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Metals to Break its All Time High AgainMetals to Break its All Time High. I have discussed about Gold before and in this tutorial we will study into Copper. From last week Fed chairman statement, he said “it is premature to be talking about pausing our rate hike. We have a ways to go." The continuous inflation is almost a certainty into next year, and what asset or instrument works well with inflation? Content: Why interest in copper again • Fundamental • Technical 5 Major Copper Uses: • Building Construction • Electronic Products • Transportation • Industrial Machinery & Equipment • Medical Copper Consumption Worldwide: 1. China 54% 2. Europe 15% 3. Other Asia 14% 4. America 11% 5. Other 6% Source: Statista 2021 Minimum fluctuation 0.0005 per pound = $12.50 0.001 = $25 0.01 = $250 0.1 = $2,500 Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
Editors' picks
COMEX:HG1!
by konhow
2
Crude Palm Oil’s underperformanceThis chart caught our attention recently. The Crude Palm Oil – Soybean Oil Spread (in USD per Metric Ton) is trading close to an all-time high now. This spells trading opportunity for us as Palm Oil and Soybean Oil are generally considered substitute products, which means, at a large enough price difference, buyers may hop over to buy the cheaper one. Eventually closing the price gap back to its historical mean. Further comparison of Palm Oil against its other substitute, the European Low Sulphur Gasoil Financial Futures, also shows the spread between these products near the high. A price comparison among the 3 products, Palm Oil, European low Sulphur Gasoil and Soybean Oil underscores this price disparity even clearer. The prices of the 3 products have generally trended together, up until July 2022 when Palm Oil started to underperform. Stepping back into the macro side, some potential tailwinds for Crude Palm Oil include; 1) The reopening of China, which would increase the demand for palm oil from the world’s 2nd largest importer of the product. 2) Biofuel Mandates, which would put higher demand pressure on Palm Oil. 3) Slowing production growth in palm oil could lead to supply-demand imbalances, pushing palm oil higher as supply falters. One way to trade this price divergence would be to short the Soybean Oil – Palm Oil spread. This trade can be set up by selling 1 Soybean Oil Futures and buying 1 USD Malaysian Crude Palm Oil Futures. However, do note that in such a set-up, the position is not fully ‘hedged’ as the contract units are different, 1 Soybean Oil Futures has a contract unit of 60,000 Pounds (~27.21 metric tons) while 1 Crude Palm Oil Futures is for 25 metric tons. Another option would be to trade the exchange listed Crude Palm Oil – European Low Sulphur Gasoil Spread (POG) which handles the construction of the spread and is financially settled, removing delivery risk. While it’s hard to ‘call’ the top, such price divergence provides interesting opportunities that we leverage if risk is managed properly. These trade set-ups allow us to express the view that Palm Oil’s underperformance will be closed, either by Palm oil catching up with its substitutes or if its substitutes fall in prices. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. Sources www.cmegroup.com www.cmegroup.com jakartaglobe.id oec.world
CME:CPO1!Short
by inspirante
Another low in play for Nasdaq?Third quarter results for big tech came out last week and it wasn’t pretty. Is this a harbinger of another low? Look at the price action, the Nasdaq 100 is now sitting just below the .5 Fibonacci Level which has marked a local resistance level. Curiously the price structure looks very familiar when compared with the April to June period. In that episode, prices tried to break upwards (1) but lost momentum. This resulted in a large drop to the next lower Fibonacci level (2), followed by a rally back to the 0.382, Fibonacci level above (3), where resistance was met again, and prices fell (4). Is what we are looking at now a reprise? On the macro side of things, a couple of factors keep us bearish. Firstly, the behemoth federal reserve balance sheet is only in the first innings of its reduction program. This worries us as the effect of this reduction is the removal of liquidity in the financial markets which could lead to higher volatility. We will keep our eyes & ears peeled for this week’s FOMC, to identify any potential changes to the quantitative tightening schedule. Secondly, we point back to our previous research and note that the Nasdaq/S&P500 ratio is still at incredible highs, with further room to fall when compared back to the dot-com bubble in 2000. If we layer the 10-year yield (inverted) onto this Nasdaq/S&P500 ratio, one could argue that the tech outperformance could be driven by the decade-long fall in interest rates. With interest rates sharply higher now, and a few more hikes on the cards, we wonder if Nasdaq can truly hold up against the S&P500. With murmurs of a Fed Pivot driving the Nasdaq higher over the past few days, we think this presents a good opportunity for a short position. As laid out by the price structure we observed and the overhanging bearish macro picture we think another low is in play for the Nasdaq 100 index. With FOMC this week and a packed economic calendar, one way to manage risk is to trade the Micro E-Mini Nasdaq 100 Futures, which is a smaller and more manageable contract, allowing you the option to average into your position. Entry at 11,540, stop at 12,150. Target at 10,300. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
CME_MINI:NQ1!Short
by inspirante
10
