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#BTC/USDT 12Hr UPDATE BY CRYPTO SANDERS !!Hello, welcome to this BTC /USDT 12Hr chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Bitcoin (BTC) moved higher on Friday, as the token rebounded following a recent spell of relatively large sell-offs. Following a low of $16,290.27 on Thursday, BTC/USD surged to an intraday peak of $18,054.31 earlier in the day. The move came as the world’s largest cryptocurrency continued to move away from a key support point of $15,800. As can be seen from the chart, this surge occurred as the 14-day relative strength index (RSI) also rebounded from a recent six-month low. Currently, BTC is trading at $16.880.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00. In order for BTC/USD to continue this current momentum, the RSI ceiling will first need to be broken. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
BTC/USDT 1DAY UPDATE BY CRYPTO SANDERS !Hello, welcome to this BTC /USDT 1D chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Market is falling apart as Bitcoin broke the major support level. The weekly support is $15,000-$15,500 area and $12,000-$13,000 area. Binance backs off from the FTX deal and leaves the exchange on verge of collapse. If FTX is not rescued soon then we see more dumps in the market. Better to wait for a clear decision on FTX. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
1
Bitcoin - The downtrend is confirmed by several developmentsRight after Jerome Powell's speech, the stock market dropped sharply, dragging cryptocurrencies with it. As a result, Bitcoin fell approximately 6%, dropping below 21 000 USD and subsequently below the immediate support. That is particularly bearish as this development constitutes a new low for BTCUSD, further confirming the downtrend. As if it was not enough, volume continues to grow while the price declines, suggesting a strengthening selling pressure. As for the fundamental factors, it is clear now that the FED's pivot is dead, and there is no reversal in the central bank's monetary policy. As we previously noted, this will inadvertently drag the global economy into a deeper recession, leading to even a higher risk aversion. Consequently, we expect this to pull Bitcoin below its 2022 lows. Concerning technical factors, these are flashing warning signs across the board. We expect a heavy selloff in the short-term future. Indeed, we would not be surprised to see Bitcoin break below 20 000 USD over the weekend. Accordingly, we stick to our price target of 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 shows the daily chart of Bitcoin and simple support/resistance levels. Yellow arrows indicate bearish breakouts. The green arrow indicates growing volume, which supports our bearish thesis; indeed, in our previous post, we stated that this would be an ideal picture to confirm our hypothesis. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The picture above shows the monthly chart of BTCUSD. Again, extremely shallow volumes hint at brewing troubles for Bitcoin. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
37
Bitcoin - No longer bullish, top in for the rally During the last week, we gave market participants an ultimate warning about the impending reversal in the market. Soon after we argued the top of the bear market rally might be in, Bitcoin fell more than 15%. A change in our short-term view is mainly influenced by technical factors, which point to the return of intense selling pressure. Indeed, we believe the current selloff will soon escalate into panic mode in the cryptocurrency sector. As a result, we expect highly elevated volatility and Bitcoin to drop to a new low. Our medium-term and long-term views remain unchanged as we expect bearish fundamental factors to stay persistent throughout 2022 and 2023. Additionally, we believe that the recession will bring risk-off sentiment, wreaking chaos in the stock market as well as the cryptocurrency market. Because of these reasons, and the ones described in our previous ideas, we stick to our price targets at 17 500 USD and 15 000 USD. Illustration 1.01 The picture above shows two bearish breakouts below prior support levels. Additionally, a build-up in volume accompanying a price drop is indicated on the bottom; this development is the ideal picture we wanted to see in order to confirm our bearish thesis. Technical analysis - daily time frame RSI is very bearish. MACD and Stochastic are bearish. DM+ and DM- performed bearish crossover. Overall, the daily time frame is very bearish. Illustration 1.02 Illustration 1.02 shows another bearish breakout below the sloping support, further bolstering the bearish case for BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 Above is the setup we introduced recently. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
38
