniswap (V3) bypassed the FTX exchange in the last 24 hours for the total amount of concluded deals.
I believe that due to some features of decentralized platforms that facilitate trading between market participants without controlling their assets, without requiring personal information for registration, the share of DEX in the total trading volume will gradually increase in the coming years.
Alts: the announcement of the upcoming listing of Ravendex (#RAVE) on the BitMart exchange led to a rise in the price of #RAVE by 45% (against the dollar).
The news about Phala Network (#PHA) participation in the slot auction on the Polkadot platform caused #PHA to grow by 40% (against the dollar).
In anticipation of the announced large-scale burning of Luffy coins (#LUFFY), the value of #LUFFY increased by 35% (against the dollar).
The total value of digital assets has decreased by 1% in the last 24 hours, the dominance of the main cryptocurrency has decreased by 0.6%. There is a high probability of the resumption of the local upward trend in #BTC, provided that buyers keep the asset above the price level of $ 49,260.
author - Ayush
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23 viewsAyush Mehta , 08:34
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