Too fast, too furious for Natural Gas?After a sharp drop in August, Natural Gas futures is now sitting close to the long-term uptrend support which has marked key reversal points since June 2020. Our question is whether prices have fallen too fast and too soon? We question “too furious” when we look at the RSI which currently points to oversold levels. Hitting a low close to 24, the last time RSI reached such an oversold level, in February 2017, prices rallied close to 35% over the next 2 months. We also note the formation of RSI divergence now, like the one we observed during the 2017 period. If history is any guide, from a technical perspective we can expect some upside for Natural Gas in the coming 2 months. We question “too fast” as we are at the dawn of the seasonality trade. With demand for Natural gas used for heating generally rising as winter months are approaching, we can reflect on the seasonality behavior of Natural Gas prices over the past winters. A simple strategy of buying in the middle of October and waiting for the winter months gives a 70% win-rate when we look back at the past 10 years. Could we expect the same this winter? On top of these, we think there are a few structural factors that might boost natural gas demand in the US over a longer-term horizon. 1) The recent announcement by the Biden administration that ruled out a ban or curbs on natural gas exports this winter, and Europe’s struggle with the energy crisis spell good news for Natural Gas’s demand. 2) Current Natural gas storage levels are also below the 5-year average as reported by the US EIA . 3) A move away from coal as agreed in the COP26 means alternative energy sources are bound to replace coal. With many coal-powered plants being refurbished to work with natural gas, we see structural demand rising as more of these plants come online. Natural gas’s current technical levels point oversold to us, with the seasonality trade potentially on the cards and an overall supportive macro backdrop, we lean bullish on Natural gas. As Natural Gas is considered a highly volatile contract, we can use the Average True Range (ATR) to set our stops. In this case, we follow the rule of thumb to multiply the ART by 2, which sets our stop at roughly 4.550. Entry at 5.200, stop at 4.550. Target at 6.400. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
NYMEX:NG1!Long
by inspirante
15
A guide into 2023 with trendlineA guide into 2023 if prices stay below its classic downtrend line; not breaking above. It was all along in its classic uptrend line before 2022, but it has transited into its downtrend on the 3rd week of this year, when it broke below its support. Before 2022 strategy: • Buy on dips and can either target for both short and long-term • Any sell-short, keeping it short-term as it is against its uptrend 2022 and after strategy: • Sell into strength and can either target for both short and long-term • Any long, keep it short-term as it is again its downtrend Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
CME_MINI:NQ1!Short
by konhow
1
A break of local lows on BTC CME I am looking for next leg downA break of local lows on #BTC I am looking for next leg down 13170 - then lower to fill all CME Futures gaps Big move incoming on the pinch of downtrend mid/linear regression, fib & daily 20ema Get above & hold that 3day 20ema & I would look to pivot _________________________________________________________ This content is for informational, educational and entertainment purposes only. This is not in any way, shape or form financial or trading advice. Good luck, happy trading and stay chill, 2degreez
CME:BTC1!Short
by UnknownUnicorn7216011
Another leg up for crude oil? To answer this question, we need to look at the following: 1) US Strategic Petroleum Reserve The US Strategic Petroleum Reserve is currently at its lowest level since 1984, while the absolute level is worrisome, the speed of the drawdown on the reserve over the past year is more concerning. In an effort to combat rising prices and possibly secure the midterm elections, President Biden has continually announced release from the reserve, depleting close to a third of the reserve since the start of 2022. If and when this extra supply is cut off, oil prices will likely head higher. 2) OPEC Production Cuts With the OPEC announcement to cut production by 2 million barrels per day, the world is yet under more energy supply stress. While the cut is only about 2% of global supply, it does signify a shift in stance from OPEC, clashing with the West as the US condemns OPEC’s actions. With the next OPEC+ meeting taking place in December, we will closely monitor if further production tightening continues. 3) Crude Oil and DXY As Crude Oil is quoted in USD, the dollar’s performance has a great impact on oil prices. The chart above shows the dollar (inverted) against Crude Oil. The 2 generally move together, up until the start of 2022, when dollar strengthened significantly alongside oil. As this relationship stretches further away from the normal, we fear a ‘snap’ may occur should a pivot in the Fed’s policies occur. That would greatly weaken the USD, and push oil prices significantly higher. 4) China’s turn With China still essentially closed from the rest of the world, any shift towards opening the Chinese economy could awaken the world’s 2nd largest consumer of oil. Looking at the Crude Oil Chart, we see a continued uptrend since the negative oil prices fiasco in May 2022. With a stalled attempt to break lower in September, and prices now back in line with the uptrend, we could potentially see higher oil prices from here. We also note the 90$ handle as a significant level, where 2 previous attempts to break past were rejected. But with a clear and decisive break past the 90$ mark, are the bulls in control now? In our opinion, crude oil is like the stone on a slingshot, stretched further and further back by multiple macro factors. If any were to snap, oil could be slingshot higher… Entry at 92.25, stops at 85. Target at 100. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify any trading set-ups in real-time and react accordingly. To find out more, visit www.tradingview.com under the CME Group exchange to view the real-time data plans available. Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