Bitcoin - BTCUSD is headed to new lows!Over the weekend, Bitcoin's deceitful price action left many bulls hoping for a bounce on a Monday. Indeed, many analysts rushed to forecast another bottom and continuation of the rally, basing their calls merely on little gains during Saturday and Sunday. However, right after the futures market opened, Bitcoin and other cryptocurrencies quickly erased their early gains. At this point, Bitcoin erased approximately half of its recent rally. It is currently down about 17% from its peak on 15th August 2022 (when we argued that the top of the bear market rally was in). Today, we maintain the same notion and are extremely bearish in the short term. Indeed, several technical developments support our opinion and point to the impending acceleration of the selloff. As for the medium-term and long-term outlook, fundamental factors like higher interest rates, quantitative tightening, and the global economy slowing down do not allow us to change our bearish view. Now, we will pay close attention to the support level at 20 700 USD. If it is broken to the downside, that will further bolster the bearish case for BTCUSD. Additionally, we will watch a volume level; ideally, we would like to see more build-up in it, accompanying further price drop. In accordance with our outlook, we maintain price targets for BTCUSD at 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 shows our assessment of particular price levels and how bearish they are. Yellow arrows indicate developments we used as confirmations for our thesis. The green arrow shows an ideal picture of volume and what we would like to see occur again. Technical analysis - daily time frame RSI is very bearish. MACD and Stochastic are bearish. DM+ and DM- is bearish too. Overall, the daily time frame is very bearish. Illustration 1.02 Illustration 1.01 shows another bearish breakout that helped us to assess BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
42
Bitcoin - Risk appettite is not picking up muchTwo days ago, Bitcoin broke above the sloping resistance, which is bullish in the short term. However, then it quickly erased gains, and the breakout became invalidated. So far, despite the ongoing rally in the stock market, the price action in Bitcoin has remained muted. We believe that reflects a lack of risk appetite among market participants. Indeed, at the current stock market value, we would expect BTCUSD to trade much higher from the current level; yet, it merely continues the choppy price action near the 19 300 USD price tag. That tells us something is not exactly right. Therefore, we are very cautious. As for the price targets, they remain unchanged at 17 500 USD and 15 000 USD due to the persistence of macroeconomic factors. Illustration 1.01 Illustration 1.01 shows the daily chart of BTCUSD and simple support/resistance levels. The yellow arrow points to the bullish breakout above the sloping resistance; volume is declining throughout the rise, which is not particularly bullish. Technical analysis - daily time frame Stochastic is bullish. MACD is rising but still below the 0 points; if it breaks above, it will be a bullish sign. RSI is neutral. DM+ and DM- are causing whipsaws, with the ADX hinting at the neutral trend. Overall, the daily time frame is neutral. Illustration 1.02 Simple moving averages on the daily chart of BTCUSD reflect the neutral nature of the prevailing short-term trend that is currently in place. Technical analysis - weekly time frame RSI and Stochastic are trending sideways in the lower bound of the bearish zone. MACD points to the upside but stays in the bearish zone as well. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
81
Bitcoin - "A rally" in disguiseWith the stock market rising more than 7% from its 2022 lows, cryptocurrencies also enjoy a time of relief. However, so far, Bitcoin's reaction has been relatively muted compared to U.S. market indices, reflecting a hesitation among market participants and their lack of appetite for risk assets. We believe the current bounce-up in the price is once again merely “a rally” in disguise. In accordance with that, we expect the market sentiment to turn irrationally bullish for the short term, with many analysts rushing to forecast the market bottom and trend reversal on every front. This phenomenon will further highlight the characteristic bear market instability in behavior and opinions among investors. However, we expect these same people to realize in early November 2022 that the FED is still pursuing its tightening path and not backing down, sparking panic and subsequent selling. Despite that, in the short-term, we will pay close attention to the sloping resistance, price action, and volume. A breakout above the sloping resistance will bolster the bullish case in the short term; however, we do not expect it to impact the primary trend. Therefore, we think there is no point in backtracking on our price targets of 17 500 USD and 15 000 USD. Moreover, our views are supported by fundamental factors concerning global recession, high inflation combined with economic tightening, and geopolitical issues. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD and the short-term setup. A breakout above the sloping resistance will be bullish, while the inability of the price to break above this level will suggest otherwise. Therefore, we will pay close attention to this area. Technical analysis - daily time frame MACD points to the upside but stays in the bearish territory. RSI is neutral. Stochastic is rising, which is bullish. DM+ and DM- are close to performing a crossover; if successful, it will bolster the bullish case in the short term. Illustration 1.02 Illustration 1.02 displays the daily chart of BTCUSD and simple support/resistance levels. Technical analysis - weekly time frame RSI and Stochastic are neutral. MACD points to the upside but stays in the bearish zone. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
