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The Dollar Index Falls to a Minimum of the YearYesterday, important data on inflation in the United States was published: the CPI index was 3% in annual terms, this is the lowest value since the beginning of 2021. Thus, inflation is slowing down for the 12th month in a row, approaching the target of 2%. Markets greeted the news with a surge of volatility — perhaps the quotes win back the expectations that the Fed will soften the current tightening policy (which is far from a fact). Against this background, the dollar index, calculated against a basket of other currencies, fell to a minimum of 2023 — respectively, the prices of EUR/USD and GBP/USD reached the highs of the year. Dollar-denominated stocks also rose in price (the Nasdaq 100 index updated a year's high), as did commodities (the price of oil rose to a maximum since the beginning of May, and gold rose in price by more than USD 20 in 2 hours after the news was published). It is curious that the bitcoin rate against the dollar reacted with a weak growth, which was leveled by the subsequent bearish movement — a negative sign. Moreover, on the BTC/EUR chart, the price is near the support at 27,200, moving within a bearish channel (shown in red on the attached chart), which is becoming more and more evident. Note that today at 15:30 GMT+3 another portion of important news will be released, US PPI data will be published, as well as unemployment data. Get ready for another burst of volatility, which could both further weaken the US dollar and allow it to take revenge for yesterday's decline. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
BTCUSDT - Bullish Daily Cross ❕Hi Traders, Investors and Speculators of Charts📈📉 About a week ago, we took a look into the Technical Indicators of BTC and at the time, I concluded that it is MOST DEFINITELY the start of another bullish cycle, as seen here: Something that I was particularly focusing on was the daily bullish cross on the technical indicator, and that has since happened. In previous instances, the price of BTCUSD went up tremendously after such a cross was observed in the daily timeframe, as pointed out on the two dark charts. In other words, I am expecting more bullish price action for BTCUSDT with my first short term target being around $34K. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck BINANCE:BTCUSDT BITSTAMP:BTCUSD COINBASE:BTCUSD BINANCE:BTCUSDT.P INDEX:BTCUSD BYBIT:BTCUSDT.P CRYPTOCAP:BTC.D
Long
by CryptoCheck-
15
BTC dominance, correlation with tech, and uncertain outlookBitcoin has been holding up above $30,000 for multiple days. At the same time, the number of large holders began to increase again (slightly), suggesting that whales are waiting for better prices and not selling yet. Overall, that is quite positive, but there are still a few things to watch out for that can cause the rally to reverse quickly. As a result, we are paying close attention to the daily chart, where several technical indicators show little signs of exhaustion. For example, MACD is flattening (potentially leading to a bearish crossover between the MACD and signal lines), RSI is struggling below 70 points, Stochastic points to the downside, and volume is very low. Ideally, for Bitcoin to continue higher, we would like to see all these components start rising again, with RSI breaking above 70 points; in such a scenario, we would expect the breakout above $31,458 and potentially $32,000. However, if RSI fails to cross 70 points to the upside in the next few days, it will be bearish for the short-term; the same will apply to the falling Stochastic and MACD. Besides watching these technical indicators, we also look at Bitoin’s market dominance and correlation with the U.S. tech sector. In regard to market dominance, Bitcoin has been taking away a market share from its competitors for the past few months. There have been numerous factors contributing to this situation, with one being regulatory scrutiny of altcoins. We believe this trend will persist in the next few months, with the U.S. Securities Exchange Commission labeling more assets that are now deemed “cryptocurrencies” as “securities,” sparking further capital outflow from the altcoin market. In our opinion, that will help Bitcoin