🤖 #BTCLIVE - 23.08 - #IDEA 🤖
🤖 #BTCLIVE - 23.08 - #IDEA 🤖
TL:DR:
Short-Term (<1 Day)
60:40- Bullish:Bearish
Mid-Term (>1 Day)
40:60
Bullish:Bearish
Long-Term (1 Month
60:40 - Bullish:Bearish
TECHNICAL ANALYSIS:
Testing the underside of the Macro channel is the key issue here as we are slowly confirming this long term bear flag - although trendlines can be quite subjective so we may also be slightly on the inside of it and holding support either way there is consolidation occurring and a biggish move will be incoming. The encouraging bullish factors are the triple bottom on the short term with divergences and also the TD7 now forming on the daily. We have a natural cross section for a target at 22k with psych. resistance, bottom of the weekly pivot likely where the 200EMA on the 1hr and the topside of the broad. wedge pattern trendline. We are seeing some pushes and volume coming in, not a huge amount but enough to break this local resistance. Notably also there are no significant sell orders on the books. I feel this will be a target and either a big rejection back to the lower of the broad. wedge at similar levels to where we are at now or a potential huge breakout. which would put a target like 23.6k in our sights.
A rejection here would be pretty brutal and could put us on the path to 20k and then ultimately 18.8k. We seem to be surprisingly light on news and especially FUD which is pretty unexpected, there is some announcements coming on Friday (PCE Price Index) that could shape the next week although it is not dependant on this just a catalyst.
Bullish Factors:
+Bullish Divergences
+ Flipped 20 and 50 EMA
+ Short Term Triple Bottom Pattern
+ Hull MA has flipped bullish
+ MFI is showing bullish signs
+ TD7 in play on the daily
+ Unfilled Bullish weekly Pivot
+ Hash Ribbon Buy Signal
Bearish Factors:
- Struggling to break the local resistance
- Still trading under the macro channel
- Trading under the 20, 50 and 200 DEMA and 200 EMA
- McFly on Weekly
- Rejected from upper Macro descending wedge trendline
NEWS:
Bull:
+ #Crypto exchange Huobi has been granted a money services business registration license in Canada.
+ EURO is at a 20 year low against the Dollar
+ Crypto.com has been granted a SOC 2 Type II certification.
Bear:
- EURO is at a 20 year low against the Dollar
- One-third of estimated 115M Indian crypto users concerned about regulations
cointelegraph.com/news/one-third-of-estimated-115m-indian-crypto-users-concerned-about-regulations
METRICS (Last 24 hours):
Bull
+ Taker Buy Sell Ratio turned positive
+ Liquidation turned positive
Bear
- Transfer Volume turned negative
- Active Addresses turned negative
- Transactions 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:
-0.83540481
24H%:
+6%
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
Moderate revenue
Last Value:
0.51428537
24H%:
-1%
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:
0.9727934
24H%:
-2%
+ 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.
Capitulation
Last Value:
-0.01028571
24H%:
-59%
- Transfer Volume - The total number of coins transferred has decreased by -41.00% compared to yesterday.
- Active Addresses - The number of active wallets used to send and receive coins has decreased by -18.00% compared to yesterday.
- Transactions - The total number of transactions has decreased by -9.00% 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 - Long position traders are dominant and are willing to pay to short traders.
Last Value:
0.00137447
24H%:
-290%
+ Taker Buy Sell Ratio - Buying sentiment is dominent in the derivatives market. More buy orders are filled by takers.
Buy:
0.53247521
Sell:
0.46752479
+ Liquidation - 15933087.29 of short positions were liquidated in the last 24 hours.