53
Bitcoin - Low volume foreshadows upcoming liquidity issues The price of Bitcoin stayed flat over the weekend. Additionally, nothing significant has occurred in the cryptocurrency market; therefore, we have no reason to change our bearish views on BTCUSD. This week, we will continue to pay close attention to volume levels hovering around monthly lows and reflecting a little interest in Bitcoin among new investors, making it impossible to reverse the primary trend from bearish to bullish. Despite that, we continue to see an increase in false calls for the market bottom. That confirms no capitulation has occurred, and indeed, retail investors continue to buy dips, feeding wild rallies predestined to fall later. We expect this behavior to persist throughout the second stage of the bear market, increasing overall volatility. Additionally, we expect the same from the FED pursuing another rate hike in November 2022. Accordingly, we think this will worsen economic conditions and lead to another selling frenzy. Thus, we remain committed to our price targets and expect them to be hit by the year's end. After that, we expect the market to start slowly progressing into the third stage of the bear market, characterized by the distress selling and abandonment of hopes and dreams among those who once fed the bubble. Our price targets are 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD. The red arrow shows declining volume, hinting at liquidity issues in the system. To confirm our bearish thesis, we would like to see a pick-up in volume accompanying a decline in the price. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bearish. DM+ and DM- are neutral. Overall, the daily time frame is slightly bearish; however, the trend is still weak. Illustration 1.02 Illustration 1.02 shows the daily chart of BTCUSD. The yellow arrow points to the exhaustion we presented a few days ago. Interestingly, the price halted its rise slightly above the 50-day SMA. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
21
Bitcoin - Do not get ahead of the marketWith Bitcoin jumping above 20 000 USD, we again see a rise in bullish ideas all over the place, claiming bottoms, new all-time highs, and even trend reversal in spite of bearish macroeconomic factors. Despite that, however, elevated volatility and wild swings in the price do not concern us. Quite the contrary, they give us confidence as the market sentiment reflects what it should be in the bear market - constant swings in the mood of market participants, people trying to get ahead of the market, and tremendous moves in single stock/cryptocurrency titles. As grim as it sounds, we believe these signs will grow more apparent in the coming weeks as the volatility is set to continue higher, sparking more risk-aversion and another leg down in the market. Our thesis comes from the premise that the FED will increase interest rates in November 2022, further crashing the market in order to beat high inflation. In our opinion, these macroeconomic factors, combined with technical ones, foreshadow a new low for Bitcoin in 2022 and a continuation lower in 2023. Additionally, the lack of liquidity reflected in low monthly volumes suggests Bitcoin is not gaining any interest among new investors, which is an obstacle for the trend to reverse; meanwhile, this lack of liquidity has been responsible for wild moves up and down in the past months. At the moment, we pay close attention to the resistance level at 20 381 USD, which is the 27th September 2022 high. For the short-term, it would be bullish if the price managed to break above this level and stay there. However, a failure of the price to hold above the resistance will suggest a return to the lower end of the range, in which Bitcoin has been trading for the past few weeks. Despite the short-term bullish potential in Bitcoin, we have no reason to backtrack on our bearish views. Accordingly, we stick to our price targets at 17 500 USD and 15 000 USD. We will update our thoughts as time progresses. Illustration 1.01 Yesterday, we showed several signs of exhaustion accompanying the price rise and subsequent breakout above the resistance level. We said that the breakout would be bullish; however, it became quickly invalidated when the price fell back below the resistance level. That is yet another sign of exhaustion. Despite that, the short-term trend is neutral/slightly bullish; therefore, we will remain very cautious today and closely monitor the price action and volume levels. Technical analysis - daily time frame RSI is slightly bullish; however, it is showing signs of exhaustion already. MACD is neutral; if it breaks above the mid-point, it will be bullish. Stochastic is bullish. DM+ and DM- are bullish. The daily time frame is slightly bullish, with a very weak trend. Illustration 1.02 Illustration 1.02 displays the daily chart of BTCUSD and particular levels of interest. Technical analysis - weekly time frame RSI is neutral. Stochastic is also neutral. MACD points to the upside but stays in the bearish zone. DM+ and DM- are bearish. Overall, the weekly time frame is bearish; but the trend grew substantially weaker over the past few weeks. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
56