solidify its first place in the cryptocurrency market (and going into the future). Now, in relation to Bitcoin’s correlation with the tech sector, we saw that in late May 2023, these two markets started to decorrelate slightly. This fact has been reflected in the correlation coefficient shown in Illustration 1.03. However, when Bitcoin rose above $30,000 in late June 2023, the correlation coefficient began to tick up. Considering that the U.S. stock market valuations seem to be stretched, we think it would be prudent to watch out for what is happening in the tech sector, as its weakness can once again weigh on the risk assets like Bitcoin. Illustration 1.01 The picture above displays the daily chart of BTCUSD. The green and red arrows show the divergence between the price and RSI from January 2023 until April 2023. We want to point out how RSI does not show significantly more strength (during the most recent rebound in Bitcoin’s price) compared to the mentioned period. Illustration 1.02 Illustration 1.02 shows the weekly chart of BTC.D, representing Bitcoin’s market dominance. Illustration 1.03 Illustration 1.03 portrays the daily chart of BTCUSD. Below the main chart is the correlation coefficient. It can be viewed that the positive correlation between Bitcoin and Nasdaq 100 Index started to strengthen in late June 2023. Technical analysis gauge Daily time frame = Bullish (with signs of exhaustion) Weekly time frame = Bullish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. 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:BTCUSD
by Tradersweekly
1
BTC - DONT ARGUE📛 It's BULL SEASONHi Traders, Investors and Speculators of Charts 📈📉 After a sudden breakthrough of the resistance zone at FWB:29K , BTC is looking ready for more upwards price action. The technical indicators in the daily timeframe are screaming bullish as we're about to witness the bullish cross that happens just before periods of parabolic upwards price action. IF the weekly candle can CLOSE above the resistance zone as pointed out, it will form three white soldiers - a bullish candlestick pattern. The next major stop based on supply zones and Fibonacci Retracement is FWB:42K (macro outlook). _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We appreciate your support ! CryptoCheck _____________________ BITSTAMP:BTCUSD COINBASE:BTCUSD INDEX:BTCUSD BITFINEX:BTCUSD CME:BTC1! CRYPTOCAP:BTC BYBIT:BTCUSDT KUCOIN:BTCUSDT
Long
by CryptoCheck-
13
EMAflow Analytical modeMany users on tradingview are impressed by unlimited amount of indicators available but the truth is that just finding and adding together random indicators is something that brings unpredictable results. Every good trader will tell you that after you learn the knowledge biggest time goes to practice and learning when certain indicator works and when it doesn't ... This takes many years and in the end it is better to understand something when it works and when it doesn't (and adjust how you react to this) than not.. if you keep exploring new things you will be in a cursed circle always confused when market conditions change enough that something breaks. EMAflow has been always created and developed from same base elements - all indicators are ment to be complementery, supportive of each other - watching exactly the same thing from another angle while providing same signals - so when you get same signal on many aspects you know its high probability. But sometimes grasping what market we're in is very hard so you need to zoom out - but then again comparing random fractals and ema crosses is not enough many times aswell.. This why EMAflowPRO comes with Analytical mode - ment to be always watched in zoom out -- it will provide visual signature of price action from different angles but looking for the same things.. Have a look s3.tradingview.com No matter what EMAflow indicator you use - it will provide consistent colors and feel based on the angle it tries to interpret. Can your random indicators put together do that? Let the time answer this one :) If you don't have time and just want what works - EMAflow gives exactly what you need. Find out more on my profile. Also the top chart - has 3 levels of buy the dip on spot :) Follow what happens arround this area to see the ranges and intraday variants in action.
