ðĪ #BTCLIVE - 08.08 - #IDEA ðĪ
80:20 Long-Term
Bullish:Bearish
Technical Analysis:
Current Status:
As outlined in last BTCLIVE - there was a high chance of breaking up on this expanding wedge - which we have done with strong volume pushing through. We filled the CME gap and breached 24k - it is looking little shakey as to whether $24k will hold although that is not too much of an issue. $23.8k is pretty key to maintain this initial push up although if lost again not too critical. Losing $23.2k is where the issues will rise and it will actually be a pretty bearish sign if we fall back below that support. There is a 15min Divergence, exhaustion signal and bearish TD9 signal all flashing whilst hitting resistance. So a retrace is pretty likely at this stage unless huge volume comes in. I think waiting until the US market comes online - this to be honest could be a very bullish move as US generally goes with the trend and has actually been pretty bullish coming online as of late.
There is a strong consensus that institutions are about ready to start dropping their payload - with BlackRock leading the pack quite publicly.
Bullish Scenario
Holding above $23.8k and bouncing back above $24k would signify extreme market strength with a very likely target of $26k
Bearish Scenario
Losing $23.8k would not be ideal and would likely lead to a lengthy consolidation period but not guarantee going down losing $23.2k on the other hand would put is back below the key support and a more painful potential target of $22k
Key News:
/ US Senate passes the $740 billion "Inflation Reduction" Act.
/ Binance
- #Bitcoin lending platform Hodlnaut has stopped withdrawals due to liquidity problems.
+ BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
dailyhodl.com/2022/0...ng-to-investanswers/
+ Morgan Stanley is hiring a Cryptocurrency Product Development Manager.
+https://t.co/gp8AK3PoLb acquires South Korean payment provider PnLink & virtual-asset exchange OK-BIT.
+ Rising #Bitcoin price has made miners switch on more rigs in the past two weeks - Bloomberg
+We support #Bitcoin adoption at a national level
+ President of Central African Republic
- CZ Moves to Distance Binance from Indiaâs WazirX Exchange
cryptonews.com/news/...-wazirx-exchange.htm
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 increased by 151.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 37.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 24.00% 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 - Long position traders are dominant and are willing to pay to short 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 - 34800673.60 of short positions were liquidated in the last 24 hours.
80:20 Long-Term
Bullish:Bearish
Technical Analysis:
Current Status:
As outlined in last BTCLIVE - there was a high chance of breaking up on this expanding wedge - which we have done with strong volume pushing through. We filled the CME gap and breached 24k - it is looking little shakey as to whether $24k will hold although that is not too much of an issue. $23.8k is pretty key to maintain this initial push up although if lost again not too critical. Losing $23.2k is where the issues will rise and it will actually be a pretty bearish sign if we fall back below that support. There is a 15min Divergence, exhaustion signal and bearish TD9 signal all flashing whilst hitting resistance. So a retrace is pretty likely at this stage unless huge volume comes in. I think waiting until the US market comes online - this to be honest could be a very bullish move as US generally goes with the trend and has actually been pretty bullish coming online as of late.
There is a strong consensus that institutions are about ready to start dropping their payload - with BlackRock leading the pack quite publicly.
Bullish Scenario
Holding above $23.8k and bouncing back above $24k would signify extreme market strength with a very likely target of $26k
Bearish Scenario
Losing $23.8k would not be ideal and would likely lead to a lengthy consolidation period but not guarantee going down losing $23.2k on the other hand would put is back below the key support and a more painful potential target of $22k
Key News:
/ US Senate passes the $740 billion "Inflation Reduction" Act.
/ Binance
- #Bitcoin lending platform Hodlnaut has stopped withdrawals due to liquidity problems.
+ BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
dailyhodl.com/2022/0...ng-to-investanswers/
+ Morgan Stanley is hiring a Cryptocurrency Product Development Manager.
+https://t.co/gp8AK3PoLb acquires South Korean payment provider PnLink & virtual-asset exchange OK-BIT.
+ Rising #Bitcoin price has made miners switch on more rigs in the past two weeks - Bloomberg
+We support #Bitcoin adoption at a national level
+ President of Central African Republic
- CZ Moves to Distance Binance from Indiaâs WazirX Exchange
cryptonews.com/news/...-wazirx-exchange.htm
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 increased by 151.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 37.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 24.00% 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 - Long position traders are dominant and are willing to pay to short 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 - 34800673.60 of short positions were liquidated in the last 24 hours.