ETH/USDT 1DAY UPDATE BY CRYPTOSANDERSHello dear traders, we here new so we ask you to support our ideas with your LIKE and COMMENT, also be free to ask any question in the comments, and we will try to answer for all, thank you, guys. ETH/USDT UPDATE:-ETH was supported by the ascending line (in green) again, and increased investor confidence prevented the price from closing below it. The chart currently shows no notable signs of bullish momentum as the sideways trend continues for a second week. The first obstacle is to break $1,500. (in red). This resistance results from the descending line (in yellow) and the 100-day moving average line (in white) colliding. If the ETH can clear this hurdle, the path to $2000 will be clearer. As long as Ethereum trades below $1,500, a retest of the green support is not ruled out. Closing below this level may take the asset to the next support level at $1,000. Sorry for my English it is not my native language. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
3
Bitcoin - BTCUSD to mark new lows by the end of Q4 2022Just hours after our last post, in which we warned about the unsustainability of the up move, Bitcoin erased all of its early gains and retraced below 19 000 USD. This development aligns with what we highlighted as a bear market behavior, characteristic of wild swings from one side to another and market participants trying to fish for a bottom. That and a looming decrease in corporate earnings and a slowdown in the global economy will further reinforce our narrative about the progression into the second stage of the bear market. As a result, we think the risk aversion will rise, causing more weakness in the stock and cryptocurrency markets over time. Indeed, we think what market participants have seen up until now, regarding erratic moves and elevated volatility, is just a pretext for what will unravel over the coming months. We believe we will see a dramatic increase in volatility, which will cause even more people to jump back and forth between bullish and bearish narratives. However, as we did for the past year, we plan to stay unshaken by the high volatility and focus on the market's primary trend. Therefore, we remain bearish and committed to our price targets at 17 500 USD and 15 000 USD. Technical and fundamental factors support our view. Illustration 1.01 Illustration 1.01 shows simple support and resistance levels. To confirm our bearish thesis, we want to see the price break below the Support 1. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 displays the weekly chart of BTCUSD and two SMAs in a bearish constellation. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
15
Bitcoin - BTCUSD eyes 2022 lowsDuring the weekend, the price of Bitcoin traded mainly flat. For that matter, we have no reason to change our bearish bias. Just like over the past months, fundamental factors will continue to slow down the global economy, resulting in the declining economic performance of the stock market and companies slashing their economic projections. In accordance with the Dow Theory, that will reflect the market transitioning from the 1st stage of the bear market into the 2nd stage. In our opinion, the cryptocurrency market will continue to drift to new lows, with many speculative coins going bust and never returning to the market. We believe the persistence of bullish sentiment does not signal a market capitulation. Quite the contrary, we think it perfectly illustrates the vicious nature of the bear market, with retail investors addicted to buying dips and subsequently causing volatile movements up and down. Because of that, we will continue to filter these movements and focus on the primary trend to the downside (as we do since November 2021). More details are described below in the text and the attached articles. Illustration 1.01 Illustration 1.01 displays the hourly chart of BTCUSD. Two yellow arrows indicate bearish breakouts, which constitute new lows for Bitcoin since the end of the bear market rally. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 shows the simple support and resistance levels for BTCUSD. If the price breaks below the immediate support level and stays there, it will further bolster the bearish case for Bitcoin. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
4
Bitcoin - No crypto island is happening For some time before the FED meeting, we warned investors that another rate hike would spook the market, leading to weakness across all sectors. Additionally, we speculated that an irrational and short-lived bounce in the price of BTCUSD could occur after the decision due to retail investors buying a dip in hopes of the FED pivot in 2022 or 2023. However, that was not a message Jerome Powell sent to the market. Instead, he reiterated his hawkish stance toward continuing interest rate increases throughout 2022 and 2023. Based on the dot-plot presented by the chair of the Federal Reserve, the first decline in interest rates can be expected in 2024. That suggests the economy will remain under significant tightening pressure throughout 2023 and likely during the first half of 2024. In turn, that leads us to speculate about the continuation of worsening economic conditions and data, further deepening a recession and risk aversion. In addition to that, yesterday's price action proved our assessment about the initial bounce and dump correct, with Bitcoin halting its rise slightly below 20 000 USD (right after the decision) and then retreating to the vicinity of 18 000 USD. In our opinion, this elevated volatility only highlights the bearish sentiment in the market and the high level of anxiousness among market participants. Furthermore, technical indicators across the daily, weekly, and monthly time frames also support the bearish notion. Because of that, we have no reason to backtrack on our bearish views, and we stick to price targets of 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 shows the immediate price action of BTCUSD on the 1-minute chart after the FED decision. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 shows the daily chart of BTCUSD, two SMAs, and simple support/resistance levels. A new low below the immediate support was constituted, bolstering the bearish case for BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