by EMAflow
BTC - Bearish for SHORT TERM🐻Hi Traders, Investors and Speculators of Charts 📈📉 After closely monitoring the market trends following our previous idea of shorting until the 25K support zone, it has become apparent that there is a notable increase in selling activity. Despite witnessing a decent rebound initially, it was met with an equivalent level of selling pressure, resulting in the price experiencing a downward trajectory with lower highs. Furthermore, it is crucial to take into account the occurrence of a multiple bearish patterns in the daily (short term) timeframe including a double top, Head and Shoulders pattern and Bearish M patterns. These technical chart-analysis patterns typically indicates a reversal in the price trend and suggests a bearish outlook for the short term. It implies that the market has made two unsuccessful attempts to surpass a certain price level, highlighting the presence of significant selling pressure and a potential decrease in investor confidence. NOTE that although I am still bearish for the SHORT term, I remain bullish in my macro perspective. ________________________________ From the Fibonacci Retracement Macro perspective, we can see the price is still in the upper resistance zone; right underneath the 1.618. What we DO NOT want to see from the monthly timeframe is a close UNDER the support at roughly $25K. This would drive the price down to find more buying pressure around $20K. BITSTAMP:BTCUSD COINBASE:BTCUSDT INDEX:BTCUSD BITFINEX:BTCUSD COINBASE:BTCUSD BINANCE:BTCUSDT BYBIT:BTCUSDT BITGET:BTCUSDT CRYPTOCAP:BTC GEMINI:BTCUSD BINANCEUS:BTCUSDT PHEMEX:BTCUSDT _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We appreciate your support ! CryptoCheck
Short
by CryptoCheck-
35
BTC Short Term TROUBLE -Sub $25K LikelyHi Traders, Investors and Speculators of Charts📈📉 After closely monitoring the market trends following our previous idea of shorting until the FWB:25K mark, it has become apparent that there is a notable increase in selling activity. Despite witnessing a decent rebound at the FWB:25K support zone, it was met with an equivalent level of selling pressure, resulting in the price experiencing a downward trajectory with lower highs. Furthermore, it is crucial to take into account the occurrence of a double top formation in the daily timeframe. This technical pattern typically indicates a reversal in the price trend and suggests a bearish outlook for the short term. It implies that the market has made two unsuccessful attempts to surpass a certain price level, highlighting the presence of significant selling pressure and a potential decrease in investor confidence. Considering these factors, it is prudent to exercise caution and be mindful of the prevailing bearish sentiment in the market. Traders and investors may need to reassess their strategies and potentially explore short-term trading opportunities that align with the current bearish trend. ________________________________ I've been consistently bearish in my short term outlooks but bullish longer term, as seen below: However, I remain BULLISH for the longer term and do not expect us to drop any lower that $23K. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We appreciate your support ! CryptoCheck BITSTAMP:BTCUSD COINBASE:BTCUSD INDEX:BTCUSD BINANCE:BTCUSD CRYPTO:BTCUSD CME:BTC1! BINANCEUS:BTCUSD GEMINI:BTCUSD BINANCE:BTCUSDT BITFINEX:BTCUSDSHORTS KUCOIN:BTCUSDT OKX:BTCUSDT
Short
by CryptoCheck-
28
Bitcoin: Bulls VS Bears: Battle of $26KHi Traders, Investors and Speculators of Charts📈📉 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year 🏫 A quick analysis on Bitcoin. Over the weekend we may see some volatility as the bulls and the bears battle on the current support zone at $26400. It is my personal view that this trendline will hold , due to a macro market perspective analysis that I did a couple of days ago which pointed towards BTC being in phase E of the Wyckoff Method market phases : Incase you missed it ! A new altcoin that leverages memes and the hype of AI : AIDoge : BINANCE:BTCUSDT BITSTAMP:BTCUSD COINBASE:BTCUSD KUCOIN:BTCUSDT COINBASE:BTCUSDT OKX:BTCUSDT BINANCEUS:BTCUSD BITFINEX:BTCUSD PHEMEX:BTCUSDT _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
41
Binance halts BTC withdrawals and spooks the marketBitcoin futures closed slightly below the $30,000 mark (at $29,910) last Friday. However, the price took a nosedive over the weekend as Binance temporarily halted Bitcoin withdrawals and transfers, citing an overwhelming number of pending transactions. On Monday, Bitcoin futures opened at $29,105 and continued lower toward the $28,300 price tag where they currently trade. We pay close attention to MACD on the daily time frame, which continues to develop a bearish structure. In addition to that, we observe volume levels, which are considerably lower compared to a recent period when Bitcoin was moving sharply higher (in so-called spikes). That is an interesting development as the addresses with more than 100 and 1000 Bitcoins in the balance are