NYMEX:CL1!Long
by inspirante
11
Copper’s many tangosIn the following charts below, we will highlight why copper looks interesting to us right now. Firstly, the Copper Outright prices (orange) vs the Calendar spread (black). Copper calendar spread tend to move in-line with its outright prices, until major turning points, when the calendar spread leads the outright price movement. In February 2022, we observed the copper calendar spread making a significant move lower, with the outright prices following suit in April. With the calendar spread making a significant move higher now, is this what they call déjà vu? Secondly, copper prices and the Chinese Yuan have a relatively high correlation as China is the world’s largest buyer of the metal, and by a significant margin. The recent weakness in the Yuan has led copper prices lower, but with the CNYUSD pair seemingly recovering now, could some strength in the Yuan lead the copper rally? Thirdly, the Gold/Copper ratio generally trades within a pretty defined range, with out-of-range moves happening during major market events. The ratio’s recent high can be attributed to copper weakness compared with gold. With signs of the ratio retracing off the upper range, have we marked the end of this move? And is it time for copper to gain some ground against gold? Looking at the price charts, we see copper trading near the significant long-term support level of 3.3. Previous attempts to break this support in July and September were both rejected. On a shorter timeframe, we see a descending wedge pattern forming, which is generally considered a reversal pattern. The same setup is also observed on the Micro Copper contract, which offers greater flexibility and precision in execution. Copper’s interesting relationships with major currencies and commodities, allow us to analyze it from multiple angles. With some relationships at major inflection points now, we lean bullish on copper. Entry at 3.44, stop at 3.1335. Target at 3.8320 and 4.0000 . If you’re keen on understanding more about Copper and its many relationships, do check out our previous research piece: www.cmegroup.com The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
COMEX:HG1!Long
by inspirante
11
What would you have on a date night? Chicken or steak? We’re going to go out on a limb here and say your date night budgets and recessionary risk are likely inversely correlated! As recessionary risk starts to weigh on investors’ minds, purse strings for date nights are likely to be tightened, which spells trouble for the date night classic, wine & steak pair. Cattle Futures have joined the broad market selloff over the past few days as investors remain on edge. This recent move lower has confirmed a break below the neckline support for a double top pattern observed on a shorter timeframe, which is noted as a bearish reversal pattern. On a longer timeframe, the decline has also broken the 4-month long uptrend for Live Cattle. With not much in the way of support, it’s quite possible to see another leg lower, similar to the pattern we observed in May 2022 where prices corrected around 4.5% once the uptrend was broken. Using this as a reference, the 143 range marks the next potential stop for live cattle prices if we were to extrapolate a 4.5% decline from the breakout point. The broken uptrend followed by the confirmation of the double top pattern spells trouble for live cattle prices. As such, we lean bearish on live cattle futures and will likely swap the date night steak for perhaps chicken… Entry at 148.550, stop at 150.325. Target at 144.850 and 143.075. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
CME:LEZ2022Short
by inspirante
8
Is the GBP on the edge of a cliff?As the British Pound approaches a major support level of 1.4000, we think it is akin to peering over the edge of a cliff. With one of the worst headline inflation rates in the developed markets, crippling energy bills, and a newly elected government, the Bank of England (BOE) is in a place few would want to be in. As the next policy meeting date nears, the central bank is likely to raise rates. But by how much? Too little, and inflation will remain a key issue weighing on the currency’s attractiveness compared to the USD. Too much, and consumers will be crushed with the already astronomical energy bills and rising loan re-payment, likely pushing the UK further into stagflation, something that central banks try to avoid. Either way, pound traders are likely to be disappointed. And we have not even begun to mention the effects the energy bill cap might have on longer-run inflation. The technical setup proves more interesting as the current price lies right on the 1.4000 level, a major support level, only ever breached once in 1984 and retested once in 2020. We think a clear break of this will likely lead the pound to fall harder as traders ride the downward momentum. On a shorter timeframe, the pair is arguably trading in a descending channel. As current prices teeter on the lower channel band, a breakout at the downside could spell trouble, sending the pair lower. There seems to be little in the way to slow the move lower for the GBPUSD pair as both macro headwinds and technical ones beat down the Pound lower against the USD. With the US Federal Reserve meeting on the 21st and Bank of England meeting on the 22nd of September, we expect higher volatility over the next few days, a snap lower could drive momentum traders to further extend the downside move. Entry at 1.1450, stop at 1.17400. Target at 1.08000 and 1.06150. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