Long:
10,784,253.12
Short:
15,933,087.28
/ 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:
8,514,395,337.34
24H%:
+1%
7D%:
-7%
MARKET SENTIMENT:
Fear & Greed Index - Aug 23, 2022:
Today: 28 (Fear)
Yesterday: 29 (Fear)
Avg. 1W: 31 😣
Avg. 2W: 37 😣
Avg. 1M: 35 😣
Avg. 2M: 27 😱
Avg. 3M: 22 😱
Avg. 6M: 25 😱
Avg. 1Y: 34 😣
🔸 #Bitcoin
Price: $21,413
24h Low: $20,961
24h High: $21,553
MC Change: -5.2B (-1.3%)
Dominance: 38.3%
24h: -0.6%
7d: -11.9%
14d: -7.7%
30d: -5.7%
60d: 7.2%
200d: -42.1%
1y: -56.2%
TL:DR:
Short-Term (<1 Day)
60:40- Bullish:Bearish
Mid-Term (>1 Day)
40:60
Bullish:Bearish
Long-Term (1 Month
60:40 - Bullish:Bearish
TECHNICAL ANALYSIS:
Testing the underside of the Macro channel is the key issue here as we are slowly confirming this long term bear flag - although trendlines can be quite subjective so we may also be slightly on the inside of it and holding support either way there is consolidation occurring and a biggish move will be incoming. The encouraging bullish factors are the triple bottom on the short term with divergences and also the TD7 now forming on the daily. We have a natural cross section for a target at 22k with psych. resistance, bottom of the weekly pivot likely where the 200EMA on the 1hr and the topside of the broad. wedge pattern trendline. We are seeing some pushes and volume coming in, not a huge amount but enough to break this local resistance. Notably also there are no significant sell orders on the books. I feel this will be a target and either a big rejection back to the lower of the broad. wedge at similar levels to where we are at now or a potential huge breakout. which would put a target like 23.6k in our sights.
A rejection here would be pretty brutal and could put us on the path to 20k and then ultimately 18.8k. We seem to be surprisingly light on news and especially FUD which is pretty unexpected, there is some announcements coming on Friday (PCE Price Index) that could shape the next week although it is not dependant on this just a catalyst.
Bullish Factors:
+Bullish Divergences
+ Flipped 20 and 50 EMA
+ Short Term Triple Bottom Pattern
+ Hull MA has flipped bullish
+ MFI is showing bullish signs
+ TD7 in play on the daily
+ Unfilled Bullish weekly Pivot
+ Hash Ribbon Buy Signal
Bearish Factors:
- Struggling to break the local resistance
- Still trading under the macro channel
- Trading under the 20, 50 and 200 DEMA and 200 EMA
- McFly on Weekly
- Rejected from upper Macro descending wedge trendline
NEWS:
Bull:
+ #Crypto exchange Huobi has been granted a money services business registration license in Canada.
+ EURO is at a 20 year low against the Dollar
+ Crypto.com has been granted a SOC 2 Type II certification.
Bear:
- EURO is at a 20 year low against the Dollar
- One-third of estimated 115M Indian crypto users concerned about regulations
cointelegraph.com/news/one-third-of-estimated-115m-indian-crypto-users-concerned-about-regulations
METRICS (Last 24 hours):
Bull
+ Taker Buy Sell Ratio turned positive
+ Liquidation turned positive
Bear
- Transfer Volume turned negative
- Active Addresses turned negative
- Transactions 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:
-0.83540481
24H%:
+6%
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
Moderate revenue
Last Value:
0.51428537
24H%:
-1%
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:
0.9727934
24H%:
-2%
+ 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.
Capitulation
Last Value:
-0.01028571
24H%:
-59%
- Transfer Volume - The total number of coins transferred has decreased by -41.00% compared to yesterday.
- Active Addresses - The number of active wallets used to send and receive coins has decreased by -18.00% compared to yesterday.
- Transactions - The total number of transactions has decreased by -9.00% 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 - Long position traders are dominant and are willing to pay to short traders.
Last Value:
0.00137447
24H%:
-290%
+ Taker Buy Sell Ratio - Buying sentiment is dominent in the derivatives market. More buy orders are filled by takers.
Buy:
0.53247521
Sell:
0.46752479
+ Liquidation - 15933087.29 of short positions were liquidated in the last 24 hours.
Long:
10,784,253.12
Short:
15,933,087.28
/ 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:
8,514,395,337.34
24H%:
+1%
7D%:
-7%
MARKET SENTIMENT:
Fear & Greed Index - Aug 23, 2022:
Today: 28 (Fear)
Yesterday: 29 (Fear)
Avg. 1W: 31 😣
Avg. 2W: 37 😣
Avg. 1M: 35 😣
Avg. 2M: 27 😱
Avg. 3M: 22 😱
Avg. 6M: 25 😱
Avg. 1Y: 34 😣
🔸 #Bitcoin
Price: $21,413
24h Low: $20,961
24h High: $21,553
MC Change: -5.2B (-1.3%)
Dominance: 38.3%
24h: -0.6%
7d: -11.9%
14d: -7.7%
30d: -5.7%
60d: 7.2%
200d: -42.1%
1y: -56.2%
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