🤖 #BTCLIVE - 24.08 - #IDEA 🤖
TLDR:
Short-Term (<1 Day)
80:20- Bullish:Bearish
Mid-Term (<1 Week)
50:50
Bullish:Bearish
Long-Term (1 Month
60:40 - Bullish:Bearish
TECHNICAL ANALYSIS:
There is alot pointing towards a bullish move here, most notably the ascending triangle pattern, the perceived incoming rejection for DXY, USDT Dominance breaking down on pennant and ALT market cap showing a bull flag. All of these factors are suggesting some bullish pressure to come in. BTC is holding its local trendline support and formed a new ascending trendline support. There is still a huge macro trendline resistance to breakthrough which means this push will not likely be sustained but targets of $22k - $23k seem quite achievable. There incoming 20 DEMA and 200 EMA is not ideal. There is also finally some nice well spread out and consistent bullish news circulating with strong applications to money into market that further enhances a break up chance.
On the bear side, a break down of around $21.2k would be really bad news for bulls and the same old targets of $20.8k down to $20k are what will be looking realistic in the short term.
Otherwise coming to the end of the consolidation now so biggish move expected.
Technical Analysis Bullish Factors:
+HullMA is turning bullish
+ USDT Dominance broken down on pennant
+ Alt Market Cap in a bull flag
+ Holding local trend support
+ DXY looking like a big rejection incoming
+ Bullish Weekly Pivot
+ Ascending Triangle formed
Technical Analysis Bearish Factors:
- 200EMA Resistance incoming
- 20 DEMA Resistance incoming
- Weekly Bearish McFly
NEWS:
Bull:
+ Zero fee ETH trading - naturally bring new blood into the market
+ Sullivan Bank has partnered with Bakkt to offer #Bitcoin and #Ethereum trading for customers.
+ Valour’s Binance Coin ETP to start trading on Germany’s largest stock exchange (cryptopanic.com...-stock-exchange?utm_source...)
+ Mastercard CEO says they’re working with Binance to let people spend crypto at more than 90,000,000 stores… (cryptopanic.com...90000000-stores?utm_source...)
+ Malaysia's largest independent Investment Bank is developing a super-app with #Bitcoin trading!
Bear:
- Kucoin security breach
METRICS (Last 24 hours):
Bull
+
Bear
- Funding Rate turned negative
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:
-0.88430103
24H%:
+6%
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
Moderate revenue
Last Value:
0.61491857
24H%:
+20%
ON-CHAIN:
+ aSOPR - More investors are selling at a loss. In the middle of a bear market, it can indicate a market bottom.
Realizing loss
Last Value:
0.98419828
24H%:
+1%
+ Binary CDD - Long term holders' movement in the last 7days were lower than the average. They have a motive to hold their coins
Low long-term holders' movement
Last Value:
0
24H%:
-
- 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.
Captulation
Last Value:
-0.00900459
24H%:
-43%
- Transfer Volume - The total number of coins transferred has decreased by -78.00% compared to yesterday.
- Active Addresses - The number of active wallets used to send and receive coins has decreased by -20.00% compared to yesterday.
- Transactions - The total number of transactions has decreased by -23.00% compared to yesterday.
INVESTOR SENTIMENT
- Coinbase Premium - US investors' buying pressure is relatively weak 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.
Last Value:
-0.00641179
24H%:
-1,543%
+ Taker Buy Sell Ratio - Buying sentiment is dominent in the derivatives market. More buy orders are filled by takers.
Buy:
0.55464148
Sell:
0.44535852
/ 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:
8,572,156,239.51
24H%:
+1%
7D%:
-8%
+ Liquidation - 9109325.51 of short positions were liquidated in the last 24 hours.