30
Ethereum - Downtrend continuesOnce again, the price action proved our prediction correct, and Ethereum fell below 1300 USD over the weekend. This bearish development confirms our narrative about the downtrend continuation. Simultaneously, fundamental and technical factors also support this thesis. Therefore, we have no reason to change our thoughts on ETHUSD and stick to our price targets of 1000 USD and 900 USD. Illustration 1.01 The picture above shows the daily chart of ETHUSD. The breakout below the immediate support/resistance adds to the bearish sentiment. White horizontal lines indicate particular support and resistance levels. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
25
Bitcoin - Debunking the mythDay after day, we tell ourselves that bullish market forecasts are getting increasingly ridiculous. Unfortunately, however, every bounce up in the market seems to produce more irrational thoughts among market participants. We often encounter statements about Bitcoin being headed to 100k USD, 200k USD, 500k USD, or even much higher. The same applies to other cryptocurrencies. Indeed, people have been writing us and predicting new all-time highs for Ethereum and Bitcoin, four-digit valuation for XRP, and other things we consider outright stupid in the current environment. However, how do these valuations hold in the bigger scheme of things? People making outlandish calls do not seem to bother about this question. Therefore, we decided to answer it today. Based upon the data from the World Federation of Exchanges (which encompasses all significant stock market exchanges with over 58 000 companies), the equity market capitalization stands at 122.94 trillion USD. The current market cap of all cryptocurrencies is slightly above 1 trillion USD; at its peak, the market cap stood at 3.009 trillion USD. The current supply of Bitcoin is about 19 147 400 units. Meanwhile, the supply for Ethereum is approximately 122 323 191 units, and for XRP, about 49 826 021 773 units. Now, let's put in perspective the current valuation and cryptocurrency supply. BTC - approximate units = 19 147 400 ETH - approximate units = 122 323 191 XRP - approximate units = 49 826 021 773 BTC - the (approximate) current market cap = 411 bn. USD ETH - the (approximate) current market cap = 214 bn. USD XRP - the (approximate) current market cap= 17.6 bn. USD Altogether, these three cryptocurrencies account for more than 50% of the (whole) cryptocurrency market cap. However, what would be the value of their market cap if predictions about sky-high valuations were due to become real? BTC at 100 000 USD = 19 147 400 x 100 000 = 1.91 trn. USD BTC at 200 000 USD = 19 147 400 x 200 000 = 3.82 trn. USD BTC at 500 000 USD = 19 147 400 x 500 000 = 9.57 trn. USD ETH at 10 000 USD = 122 323 191 x 10 000 = 1.22 trn. USD ETH at 20 000 USD = 122 323 191 x 20 000 = 2.44 trn. USD XRP at 100 USD = 49 826 021 773 x 100 = 4.98 trn. USD XRP at 1000 USD = 49 826 021 773 x 1000 = 49.8 trn. USD After the calculation, it is evident that at 500k USD for Bitcoin, the whole market cap would be higher by over 8 trillion USD (when taking into account just increase in BTC). That is about an 800% increase for the entire cryptocurrency market (not taking into account an increase of other 20 000 cryptocurrencies). With Ethereum at 10 000 USD, the market cap would grow by another 1 trillion USD, which is again not a tiny number; additionally, the 20 000 price tag would double that figure. Finally, in the case of XRP at 100 USD, the market cap (just for XRP) would be valued at 4.98 trillion USD (which is already multiple times higher than the current market cap of BTC). At 1000 USD, the XRP market cap would be approximately 49.8 trillion USD. It does not take much common sense to realize these valuations are immense, especially when compared to the global equity market capitalization based on the World Federation of Exchanges data. In our opinion, these and many similar predictions about cryptocurrencies reversing to the uptrend and continuing higher are doomed to fail. Our views are based on fundamental and technical factors described in previous and attached articles. Accordingly, we remain bearish on Bitcoin and stick to our price targets at 17 500 USD and 15 000 USD. Illustration 1.01 The picture shows the total market cap of cryptocurrencies and its decline of 66% from ATH. Technical analysis - daily time frame RSI and Stochastic are bullish. However, they are getting overvalued very quickly. MACD is neutral. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bullish. Illustration 1.02 Illustration 1.02 shows simple support and resistance levels for BTCUSD. The breakout above the immediate resistance will bolster the bullish case for BTC in the short-term. However, we stick to our bearish outlook beyond that. Technical analysis - weekly time frame RSI, Stochastic, and MACD are neutral/slightly bullish. DM+ and DM- stay bearish. Overall, the weekly time frame is neutral. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
