🤖 #BTCLIVE - 10.08 - #IDEA 🤖
🤖 #BTCLIVE - 10.08 - #IDEA 🤖
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/policy-issues/financial-sanctions/recent-actions/20220808
- Singapore-Based Hodlnaut Halts Withdrawals Citing ‘Market Conditions’
beincrypto.com/singapore-based-hodlnaut-halts-withdrawals-citing-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 todayThe 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/policy-issues/financial-sanctions/recent-actions/20220808
- Singapore-Based Hodlnaut Halts Withdrawals Citing ‘Market Conditions’
beincrypto.com/singapore-based-hodlnaut-halts-withdrawals-citing-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.
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