Long:
8,308,068.08
Short:
9,109,325.51
MARKET SENTIMENT:
Fear & Greed Index - Aug 24, 2022:
Today: 25 (Extreme Fear)
Yesterday: 28 (Fear)
Avg. 1W: 29 😱
Avg. 2W: 36 😣
Avg. 1M: 35 😣
Avg. 2M: 27 😱
Avg. 3M: 22 😱
Avg. 6M: 25 😱
Avg. 1Y: 34 😣
🔸 #Bitcoin
Price: $21,541
24h Low: $20,955
24h High: $21,618
MC Change: $3.9B (1.0%)
Dominance: 38.1%
24h: 0.6%
7d: -10.9%
14d: -9.6%
30d: -4.3%
60d: 2.1%
200d: -41.9%
1y: -56.3%
TLDR:
Short-Term (<1 Day)
80:20- Bullish:Bearish
Mid-Term (<1 Week)
50:50
Bullish:Bearish
Long-Term (1 Month
60:40 - Bullish:Bearish
TECHNICAL ANALYSIS:
There is alot pointing towards a bullish move here, most notably the ascending triangle pattern, the perceived incoming rejection for DXY, USDT Dominance breaking down on pennant and ALT market cap showing a bull flag. All of these factors are suggesting some bullish pressure to come in. BTC is holding its local trendline support and formed a new ascending trendline support. There is still a huge macro trendline resistance to breakthrough which means this push will not likely be sustained but targets of $22k - $23k seem quite achievable. There incoming 20 DEMA and 200 EMA is not ideal. There is also finally some nice well spread out and consistent bullish news circulating with strong applications to money into market that further enhances a break up chance.
On the bear side, a break down of around $21.2k would be really bad news for bulls and the same old targets of $20.8k down to $20k are what will be looking realistic in the short term.
Otherwise coming to the end of the consolidation now so biggish move expected.
Technical Analysis Bullish Factors:
+HullMA is turning bullish
+ USDT Dominance broken down on pennant
+ Alt Market Cap in a bull flag
+ Holding local trend support
+ DXY looking like a big rejection incoming
+ Bullish Weekly Pivot
+ Ascending Triangle formed
Technical Analysis Bearish Factors:
- 200EMA Resistance incoming
- 20 DEMA Resistance incoming
- Weekly Bearish McFly
NEWS:
Bull:
+ Zero fee ETH trading - naturally bring new blood into the market
+ Sullivan Bank has partnered with Bakkt to offer #Bitcoin and #Ethereum trading for customers.
+ Valour’s Binance Coin ETP to start trading on Germany’s largest stock exchange (cryptopanic.com...-stock-exchange?utm_source...)
+ Mastercard CEO says they’re working with Binance to let people spend crypto at more than 90,000,000 stores… (cryptopanic.com...90000000-stores?utm_source...)
+ Malaysia's largest independent Investment Bank is developing a super-app with #Bitcoin trading!
Bear:
- Kucoin security breach
METRICS (Last 24 hours):
Bull
+
Bear
- Funding Rate turned negative
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:
-0.88430103
24H%:
+6%
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
Moderate revenue
Last Value:
0.61491857
24H%:
+20%
ON-CHAIN:
+ aSOPR - More investors are selling at a loss. In the middle of a bear market, it can indicate a market bottom.
Realizing loss
Last Value:
0.98419828
24H%:
+1%
+ Binary CDD - Long term holders' movement in the last 7days were lower than the average. They have a motive to hold their coins
Low long-term holders' movement
Last Value:
0
24H%:
-
- 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.
Captulation
Last Value:
-0.00900459
24H%:
-43%
- Transfer Volume - The total number of coins transferred has decreased by -78.00% compared to yesterday.
- Active Addresses - The number of active wallets used to send and receive coins has decreased by -20.00% compared to yesterday.
- Transactions - The total number of transactions has decreased by -23.00% compared to yesterday.
INVESTOR SENTIMENT
- Coinbase Premium - US investors' buying pressure is relatively weak 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.
Last Value:
-0.00641179
24H%:
-1,543%
+ Taker Buy Sell Ratio - Buying sentiment is dominent in the derivatives market. More buy orders are filled by takers.
Buy:
0.55464148
Sell:
0.44535852
/ 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:
8,572,156,239.51
24H%:
+1%
7D%:
-8%
+ Liquidation - 9109325.51 of short positions were liquidated in the last 24 hours.
Long:
8,308,068.08
Short:
9,109,325.51
MARKET SENTIMENT:
Fear & Greed Index - Aug 24, 2022:
Today: 25 (Extreme Fear)
Yesterday: 28 (Fear)
Avg. 1W: 29 😱
Avg. 2W: 36 😣
Avg. 1M: 35 😣
Avg. 2M: 27 😱
Avg. 3M: 22 😱
Avg. 6M: 25 😱
Avg. 1Y: 34 😣
🔸 #Bitcoin
Price: $21,541
24h Low: $20,955
24h High: $21,618
MC Change: $3.9B (1.0%)
Dominance: 38.1%
24h: 0.6%
7d: -10.9%
14d: -9.6%
30d: -4.3%
60d: 2.1%
200d: -41.9%
1y: -56.3%