95
Ethereum - Panic creeps back into the marketThroughout July and August, we warned that the bounce in the cryptocurrency market, which many rushed to call a trend reversal, was a bear market rally doomed to fail. Then, on 16th August 2022, we gave an ultimate warning to investors as we speculated the top was in for the rally, and a 50% decline was looming. Since then, the price of Ethereum has fallen an astounding 25%, and we have seen more confirmations of our bearish thesis. Because of that, we continue to be bearish in the short, medium, and long term. Indeed, we think the selloff will accelerate in the foreseeable future, leading to panic selling and subsequently to new lows over time. Our views are based upon technical indicators that flash strong warning signs across the board and low liquidity in the market. However, fundamental factors also significantly contribute to our bearish opinion. Repeatedly, higher interest rates, quantitative tightening, and a slowing economy pose a great threat to the stock market and the cryptocurrency market. Accordingly, we stick to our price target of 1 000 USD per Ethereum. However, we would like to set also a second price target for ETHUSD at 900 USD. Illustration 1.01 The picture shows the daily chart of Ethereum and two moving averages, 20-day SMA and 50-day SMA. On 24th July 2022, these averages underwent mean reversion, signifying a powerful downtrend correction. We would like these averages to reverse into a bearish constellation to give us further bearish confirmation. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The illustration shows two bearish breakouts that confirmed our thesis in the past two weeks. Interestingly, these developments are identical to those on the chart of BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 Illustration 1.03 shows simple support and resistance levels derived from peaks and troughs. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
31
Bitcoin - The weekend session forecasts more painOn Friday, we said it would not surprise us to see Bitcoin plunge below 20 000 USD. The following day, Bitcoin fell to a new low at 19 766 USD. Since then, the price action has been mostly sideways. At the moment, Bitcoin trades near the 20 000 USD price tag. We stay bearish as fundamental factors weighing on the market have not changed. Additionally, technical aspects are worsening and pointing to an impeding acceleration of the selloff. Accordingly, we maintain a bearish stance on Bitcoin in the short, medium, and long term. Indeed, we believe BTCUSD is headed to new lows over time; therefore, our price targets are at 17 500 USD and 15 000 USD. Illustration 1.01 The chart shows several bearish developments, which are indicated by arrows and text. White horizontal lines indicate simple support and resistance levels. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
17
Ethereum - Wake up call is ringing!We have been warning about the unsustainable rally in the cryptocurrency market for a while now. Indeed, for several weeks, we have been pointing out bearish developments on the chart of Ethereum and Bitcoin. However, only a week ago, we proposed the idea that the bear market rally reached its peak, and, as if it was not enough, we also said a 50% decline was looming over Ethereum. Today, we continue to stick to this assessment for Ethereum, which is mainly influenced by bearish fundamental factors like high-interest rates, quantitative tightening, and the prospect of a severe global recession. Due to the persistence of these factors, we have no reason to change our bearish medium-term and long-term views on the market. For the short-term, we are growing increasingly bearish on ETHUSD. In the past 24 hours, Ethereum fell 8%, breaking below the immediate support and reaching bearish territory. This development is particularly bearish as it coincides with the RSI breaking below 70 points and other technical indicators turning bearish. Accordingly, we stick to our price target of 1 000 USD. Illustration 1.01 In our previous idea, we said that ideally, we would like to see a drop in price accompanied by a build-up in volume to confirm our thesis; soon after that, a drop in price and a spike in volume occurred. Now, we would like to see more price decline and a further increase in volume. Ethereum is down approximately 15% from its recent peak. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bearish. DM+ and DM- are due to perform bearish crossover, which will further bolster the bearish case for ETHUSD. Overall, the daily time frame is bearish. Illustration 1.02 The setup we introduced recently remains valid. Indeed, the bearish signal was triggered when the price broke below the immediate support. Technical analysis - weekly time frame RSI is bearish. MACD points to the upside but stays in the bearish zone. Stochastic is bullish. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:ETHUSDShort
by Tradersweekly
18