ðĪ #BTCLIVE - 10.08 - #IDEA ðĪ
Snapshot:
Short-Term
40:60- Bullish:Bearish
Long-Term
70:30 - Bullish:Bearish
Technical Analysis:
The bullish scenario is to break the local resistance at 23.5k with volume with a short term target of 23.4k and longer term target of $27k where the CME gap and top of the range is sat, breaking through will invalidate the bear flag pattern - this will be heavily predicated on the CPI announcement today
The bearish scenario is to break the local support at 22.6k with volume and the path to $22k will be very likely at the bottom of the long term range. Breaking down will confirm a long term bear flag and a realistic longer term target of $17.5k
Bullish Factors:
+ Bullish Divergence Wave & RSI
+ Contrarian Rejection Signal
+ 20 DEMA Support
+ Bullish CME Gap
+ RSI & Wave Oversold
+ Wave Dip Buy Signal
+ CPI Announcement
+ aSOPR turned bullish
+ Active Addresses turned bullish
Bearish Factors:
- TD7
- Challenging Resistance
- Flipped 50DEMA
- Flipped Local Support
- Short-Term Overbought
- Lower Low, Lower High
- Tornado Cash
- CPI Announcement
- Further Celsius Investigations
- Transfer Volume turned bearish
- Funding Rate turned bearish
Key News:
+ $100K #Bitcoin could be a matter of time, says Bloomberg Intelligence
- #Binance will disable off-chain transfers to WazirX on August 11th.
- U.S Treasury has blacklisted 'crypto mixer' Tornado Cash.
home.treasury.gov/po...ent-actions/20220808
- Singapore-Based Hodlnaut Halts Withdrawals Citing âMarket Conditionsâ
beincrypto.com/singa...g-market-conditions/
/ CPI Announcement
Approximate Gauge:
CPI YoY:
<8.7 Bullish
8.7-9.1 Neutral probably slightly bearish
9.1> Bearish
Core CPI YoY
<5.9 Bullish
5.9-6.1 Neutral
6.1> Bearish
Metrics:
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.
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
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 Fear phase where they are currently with unrealized profits that are slightly more than losses.
- Transfer Volume - The total number of coins transferred has decreased by -24.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 22.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 8.00% 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.
/ 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.
- Liquidation - 33137829.14 of long positions were liquidated in the last 24 hours.
Snapshot:
Short-Term
40:60- Bullish:Bearish
Long-Term
70:30 - Bullish:Bearish
Technical Analysis:
The bullish scenario is to break the local resistance at 23.5k with volume with a short term target of 23.4k and longer term target of $27k where the CME gap and top of the range is sat, breaking through will invalidate the bear flag pattern - this will be heavily predicated on the CPI announcement today
The bearish scenario is to break the local support at 22.6k with volume and the path to $22k will be very likely at the bottom of the long term range. Breaking down will confirm a long term bear flag and a realistic longer term target of $17.5k
Bullish Factors:
+ Bullish Divergence Wave & RSI
+ Contrarian Rejection Signal
+ 20 DEMA Support
+ Bullish CME Gap
+ RSI & Wave Oversold
+ Wave Dip Buy Signal
+ CPI Announcement
+ aSOPR turned bullish
+ Active Addresses turned bullish
Bearish Factors:
- TD7
- Challenging Resistance
- Flipped 50DEMA
- Flipped Local Support
- Short-Term Overbought
- Lower Low, Lower High
- Tornado Cash
- CPI Announcement
- Further Celsius Investigations
- Transfer Volume turned bearish
- Funding Rate turned bearish
Key News:
+ $100K #Bitcoin could be a matter of time, says Bloomberg Intelligence
- #Binance will disable off-chain transfers to WazirX on August 11th.
- U.S Treasury has blacklisted 'crypto mixer' Tornado Cash.
home.treasury.gov/po...ent-actions/20220808
- Singapore-Based Hodlnaut Halts Withdrawals Citing âMarket Conditionsâ
beincrypto.com/singa...g-market-conditions/
/ CPI Announcement
Approximate Gauge:
CPI YoY:
<8.7 Bullish
8.7-9.1 Neutral probably slightly bearish
9.1> Bearish
Core CPI YoY
<5.9 Bullish
5.9-6.1 Neutral
6.1> Bearish
Metrics:
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.
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
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 Fear phase where they are currently with unrealized profits that are slightly more than losses.
- Transfer Volume - The total number of coins transferred has decreased by -24.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 22.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 8.00% 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.
/ 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.
- Liquidation - 33137829.14 of long positions were liquidated in the last 24 hours.
