Weekly Wrap-Up | 12/13/21 - 12/18/21
By Matthew BrienenNews Flash
*Monday 12/13/21:*A[CoinMarketCap Glitch](https: //dashboard.cryptocharged.com/news/coinmarketcap-glitch-sends-wallet-balances-into-the-trillions/) fed corrupt data to multiple exchanges resulting in trillion-dollar balances for many crypto holders. Though the data was incorrect, it may have contributed to a real stall in the crypto market recovery that was underway if users had rushed to cash out before taking a closer look. This isn't the first time crypto users have seen incorrect balances. In May, crypto lender BlockFi accidentally credited 100 users with Bitcoin that didn't belong to them.
*Wednesday 12/15/21:*Crypto savings and loan platform Ledn is preparing the world’s first [Bitcoin-backed mortgage](https: //dashboard.cryptocharged.com/news/crypto-firm-ledn-raises-70m-for-bitcoin-backed-mortgages/) offering after raising $70 million in a series B funding round. The total valuation of this fund is roughly $540M. Ledn is planning on launching their proprietary BTC backed fund for both Canadian & U.S. clients early next year.
Friday 12/17/21:Polygon (MATIC) and Alexis Ohanian’s Seven Seven Six VC firm announced a $200 million investment fund that will place its focus on the development of decentralized social media apps on Polygon’s network. This is Ohanian’s second Web3 social media-centric fund announced since the start of November; last month he revealed a $100 million fund in partnership with Solana.
Bitcoin Technical Recap
Bitcoin has been sitting in a precarious position since last week. Although selling pressure has slowed, we haven't identified a bottoming structure as of yet.Price is currently testing the bottom of the distribution range that formed from February through May of this year, illustrated with the purple box. BTC needs to find support in this area to avoid further mark down into the high 30's or low 40's.We are watching for price to form an accumulation structure akin to the range from mid-May to late July to confirm the bottom is in. Alt coins will also suffer if BTC is not able to maintain these levels. A retracement into the $57,500-$61,000 range is very likely before BTC retreats into a prolonged bear market.
Key supports: $46,000, $44,500 & $42,500Key resistances:** $50,000, $52,400 & $56,000
Ethereum Technical Recap
ETH has defended the $3,630-$3,690 range with tenacity; however, the downtrend is still intact. $4,100 is currently acting as a ceiling of resistance & needs to be reclaimed as support in order to offer more bullishness.The ETH/BTC chart we've been presenting is still showing short term strength & dominance in favor of ETH. A flip of the resistance level 0.086 will offer more bullish moves to Ether & further handicap BTC's recovery.
Key Supports: $3,600, $3,450 & $3,300Key Resistances:** $3,900, $4,100 & $4,280
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. *Monday 12/13/21:*The week got kicked off with technical analysis expert [Katie Stockton](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-13-21/) bringing some insights for both BTC & ETH. We discussed short, mid & long-term outlooks for the markets, some indicators Stockton pays close attention to, as well as the unique market compass she provides for her audience via Fairlead Strategies.
Tuesday 12/14/21:CryptoCharged analyst Matthew Brienen gave a fundamental breakdown of Chainlink competitor[API3](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-14-21/)**. This project tied in well with the CoinMarketCap glitch that occurred providing corrupt data to exchanges, showcasing the value of a decentralized first party API. Check out the project highlight here. Brienen additionally provided a price study of DOGE, emphasizing the risk of entering a market that has already extended thousands of percentage points.
*Wednesday 12/15/21:*Dan Habib of MBS Highway, brought some crucial Fed news to the table including some [invaluable inflation data](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-15-21/), adjustments in tapering as well as potential future rate hikes. Habib also showcases some on-chain data suggesting that we are at a decision point for BTC based on the Glassnode metric "Unrealized P&L" of all BTC holders.
Thursday 12/16/21: Matt came back for another solo show to discuss the digital asset [HBAR](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-16-21/) & its unique consensus model, the hashgraph. Although this protocol isn't fully decentralized, there are some big names involved like IBM, Google & LG making this opportunity difficult to ignore. Check out the project highlight here. We closed out the show discussing different trading strategies, as well as a lab on market cycles.
*Saturday 12/18/21:*Brian Decker regains his voice & brought some [tax strategies](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-18-21/) to the stream, explaining how you can capitalize on positions you may be underwater on. Matt & Brian also took a look at some on chain data for the Asian sessions, showing a slowing in selling pressure.