🤖 #BTCLIVE - 06.09 🤖
TLDR:
Short-Term (-1 Day)
50:50- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
80:20 - Bullish:Bearish
OVERVIEW:
There is a huge amount of potential volatility on the horizon with the ETH merge now beginning along with Binance now remove USDC etc. not particularly bearish there but can still lead to FUD. Finally there is a could amount of unpredictability with FED announcements mid September. Lastly the deadline to Mt.Gox claims end on the 16th Sept. which is essentially the confirmation that "this is happening". At the same time with such items as Russia and Iran allowing for Crypto payments along with oil declining which is always a good thing for investments.
Technically we are still within this symmetrical triangle consolidation with the lower end lining up at about $19.75k a break down there would not be particularly good news for bears although $19.5k would still be the critical support for much lower targets to hold - with again the targets being around $18.8k here. There is a potential head and shoulders in play that can head down to as low as $19.5k.
The bullish scenario is looking better on the long term (Daily) with currently holding the lower trendline and additionally there is a descending wedge that we are technically breaking out of although not with a confident volume behind it and an upper trendline target of $21k although from a shorter term perspective we would need to invalidate the head and shoulders pattern first at $20k which can target $20.2k although the key confirmation is to break out of this symmetrical triangle first.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Divergence on the 1D
+ Bullish Descending wedge on the 1D
+ Oversold on the Weekly
+ Reversal signal on the Weekly
+ Wave Dip signal on the daily
+ Bullish Weekly Pivot
+ Holding Daily Trendline with an upper trendline of $21k target
+ Holding a key area of support
+ Flipped 20 and 50EMA
+ Flipped 2 key resistances
+ Breaking out of the descending wedge on the daily
+ Bullish pennant on the 5min
BEARISH FACTORS:
- Potential H/S pattern in play - need to break $20.1k to invalidate
- Prime Pullback Signal
- Rejected again from 200 EMA
- Bearish Broadening wedge on the 5min
NEWS:
Bull:
+ Russian Central Bank & Finance Ministry agree to legalize cryptocurrency use for cross-border payments
+ Saudi Arabia's central bank has appointed cryptocurrency chief to advance digital goals.
+ Iran is now licensing #Bitcoin miners under new regulatory framework.
+ The ETH merge has begun, deposits and withdrawals being held
+ Singapore’s largest bank, DBS, aims to expand #Bitcoin and crypto services to 300,000 new clients.
+ Crude oil decline may fuel #Bitcoin recovery - Bloomberg Intelligence
Bear:
- Sept 13: CPI data
- Sept 15: $ETH merge expected sell off
- Sept 16: Mt. Gox Claims Deadline
- Sept 21: FOMC rate hike decision
- Sept 22: $ADA Vasil Hardfork
- stocks.apple.com/AGT9EBcwGSiO3dQ...
Russia cuts off gas exports to Europe via Nord Stream indefinitely
- Powell to talk on Thursday
- The ETH merge has begun, deposits and withdrawals being held
- Netflix has banned #Bitcoin and crypto related commercials on its new ad-supported subscription
- Binance Will ‘Auto-Convert’ $USDC, $USDP, $TUSD to $BUSD From September 29
MARKET SENTIMENT:
Fear & Greed Index - Sep 06, 2022:
Today: 22 (Extreme Fear)
Yesterday: 23 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 31 😣
Avg. 2M: 29 😱
Avg. 3M: 24 😱
Avg. 6M: 24 😱
Avg. 1Y: 33 😣
🔸 #Bitcoin
Price: $19,775
24h Low: $19,657
24h High: $19,992
MC Change: -$3.7B (-1.0%)
Dominance: 36.8%
24h: -1.1%
7d: -2.6%
14d: -7.5%
30d: -14.0%
60d: -8.7%
200d: -51.2%
1y: -61.7%
TLDR:
Short-Term (-1 Day)
50:50- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
80:20 - Bullish:Bearish
OVERVIEW:
There is a huge amount of potential volatility on the horizon with the ETH merge now beginning along with Binance now remove USDC etc. not particularly bearish there but can still lead to FUD. Finally there is a could amount of unpredictability with FED announcements mid September. Lastly the deadline to Mt.Gox claims end on the 16th Sept. which is essentially the confirmation that "this is happening". At the same time with such items as Russia and Iran allowing for Crypto payments along with oil declining which is always a good thing for investments.
Technically we are still within this symmetrical triangle consolidation with the lower end lining up at about $19.75k a break down there would not be particularly good news for bears although $19.5k would still be the critical support for much lower targets to hold - with again the targets being around $18.8k here. There is a potential head and shoulders in play that can head down to as low as $19.5k.
The bullish scenario is looking better on the long term (Daily) with currently holding the lower trendline and additionally there is a descending wedge that we are technically breaking out of although not with a confident volume behind it and an upper trendline target of $21k although from a shorter term perspective we would need to invalidate the head and shoulders pattern first at $20k which can target $20.2k although the key confirmation is to break out of this symmetrical triangle first.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Divergence on the 1D
+ Bullish Descending wedge on the 1D
+ Oversold on the Weekly
+ Reversal signal on the Weekly
+ Wave Dip signal on the daily
+ Bullish Weekly Pivot
+ Holding Daily Trendline with an upper trendline of $21k target
+ Holding a key area of support
+ Flipped 20 and 50EMA
+ Flipped 2 key resistances
+ Breaking out of the descending wedge on the daily
+ Bullish pennant on the 5min
BEARISH FACTORS:
- Potential H/S pattern in play - need to break $20.1k to invalidate
- Prime Pullback Signal
- Rejected again from 200 EMA
- Bearish Broadening wedge on the 5min
NEWS:
Bull:
+ Russian Central Bank & Finance Ministry agree to legalize cryptocurrency use for cross-border payments
+ Saudi Arabia's central bank has appointed cryptocurrency chief to advance digital goals.
+ Iran is now licensing #Bitcoin miners under new regulatory framework.
+ The ETH merge has begun, deposits and withdrawals being held
+ Singapore’s largest bank, DBS, aims to expand #Bitcoin and crypto services to 300,000 new clients.
+ Crude oil decline may fuel #Bitcoin recovery - Bloomberg Intelligence
Bear:
- Sept 13: CPI data
- Sept 15: $ETH merge expected sell off
- Sept 16: Mt. Gox Claims Deadline
- Sept 21: FOMC rate hike decision
- Sept 22: $ADA Vasil Hardfork
- stocks.apple.com/AGT9EBcwGSiO3dQ...
Russia cuts off gas exports to Europe via Nord Stream indefinitely
- Powell to talk on Thursday
- The ETH merge has begun, deposits and withdrawals being held
- Netflix has banned #Bitcoin and crypto related commercials on its new ad-supported subscription
- Binance Will ‘Auto-Convert’ $USDC, $USDP, $TUSD to $BUSD From September 29
MARKET SENTIMENT:
Fear & Greed Index - Sep 06, 2022:
Today: 22 (Extreme Fear)
Yesterday: 23 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 31 😣
Avg. 2M: 29 😱
Avg. 3M: 24 😱
Avg. 6M: 24 😱
Avg. 1Y: 33 😣
🔸 #Bitcoin
Price: $19,775
24h Low: $19,657
24h High: $19,992
MC Change: -$3.7B (-1.0%)
Dominance: 36.8%
24h: -1.1%
7d: -2.6%
14d: -7.5%
30d: -14.0%
60d: -8.7%
200d: -51.2%
1y: -61.7%
