ðĪ #BTCLIVE - 13.08 - #IDEA ðĪ
Snapshot:
Short-Term
40:60- Bullish:Bearish
Long-Term
60:40 - Bullish:Bearish
Technical Analysis:
Bullish Scenario:
Defending against this double top and holding above ideally $24k.1 but mainly $23.6k to not confirm this double top would be the most bullish play we can hope for - this would likely require alot of volume to come in and would create quite a high bullish conviction given alot of the bearish markers. Immediate targets in this case would be $25k and then $27k - although don't be too fooled by the short term bearish sentiment a break out here could be absolutely massive with a realistic $30k on the cards.
Bearish Scenario:
A slightly more favourable outcome atm, given that we are filling out a double top pattern quite nicely along with a confirmed bearish divergence perfectly on the 2nd top. immediate target if we break down on $24k will be the key support at $23.6k, then $23.1k and then $22.6k - this could quite easily continue down.
Bullish Factors:
+ 20, 50 DEMA in close proximity for support
+ Holding key support and $24k support holding
+ On 50 EMA and HMA and support
+ Bullish CME Gap closing in
+ Exchange Reserve turned positive
+ Transfer Volume turned positive
+ Active Addresses turned positive
+ Relatively minimal FUD
Bearish Factors:
- Poor weekend volume
- Double Top pattern in play
- Bearish Divergence confirmed
- Strong upper resistance
- $25k resistance
- RSi Pullback Signal
- Bearish POC & Future Weekly Pivot forming
- aSOPR turned negative
- Taker Buy Sell Ratio turned negative
Key News:
Bull:
+ ETH Merge causing bullish sentiment market wide
+ "We are fully ready to regulate cryptocurrencies, says CFTC Chairman" t.co/6o7rT5EZ0m
+ ðĨNEW: Union Bank of the Philippines to enable users buy #Bitcoin and crypto from its app!
Bear:
- SEC going after hedge funds for crypto
- France inflation reaches 6.1%, the highest itâs seen in 37 years.
- Spain inflation reaches 10.8%, the highest itâs seen in 38 years.
Metrics:
Exchange
+ Exchange Reserve - As the exchange reserve continues to fall, it indicates lower selling pressure.
+ Exchange Netflow Total - Net deposits on exchanges are low compared to the 7-day average. Lower deposits can be interpreted as lower 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 profit. In the middle of a bull market, it can indicate a market top.
+ 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 14.00% 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 4.00% 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 dominent 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 - 65354916.17 of short positions were liquidated in the last 24 hours.
Snapshot:
Short-Term
40:60- Bullish:Bearish
Long-Term
60:40 - Bullish:Bearish
Technical Analysis:
Bullish Scenario:
Defending against this double top and holding above ideally $24k.1 but mainly $23.6k to not confirm this double top would be the most bullish play we can hope for - this would likely require alot of volume to come in and would create quite a high bullish conviction given alot of the bearish markers. Immediate targets in this case would be $25k and then $27k - although don't be too fooled by the short term bearish sentiment a break out here could be absolutely massive with a realistic $30k on the cards.
Bearish Scenario:
A slightly more favourable outcome atm, given that we are filling out a double top pattern quite nicely along with a confirmed bearish divergence perfectly on the 2nd top. immediate target if we break down on $24k will be the key support at $23.6k, then $23.1k and then $22.6k - this could quite easily continue down.
Bullish Factors:
+ 20, 50 DEMA in close proximity for support
+ Holding key support and $24k support holding
+ On 50 EMA and HMA and support
+ Bullish CME Gap closing in
+ Exchange Reserve turned positive
+ Transfer Volume turned positive
+ Active Addresses turned positive
+ Relatively minimal FUD
Bearish Factors:
- Poor weekend volume
- Double Top pattern in play
- Bearish Divergence confirmed
- Strong upper resistance
- $25k resistance
- RSi Pullback Signal
- Bearish POC & Future Weekly Pivot forming
- aSOPR turned negative
- Taker Buy Sell Ratio turned negative
Key News:
Bull:
+ ETH Merge causing bullish sentiment market wide
+ "We are fully ready to regulate cryptocurrencies, says CFTC Chairman" t.co/6o7rT5EZ0m
+ ðĨNEW: Union Bank of the Philippines to enable users buy #Bitcoin and crypto from its app!
Bear:
- SEC going after hedge funds for crypto
- France inflation reaches 6.1%, the highest itâs seen in 37 years.
- Spain inflation reaches 10.8%, the highest itâs seen in 38 years.
Metrics:
Exchange
+ Exchange Reserve - As the exchange reserve continues to fall, it indicates lower selling pressure.
+ Exchange Netflow Total - Net deposits on exchanges are low compared to the 7-day average. Lower deposits can be interpreted as lower 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 profit. In the middle of a bull market, it can indicate a market top.
+ 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 14.00% 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 4.00% 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 dominent 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 - 65354916.17 of short positions were liquidated in the last 24 hours.