not seen growing in number in the past two weeks; meanwhile, the number of addresses with much smaller balances continues to grow, suggesting that retail continues to accumulate. We previously expressed our beliefs that it is very likely that we will see a massive rag-pull being played on retail investors, and that continues to be the case. Our stance remains unchanged as we believe the most deceitful bear market rally continues to unravel. Accordingly, our price target for BTCUSD stays at $15,000 and $13,000. Illustration 1.01 Illustration 1.01 displays the daily chart of Bitcoin's continuous futures. If the price breaks below the sloping support, it will bolster the bearish case in the short term. The same applies if MACD performs a crossover below 0. Illustration 1.02 Illustration 1.02 displays the daily chart of BTCUSD across various exchanges. We would like to point out the similarity in volume trends on all these exchanges. Volume dropped significantly compared to the two previous major legs up (from around $17,000 to $25,000 and $19,500 to $31 000). Illustration 1.03 The picture above shows simple support and resistance levels derived from peaks and troughs. Technical analysis Daily time frame = Neutral Weekly time frame = 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:BTCUSD
by Tradersweekly
19
BTC : Phase E, According to WYCKOFFBINANCE:BTCUSDT Hi Traders, Investors and Speculators of the Charts 📈📉 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. The goal of looking at a chart from a Macro time frame perspective is to identify the current market phase / cycle. When we look at the BTCUSDT chart and overlay the Wyckoff Method Accumulation, it's clear that the price action is currently trading in Phase D, about to move to Phase E after the SOS. If you're looking for more details on Wyckoff Method Technicals , see here : _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
34
Bitcoin might be approaching highly volatile territoryBitcoin dropped approximately 12% from its recent highs. By doing so, it retraced toward its 50-day SMA, which acts as an important support level. In addition to that, MACD, Stochastic, and RSI started forming bearish structures on the daily chart, causing us to be very cautious. Due to that, we will pay close attention to the stock market (especially Nasdaq 100), which continues to be highly correlated with Bitcoin and may spell more trouble for cryptocurrencies if it manifests weakness. Furthermore, we will monitor volume and technical indicators to give us more clues as to where Bitcoin is headed next. Overall, our stance has not changed. We continue to think that over the past few months, we have seen one of the most deceitful bear market rallies, and Bitcoin is due to see new lows in 2023. However, it is also still premature to declare a victory. Therefore, we emphasize caution as we believe the market might be approaching a highly volatile territory. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD and 50-day SMA. Yellow arrows indicate bearish breakouts below critical support levels. We will pay close attention to the 50-day SMA and its ability to stop selling pressure. If it fails, it will be bearish. Contrarily, if it succeeds, it will be bullish, and Bitcoin might attempt to retest 30 000$. Illustration 1.02 Illustration 1.02 shows the daily chart of MACD. If it breaks below the mid-point, it will bolster the bearish case. Technical analysis Daily time frame = Bearish Weekly time frame = 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
15
The U.S. government is unloading 1000s of BTCs into your handsIn the past five months, we showed multiple odd developments on the 1-minute charts, which included sharp upticks in the price of Bitcoin, often leading to new highs which lasted only a few seconds during the weekend or shortly after the close in the futures market (in generally illiquid markets). In addition to that, we noted that many of these price movements looked artificial and unhealthy to sustain the rally in the long term. As a result of that, combined with tight monetary policies, worsening economic conditions, and other factors that are typically bearish for risk assets like Bitcoin, we concluded that the market has not bottomed out. Accordingly, we maintained our bearish outlook beyond the short term with the notion that Bitcoin would return to its 2022 lows over time. During the same period, we noticed that sentiment among retail investors turned extremely bullish and arguably even more so than on previous rebounds. We warned about this deceitful nature of bear market rallies several times in the past year, always outlining those same developments - people getting overly bullish while dismissing the reality and surrendering to so-called “FOMO” (while telling everyone else that they are missing out on a “lifetime opportunity” if they are not invested). This theme became central to the cryptocurrency market and even stronger with the recent banking fiasco in the U.S. and Europe, prompting many people to revolt against “irresponsible” bankers and governments by buying Bitcoin. However, before the weekend (and two weeks after our warnings about retail investors ending up holding the bag), big news came out regarding the U.S. government and its sale of Bitcoins seized thanks to the Silk Road bust (a stash of about 50 000 Bitcoins). The U.S. administration reportedly sold approximately 9 861 Bitcoins valued at about $216 million in March 2023. Furthermore, the government seeks to unload the remaining 41 139 Bitcoins during the course of the current year (in multiple batches). We expect this to be conducted with the maximum benefit to the government. Moreover, if we were to take any lesson from commodity traders within the U.S. government in the past year, we would point out their successful game in the oil market, where they happened to sell oil at highs last year, only to seek a refill of Strategic Petroleum Reserves near the lower end of $70 in 2023. That leads us to speculate that the U.S. government does not foresee much higher prices (from the current level) at which it would otherwise sell its stash. Overall, we think the whole situation is growing increasingly ironic because of the fact that so many people seek to buy Bitcoin in order to get away from the system, and instead, the government will dump its holdings into their hands, leaving them with less than what they paid for at the end. Illustration 1.01 Illustration 1.01 shows the daily chart of BTCUSD. The red and green arrows indicate particular technical developments which raise questions about the rally's sustainability (the rising price accompanied by declining volume and divergence between the price and RSI). The yellow arrow indicates an area of interest, which we will pay close attention to in the following days. Technical analysis Daily time frame = Neutral Weekly time frame = Bullish (weak trend) 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:BTCUSD
by Tradersweekly
75
Bitcoin is finding a strong resistance between $27 000 - $28 500Since our last update on Bitcoin, not much has happened in the cryptocurrency market. Bitcoin oscillated between $27 000 and $28 500, finding strong resistance around this level. Meanwhile, volume continued to decline, still raising a question about the rally's sustainability. Overall, the bullish trend started to weaken, turning more into a neutral one. However, we remain cautious as low liquidity in the market may cause a volatile move in either way. We previously outlined that the rebound in stocks would provide a temporary lifeline for BTCUSD. Therefore, we will continue to pay close attention to the stock market, mainly the tech sector, which stays highly correlated with Bitcoin. Sooner or later, we expect it to break down and drag cryptocurrencies with it. In fact, we would not be surprised to see investors taking profit in order to cover losses elsewhere (just like on previous occasions in gold). Thus, we stick to our previous assessment that the current rally will likely turn out to be only another bear market rally. Illustration 1.01 Illustration 1.01 displays the 1-minute chart of BTCUSD on 24th March 2023. The yellow arrow indicates a huge spike in the price of an asset. However, the spike to $29 380 lasted about a second and is not observable on other exchanges. Therefore, it can be considered a glitch and discarded from observation. Technical analysis Daily time frame = Bullish Weekly time frame = Bullish Illustration 1.02 The picture above shows the daily chart of BTCUSD within the ascending channel. The green and red arrows indicate the growing price accompanied by a declining volume, which is a questionable development (as for the rally). The yellow arrow indicates the price’s return back into an ascending channel. 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:BTCUSD
by Tradersweekly
30
Bitcoin Completed Its Inverse Head and Shoulders - What's Next?Bitcoin had a massive rebound (almost 50%) following the failures of Silvergate, Signature, and Silicon Valley Bank. It's hard to believe given the lack of financial stability of some banks and the uncertainty in the markets that BTC would have such a big jump within a week, but technically speaking this move is very bullish. Considering this, I could see BTC doing one of two things. 1) Mega Bull Scenario - BTC flags up here and rockets to higher highs it hasn't seen for some time 2) BTC revisits the neckline around $25k before moving upward. I personally prefer scenario 2 because I don't like seeing over-extended runs that result in extremely fast moves to the downside. Plus, it's healthier for the sustainability of the bull run to have small corrections after each strong move. I think the neckline is an ideal place to reload and prepare for the next leg up. DISCLAIMER: There is a lot of uncertainty in the markets at the moment. With a potential financial crisis brewing in the financial sector, the bullishness of this run could turn bearish very quickly. Have a plan in place just in case.
COINBASE:BTCUSDLong
by jpbrown1023
1