CME:6B1!Short
by inspirante
20
Gold amid rising yields and dollar strengtheningSince we last covered gold , most of our views have played out, as real yields rose and dollar strengthened significantly. As central banks remain committed to fighting the greatest inflation seen in decades, we see continued headwind for the yellow metal. Going back to our real-yield and dollar analysis framework, we see 2 key points. Firstly, real yields have increased significantly as US Interest rates rise at unprecedented levels due to back-to-back rate hikes. Central bankers have continued to pre-empt the markets on the rates hiking path, and we see no reason for the US Federal Reserve to change its stance anytime soon. Thus, we think that real rates are likely to continue upwards. Secondly, the dollar is now trading at a 20-year high. With no major resistance until the 120 level, we see a clear path upwards as the backdrop of higher yield continues to favor the dollar. Looking at the charts we see a potential double top chart pattern, for gold. With the first peak slightly higher than the second and current prices trading near the neckline, we think the bearish set-up is almost complete for gold and prices are likely to decline from here. Barring any surprise data points from now till the next FOMC meeting in 2 weeks’ time, it is highly likely for the Fed to continue its hiking path which will drive real rates & the dollar higher. This presents a strong headwind to gold which could tip lower if we see a clear break of the neckline. As such we think gold is caught between a rock (higher yields) and a hard place (stronger dollar). Entry at 1723, stop at 1830. Target at 1530 and 1360. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Editors' picks
COMEX:GC1!Short
by inspirante
14
As policies continue to diverge…For readers who have been following us right from our first ever TradingView idea, you’ll recall our first ever trade idea on long USDCNH. It’s been a fun 5 months writing and sharing our thoughts with the community. Much has happened since April, but two critical things stayed the same. The US Federal Reserve remains hawkish, raising rates, while the PBoC remains dovish, continuing with its easing stance. The result? USDCNH trading beyond the 6.9 level, surpassing both our target levels. With the next Federal Reserve meeting coming up, we think it’s time to review this idea again. The CME FedWatch Tool allows us to gauge what market participants are expecting the Fed to do. The prevalent consensus seems to be that the Fed is likely to raise rates till the end of the year before holding rates at the 3.75 – 4.00 % level for the next year. On the other hand, the PBoC has continued to ease, cutting reserve requirement ratios & lowering its medium-term lending facility. With China still battling Covid via lockdowns, persistently low inflation numbers, and weak economic numbers, we see further easing on the cards from PBoC. Looking at the charts, the USDCNH pair has just completed a symmetrical triangle chart pattern. After breaking out to the upside and a brief pull-back, prices continued upwards with strong momentum. Using classical charting techniques, the target levels for the breakout can be set to the distance of the high and low of the symmetrical triangle and applied to the top of the triangle. With the target price of 7.1180, there is still upside for this trade. It seems that policy divergence will remain for these two major economies, which is likely to strengthen the USD and weaken the CNH further, driving up the USDCNH pair. Using technical to identify target levels where we will be comfortable, we think that there is room for more upside. Entry at 6.9500, stop at 6.8545. Target at 7.1180. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. Reference: www.cmegroup.com
Editors' picks
CME:CNH1!Long
by inspirante
9
CME Reportables for BitcoinThe CME report for the 23rd to 30th of August came out Friday and saw interesting price action from Bitcoin. Another approximate 1k range is currently between 20.4k and 19.3k. This is similar to the previous range of 21.8k to 20.8k. As of the report, Exchanges (Dealers/Intermediaries) increased their Longs by a massive 293%. The change in Shorts being negligible could indicate an interest in holding the current lows. Asset Managers / Institutionals are still closing their long positions and adding shorts however given that the majority of their Long positions were created in November, December, and again in March they are currently very out of position and this seems to be an act to hedge themselves and mitigate risk. This can be seen as they have closed 1306 positions or 18% of their Longs since August 16th. 2 CME Gaps in Price Action still exist from November and December of 2020 at 17k and 18k. With the majority of low leverage liquidity from July and August under the current low at 19.3k a breakdown in price would occur swiftly to test lows from the beginning of July. Until this range is confirmed broken, then the Support at 19.3k and 20.4k is still valid. A word of caution; Be very careful Shorting into Support or Longing into Resistance. Wait for confirmation of range break and assume it is a fakeout until it is confirmed as a breakout.
CME:BTC1!
by TrendmasterOfficial
🤖 #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 - Singapore-Based Hodlnaut Halts Withdrawals Citing ‘Market Conditions’ beincrypto.com / 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.
by Kryptochristian
2