Bullish Scenario: Breaking up out of this ascending wedge is key - a good confirmation for this would be breaking above 21.7k with volume or a confirmed retest. The next target puts 22.4k on the board. This would be quite a bullish sentiment overall - the key focus here is to stay within the macro channel as breaking down will cause a big drop. Ultimately we will likely see alot of consolidation and ranging around the mid channel here at a round 22.8k region.
Bearish Scenario: Breaking down on the ascending wedge will be quite a bearish sentiment - at a about 21.2k this will be breaking down on the ascendign wedge and back out of the macro channel. Likely retest of 20.7k and breaking that will take us to 20k. I am slightly more in favour of this scenario
Bullish Factors: + Break back into the macro channel above 21.1k + Strong Double Bottom + Higher Highs and Lows + Flipped 20 and 50 EMA + Broken Local resistance at 21.4k + Very Bullish Weekly Pivot + Active Addresses turned positive + Transactions turned bullish
Bearish Factors: - Forming Ascending Wedge Short-Term - Bearish Daily POC forming - RSI is nearly at overbought - Bearish Candle - Transfer Volume turned negative
Key News: Bull: + A new UK Bill can bring crypto into the scope of local payment regulation
Bear: - Bored Apes Approaching Mass Liquidation On BendDAO, Can This Crash Entire NFT Market?
Exchange + Exchange Reserve - As the exchange reserve continues to fall, it indicates lower selling pressure. - Exchange Netflow Total - Net deposits on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.
Miners / Miners' Position Index ( MPI ) - Miners' are selling holdings in a moderate range compared to its one-year average. Moderately selling Last Value: -0.76351231 24H%: -385% / Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average. Moderate revenue Last Value: 0.5230772 24H%: -19%
On-Chain + aSOPR - More investors are selling at a loss. In the middle of a bear market, it can indicate a market bottom. + Binary CDD - Long term holders' movement in the last 7days were lower than the average. They have a motive to hold their coins - Net Unrealized Profit and Loss (NUPL) -Investors are in a Capitulation phase where they are currently facing unrealized losses. It indicates the decreasing motive to realize loss which leads to a decrease in sell pressure. - Transfer Volume - The total number of coins transferred has decreased by -73.00% compared to yesterday. + Active Addresses - The total number of active wallets used to send and receive coins has increased by 23.00% compared to yesterday. + Transactions - The total number of transactions has increased by 14.00% compared to yesterday.
Sentiment + Coinbase Premium - US investors' buying pressure is relatively strong in Coinbase. - Korea Premium -Korean retail investors' buying pressure is relatively strong. - Fund Premium - Investors in funds and trusts including Grayscale have relatively weak buying sentiment.
Derivatives - Funding Rate - Short position traders are dominant and are willing to pay long traders. + Taker Buy Sell Ratio - Selling sentiment is dominant in the derivatives market. More sell orders are filled by takers. - Liquidation - 11133298.76 of long positions were liquidated in the last 24 hours.
/ Open Interest - As OI increases, it indicates more liquidity, volatility , and attention are coming into the derivative market. The increasing trend in OI could support the current ongoing price trend Last Value: 8,545,444,735.4 24H%: +2% 7D%: -9%
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