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Jan.31-Feb.5(ETH)Weekly market recapAt the FOMC last week, interest rates remained unchanged, in line with market expectations. The labor market showed strong performance in U.S. employment report released on Friday. In an interview over the weekend, Powell said a rate cut was possible this year, but based on current economic data, it was unlikely that an interest rate cut will be imminent. CME currently shows traders believe the first rate cut this year is more likely to occur at the FOMC in May. So the market will usher in the dual benefits of BTC halving and monetary policy changes from April to MAY. Since February, the reduction of GBTC holdings has slowed down. Although GBTC may eventually be cleared due to high fees, overall BTC ETF funds are still showing a slow inflow. After the rebound, the volatility of ETH also decreased, maintaining a narrow range around 2300. The trading volume of ETH has dropped significantly. Although the WTA indicator does not show whale participation in trading, the gray columns representing retail investors is also declining. The bullish trend continues on the ME indicator. Switch to the 4h level, where you can see the decline in trading volume more clearly. The ME indicator remains in a bearish trend. ETH is a follower, with traders tracking ETH pricing based on BTC’s rebound. ETH turned active for a while after the approval of the BTC ETF, but it soon disappeared, and discussions of Dencun and the ETH ETF did not prevent trading volumes from declining. To sum up, ETH is likely to continue to fluctuate this week. We maintain our original resistance level 2700 and support level 2200. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
2
Jan.31-Feb.5(BTC)Weekly market recapAt the FOMC last week, interest rates remained unchanged, in line with market expectations. The labor market showed strong performance in U.S. employment report released on Friday. In an interview over the weekend, Powell said a rate cut was possible this year, but based on current economic data, it was unlikely that an interest rate cut will be imminent. CME currently shows traders believe the first rate cut this year is more likely to occur at the FOMC in May. So the market will usher in the dual benefits of BTC halving and monetary policy changes from April to MAY. Since February, the reduction of GBTC holdings has slowed down. Although GBTC may eventually be cleared due to high fees, overall BTC ETF funds are still showing a slow inflow. Volatility fell last week, BTC remained fluctuating around 42000, and the market has digested the reduction in GBTC holdings. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy area further narrows. Because BTC was almost fluctuating in a narrow range last week, it is reasonable that there were no whales participating in the trading on the WTA indicator. The MBF indicator shows bottom buying sentiment after BTC approached a given support level, with a small value. Switching to the 4h level, the indicator does not reflect much information. BTC maintained a long period of fluctuation after rebounding from 38000, and the ME indicator switched to a bullish trend. In summary, after the market fully priced the BTC ETF, BTC seems to have returned to a state of low volatility. It may continue to fluctuate. We maintain the original support level 38000 and resistance level 48000. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
1
Jan.23-Jan.30(ETH)Weekly market recapFunds continue to flow out of GBTC. Since the BTC ETF was approved, US SEED_TVCODER77_ETHBTCDATA:5B has flowed out, and at the current speed, GBTC is expected to be cleared by the end of February. What makes us curious is why the fee of GBTC is higher than that of several other ETFs. Obviously, investors are not willing to bear such a high cost, and it is difficult for GBTC to increase assets. We believe that the outflow of funds from GBTC will continue to put pressure on BTC prices, but it will still move towards ATH in the medium and long term. ETH dropped to reach our given support level and gave up its previous gains to return to its original range. ETH, like BTC, has given up its over-pricing of BTC ETF and returned to the long-term range. But judging from last week’s performance, ETH has become a follower again. After testing the support level for several consecutive days, it began to rebound, driven by the market. At the daily level, ETH continues to maintain a bullish trend. However, the rebound brought by the bulls was small, and there was not much support from whales. Switching to the 4h level, we can clearly see that although whales participated in the previous dump, they did not appear during last week's rebound. And the ME indicator suggests that it is currently in a bearish trend. In summary, ETH may continue to follow BTC this week, but the power of the bulls is still weak. It’s hard to imagine what the current ETH/BTC exchange rate would be without staking. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Jan.23-Jan.30(BTC)Weekly market recapFunds continue to flow out of GBTC. Since the BTC ETF was approved, US SEED_TVCODER77_ETHBTCDATA:5B has flowed out, and at the current speed, GBTC is expected to be cleared by the end of February. What makes us curious is why the fee of GBTC is higher than that of several other ETFs. Obviously, investors are not willing to bear such a high cost, and it is difficult for GBTC to increase assets. We believe that the outflow of funds from GBTC will continue to put pressure on BTC prices, but it will still move towards ATH in the medium and long term. Last week, BTC began to rebound after approaching 38000, and the price returned to above 42000. We can see from the candle chart that before December last year, BTC basically maintained a fluctuation below 38000. But when the market learned that BTC ETF was likely to be approved in January, overpricing began. Therefore, BTC fell back to 38000 again last week, indicating that overpricing has been repaired. After a week of gains, BTC continues to maintain a bullish trend. The purple wavy area on the ME indicator has not narrowed further. However, judging from the trading volume and WTA indicators, last week's rebound was not supported by whales, and the trading volume was also lower than in the past. Switching to the 4h level, the ME indicator is changing from a bearish trend to a bullish trend. But on the WTA indicator, it is similar to the daily level. The rebound last week didn't have a lot of whale support. To sum up, we think that whales believe that the current price of BTC is still not an entry point. BTC is more likely to be fluctuating this week. We maintain the original resistance level 48000 and support level 38000. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
2
Jan.16-Jan.22(ETH)Weekly market recapBTC ETF traded for 8 days. Except for GBTC, the remaining 10 BTC ETFs are experiencing capital inflows. Most of the funds flowing out of GBTC have flowed into lower-fee BTC ETFs. But for the market, although the long-term bullish trend has not been destroyed, Sell the news has brought about a clear correction. Crypto markets entered a callback period. The next important event is the arrival of the BTC halving, and the Federal Reserve begin to change their monetary policy. The former will be in April, and the latter will appear as soon as the FOMC in March or May based on the current interest rate market. Until then, the market will pay for the excessive pricing of BTC ETFs. After reaching equilibrium at the ETH/BTC exchange rate, ETH lost power again. ETH has performed worse than BTC over the last week, with bulls barely able to rally at all. You seem to see a man walking to the edge of a cliff and jumping off. After Monday’s decline, ETH is back in the range that started in December. From an indicator point of view, the purple wavy area of the ME indicator narrows. Although the bullish trend is maintained, the strength of the bears has increased. The WTA indicator is the same as BTC. The whales has stopped profiting after the approval of the BTC ETF, and the recent decline may be more caused by retail investors. To sum up, ETH may continue to fall this week. But compared to BTC, ETH is already in the previous zone, so there is little room for continued decline. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Jan.16-Jan.22(BTC)Weekly market recapBTC ETF traded for 8 days. Except for GBTC, the remaining 10 BTC ETFs are experiencing capital inflows. Most of the funds flowing out of GBTC have flowed into lower-fee BTC ETFs. But for the market, although the long-term bullish trend has not been destroyed, Sell the news has brought about a clear correction. Crypto markets entered a callback period. The next important event is the arrival of the BTC halving, and the Federal Reserve begin to change their monetary policy. The former will be in April, and the latter will appear as soon as the FOMC in March or May based on the current interest rate market. Until then, the market will pay for the excessive pricing of BTC ETFs. BTC continued to fall last week, falling below the lower rail(41000) of the range yesterday, and was accompanied by obvious trading volume. Judging from the decline process, the bulls did not strengthen after approaching 41000, but continued to fall after the fluctuation. The bears are clearly stronger than the bulls. Due to the previous rapid rise, there is no stable support between 41000 and 38000. From an indicator perspective, although the ME indicator maintains a bullish signal, the purple wavy area is narrowing. On the WTA indicator, whales took profits after BTC reach 49000. To sum up, we believe that BTC will most likely continue to fall this week and hit the given support level of 38000. We maintain last week’s resistance level of 48000 and support level of 38000. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Jan.9-Jan.15(ETH)Weekly market recapAs predicted in our last recap, all 11 BTC ETFs were approved. A new era has arrived for crypto. This means that more American entities will be able to purchase BTC through asset management companies. We learned from Bloomberg that the the trading volumes of the 11 BTC ETFs in the first two trading days were $4.6 billion and $3.1 billion respectively. Although for GBTC, many speculators chose to sell and leave, more funds entered the BTC ETF. After the BTC ETF was approved, BTC did not break through 50000, but ETH rose even more. We mentioned in the previous recap that the BTC ETF may have been priced ahead of time. Of course, this part is only for approval and will not affect the long-term bullish trend. So it’s understandable when traders start going long on the ETH\BTC rate. The picture above is what we used in the previous recap to show how far ahead BTC is relative to ETH. However, after ETH rose, BTC and ETH have almost returned to the same level. After all, the market will begin to price the ETH ETF and the upcoming Dencun upgrade, which will benefit the ETH Layer2 ecosystem. ETH closed the gap with BTC last week, rising above given support levels. ETH showed a long-awaited initiative. Although, like BTC, ETH experienced a correction over the weekend, the magnitude of the correction was not large. The ME indicator shows that ETH maintains its bullish trend. Although ETH faces the same situation as BTC on the WTA indicator, and it is difficult to recover from short-term rise, but it does not destroy the bullish trend at a large level. We raised the resistance level to 2700 and the support level to 2200. In summary, ETH may continue to outperform BTC this week, and we believe that ETH may hit a given resistance level. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Jan.9-Jan.15(BTC)Weekly market recapAs predicted in our last recap, all 11 BTC ETFs were approved. A new era has arrived for crypto. This means that more American entities will be able to purchase BTC through asset management companies. We learned from Bloomberg that the the trading volumes of the 11 BTC ETFs in the first two trading days were $4.6 billion and $3.1 billion respectively. Although for GBTC, many speculators chose to sell and leave, more funds entered the BTC ETF. After the BTC ETF was approved, BTC did not break through 50000, but ETH rose even more. We mentioned in the previous recap that the BTC ETF may have been priced ahead of time. Of course, this part is only for approval and will not affect the long-term bullish trend. So it’s understandable when traders start going long on the ETH\BTC rate. The picture above is what we used in the previous recap to show how far ahead BTC is relative to ETH. However, after ETH rose, BTC and ETH have almost returned to the same level. After all, the market will begin to price the ETH ETF and the upcoming Dencun upgrade, which will benefit the ETH Layer2 ecosystem. BTC did not stand above 50000 because the ETF was approved. Instead, they gave up their previous profits and returned to below 44000 again. The pin-bar is very long, and the decline is accompanied by a lot of trading volume. From an indicator perspective, the ME indicator continues to maintain a positive bullish trend. But from the WTA indicator, we see the appearance of destructive candles, accompanied by blue bars representing whales. It is difficult for BTC to resume its rise quickly. We maintain resistance 48000 and support 38000. To sum up, there is a high probability that BTC will remain volatile near the current level. The approval of the BTC ETF will allow U.S. capital to flow into the market again, and the correlation with U.S. stocks may increase, causing volatility to begin to decrease. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Jan.2-Jan.8(ETH)Weekly market recapOn January 8, most BTC ETF applicants submitted updated documents on time. According to the latest news, some applicants such as BlackRock and Invesco have submitted BTC ETF securities registration applications to the SEC and have deposited seed funds. At the same time, BTC pumped to $47,000 and recovered the losses of last week. We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed. As mentioned in our previous recap, ETH did not break above its previous highs last week. The fluctuation lasted for a month. Our research department obtained from on-chain data that unlike BTC, the number of ETH whales (large holders) has continued to decrease in the past year, and the big whales have split to many small ones. This may be one of the reasons why ETH is weakening in trend continuation. On the daily level, ETH continues to maintain a bullish trend, but the purple wavy area is shrinking. The situation reflected in the WTA indicator is basically the same as that of BTC. Whales appear during the fluctuation. There is no blue column support for the rise. Switch to level 4h. Due to long-term fluctuations, ETH is currently in a slight bearish trend from the ME indicator. During the recent rise, although blue columns appeared, the overall trading volume was declining, which also reflects the further reduction of ETH's continuity. In summary, the final reply to the BTC ETF this week is very important to the entire crypto market. We believe that ETH will also experience larger fluctuations due to this event. It is necessary to go long volatility to hedge risks. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Jan.2-Jan.8(BTC)Weekly market recapOn January 8, most BTC ETF applicants submitted updated documents on time. According to the latest news, some applicants such as BlackRock and Invesco have submitted BTC ETF securities registration applications to the SEC and have deposited seed funds. At the same time, BTC pumped to $47,000 and recovered the losses of last week. We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed. BTC continued to fluctuate last week and broke through the previous high on Monday, reaching 47000. In terms of trading volume, there is actually no significant increase, but it is only slightly higher than the level on working days. We continue to maintain the original resistance level 48000 and support level 38000. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range has not narrowed. On the WTA indicator we see whales diverging. The blue column representing the whale appeared during the fluctuation, but the rise on yesterday was not supported by the blue column. This also reflects that the market is currently waiting for the SEC to give a reply. Switch to level 4h. After BTC broke out of its highs, the purple wavy area widened and the bullish trend became more stable. Whales appear after BTC completes its breakout. Price is currently in a state of fluctuation. In summary, the whales diverged, and it is still the situation of the BTC ETF that determines the movement of BTC this week. Volatility may rise rapidly this week, and price may reach the given support level or the given resistance level during the fluctuation. Hedging by going long volatility is necessary. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Dec.26-Jan.1(ETH)Weekly market recapHi Sypoolian, happy new year. As the window period of BTC ETF approaches, the fluctuations of market gradually amplify. The current options open interest in BTC is at an all-time high, approaching $20 billion. On Deribit, among the options with expiration dates on January 5 and January 12, the number of call options is clearly leading. At strike price, the $50,000 call option leads in volume. These indicate that the market expects the BTC ETF to pass with a high probability, and in the short term, BTC may reach around $50,000. In addition to the predictions given by the options market, we also see the GBTC premium shrinking further. As well as Ark investment funds gradually reducing their holdings of GBTC, these all show that the adoption of BTC ETF is getting closer. (We believe that in the case where Ark Investment Fund has applied for a BTC ETF at the same time, reducing the share of competitors is an act of betting on the approval of the BTC ETF). ETH broke through the given resistance level after rising but did not break through the high. The trading volume is low, which again makes us question the bulls. We raise the resistance level to 2500 and maintain the original support level 2120. On the daily level, ME shows that ETH maintains its bullish trend. On the WTA indicator, whales did not give much support to the rising process, and appeared more in shocks and declines. ETH is currently close to the high again, but judging from the whale's past behavior, it is difficult to rise directly above 2400. Switch to level 4h. Although the ME indicator continues to suggest a bullish trend. But yesterday's rise did not have a blue column. To sum up, ETH still plays the role of a follower. In the past month, ETH's rise has been sudden, and more of the time it has been in the process of adjustment. We believe ETH remains bullish, but the continuation will be the same as before. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSDLong
by Sypool
Dec.26-Jan.1(BTC)Weekly market recapHi Sypoolian, happy new year. As the window period of BTC ETF approaches, the fluctuations of market gradually amplify. The current options open interest in BTC is at an all-time high, approaching $20 billion. On Deribit, among the options with expiration dates on January 5 and January 12, the number of call options is clearly leading. At strike price, the $50,000 call option leads in volume. These indicate that the market expects the BTC ETF to pass with a high probability, and in the short term, BTC may reach around $50,000. In addition to the predictions given by the options market, we also see the GBTC premium shrinking further. As well as Ark investment funds gradually reducing their holdings of GBTC, these all show that the adoption of BTC ETF is getting closer. (We believe that in the case where Ark Investment Fund has applied for a BTC ETF at the same time, reducing the share of competitors is an act of betting on the approval of the BTC ETF). BTC remained fluctuating for most of last week, but saw a significant rise on the first day of the new year, breaking through the given resistance level 44000. The current price is above 45000. However, the trading volume yesterday was not very significant, so whether an effective breakthrough will be formed needs to wait until today's close. We raise resistance level to 48000, the March 2022 rally high, and maintain the original support level 38000. On the daily level, the ME indicator continues to remain bullish. Judging from the WTA indicator, the rise is still not supported by the blue column representing the whale, which is one of the reasons why we have not confirmed an effective breakthrough. Switch to level 4h. BTC rose and expanded after breaking through 44000, and trading volume increased significantly, completing the breakthrough. We can also see on the WTA indicator that the blue column representing the whale appears. And on the ME indicator, the purple wavy area has expanded again. To sum up, we believe that we need to wait until today's close to determine whether a breakthrough at the daily level is formed. Currently BTC is only confirmed at the 4h level. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSDLong
by Sypool
Dec.19-Dec.25(ETH)Weekly market recapWe wish you a Merry Christmas, And a Happy New Year. In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF. ETH did not reach near the high point during last week's rebound, and continued to play the role of a follower, rising and pulling back driven by BTC. ETH’s trading volume has increased over the last week. After temporarily breaking through the resistance level we gave, ETH fell back again. We retain the previous resistance level 2300 and support level 2120. From an indicator point of view, the purple wavy area displayed by the ME indicator is enlarged, indicating that ETH maintains a bullish trend. On the WTA indicator, blue bars representing whales appear, and the sum of trading participation at all levels remains at a high level. This is different from BTC. To sum up, ETH’s bulls are not as strong as BTC. The entire rise was driven by BTC. We believe that ETH may continue to fluctuate or fall this week. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Dec.19-Dec.25(BTC)Weekly market recapWe wish you a Merry Christmas, And a Happy New Year. In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF. Last week, BTC was as we expected. It did not stand above 44000, but fluctuated. Perhaps due to the impact of the Christmas holiday, the trading volume has decreased. From a time perspective, BTC may continue to fluctuate at this level until the ETF approval. We raised the resistance level to 44000 and retained the previous support level 38000. From an indicator perspective, the ME indicator shows that BTC is maintaining a bullish trend. But the situation reflected in the WTA indicators is not ideal. We have mentioned in the previous recaps that although the price has reached a new level, whales have never appeared in groups. Relying solely on the power of retail investors, BTC can barely maintain fluctuations and cannot restart its rise. To sum up, we believe that BTC will most likely continue to fluctuate. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Dec.13-Dec.18(ETH)Weekly market recapOn Tuesday last week, the U.S. Department of Labor released the CPI for November, and the CPI dropped further. At Wednesday's FOMC press conference, Powell said that although the possibility of raising interest rates will be retained in the FOMC report, for him, the interest rate hikes are basically over, and various factors will be considered in subsequent monetary policy adjustments. Shortly after Powell finished his speech, CME's interest rate path showed that the market predicted that there would be five 25bp interest rate cuts in 2024, with the earliest one occurring in March 2024. This provides conditions for BTC to rise further. ETH maintained a decline with fluctuation last week. We can see that the fluctuations made it reach the given resistance level and the given support level, but did not break through them. Relative to BTC, ETH has higher trading volume, but the bulls are weaker. We maintain our previous resistance level 2300 and support level 2120. Judging from the ME indicator, ETH maintains a bullish trend. On the WTA indicator, there are not many whales. Switching to the 4h level, the situation of ETH is not good. Although there are consecutive green candles, hardly whales to be seen on the WTA indicator, and retail investor participation is also decreasing. On the ME indicator, the purple wavy area is close to disappearing. The current rally is fragile. To sum up, we believe that ETH will most likely fall and may remain volatile. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Dec.13-Dec.18(BTC)Weekly market recapOn Tuesday last week, the U.S. Department of Labor released the CPI for November, and the CPI dropped further. At Wednesday's FOMC press conference, Powell said that although the possibility of raising interest rates will be retained in the FOMC report, for him, the interest rate hikes are basically over, and various factors will be considered in subsequent monetary policy adjustments. Shortly after Powell finished his speech, CME's interest rate path showed that the market predicted that there would be five 25bp interest rate cuts in 2024, with the earliest one occurring in March 2024. This provides conditions for BTC to rise further. The performance of BTC last week exceeded our expectations. The long red candle did not repel the bulls and declines were not seen. Although BTC has not broken through the given resistance level upward, maintaining fluctuation is already the best way. We maintain our previous resistance level 43000 and support level 38000. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range widens. However, WTA indicators do not show optimism. The blue column representing the whale does not appear on the daily level. Switching to the 4h level, the ME indicator still remains bullish, but the fluctuation makes the purple wavy area narrow. Although the WTA indicator shows that blue columns representing whales appeared during the recent rise, there are too few whales, and even the gray bars representing retail investors are short. To sum up, we believe that it is difficult for BTC to continue to rise at this position, and there is a high probability of fluctuations or corrections. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Dec.5-Dec.12(ETH)Weekly market recapOver the weekend, many BTC ETF applicants submitted revised prospectuses to the SEC. Among them, well-known asset management companies such as BlackRock and Fidelity discussed the redemption assets of BTC ETF with the SEC, and finally determined that they would be redeemed in a manner similar to cash. Everything is going on in an orderly manner. The crypto saw a significant dump on Monday and did not recover the extent of its losses within 24 hours. FOMO gradually weakens. However, there has not been any change in the macro perspective, and the decline is just a correction in pricing. Our research department has reviewed the trend of the history of BTC. In past bull markets, there will be relatively obvious drawdowns, with a magnitude greater than 30%. The largest drawdowns in the bull market that started in 2023 has been 20%, which is smaller than the average. Like BTC, ETH rose above the given resistance level last week, but quickly fell back down. The lows for the week are close to our support level. There was not much trading volume on the way down. We maintain previous resistance level 2300 and support level 2120. The ME indicator shows that ETH remains bullish, but the purple wavy area is beginning to narrow. It can be seen from the WTA indicator that there are not many whales participating in this round of rise (2100-2400). With the appearance of Monday's long rainbow candle, the current uptrend has come to an end. At the 4h level, the ME indicator shows that ETH continues to maintain a bullish trend. Like BTC, after the long red candle appeared, whales eagerly participated in the transaction, causing ETH to fall further. To sum up, ETH is a follower of BTC. We believe ETH remains bullish at large levels, but the current pullback is likely not over. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSDShort
by Sypool
Dec.5-Dec.12(BTC)Weekly market recapOver the weekend, many BTC ETF applicants submitted revised prospectuses to the SEC. Among them, well-known asset management companies such as BlackRock and Fidelity discussed the redemption assets of BTC ETF with the SEC, and finally determined that they would be redeemed in a manner similar to cash. Everything is going on in an orderly manner. The crypto saw a significant dump on Monday and did not recover the extent of its losses within 24 hours. FOMO gradually weakens. However, there has not been any change in the macro perspective, and the decline is just a correction in pricing. Our research department has reviewed the trend of the history of BTC. In past bull markets, there will be relatively obvious drawdowns, with a magnitude greater than 30%. The largest drawdowns in the bull market that started in 2023 has been 20%, which is smaller than the average. BTC broke above the given resistance level last week and gave back its gains on Monday this week. Judging from the trading volume, it is not significantly higher than in the past. We still maintain previous resistance level 43000 and support level 38000. From an indicator point of view, the ME indicator maintains the purple wavy area, indicating that BTC continues to maintain a bullish trend. As for the WTA indicator, we mentioned in the last recap that the second round of rise (38000-44000) did not have many blue bars representing whales. This aspect can be compared with the first round of rise (27000-35000) . In this case, the destructive candle appeared on Monday, indicating that the second round of rise has been ended. Switching to the 4h level, the purple wavy area displayed by the ME indicator gradually narrows. And we can see that there were a lot of whales involved in trading during the decline, but not many whales in the rebound. Most whales cut their profits. To sum up, we believe that BTC will remain bullish in the long term, but may remain volatile or fall further in the short term. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSDShort
by Sypool
Nov.28-Dec.5(ETH)Weekly market recapCryptos are rallying again following SEC discussions with BlackRock and Grayscale. Another financial asset that performed well last week was gold. While the DXY fell, both BTC and gold became beneficiaries. BTC will usher in its halving in 2024, and changes in supply may make BTC more and more like precious metals. When a gold investor discovers that gold is near ATH, there is another financial asset whose supply is dwindling, is easy to store, and has no sovereign risk. So how will the investor choose? ETH broke through the November high last week and also broke through the high of Shanghai upgraded, but it still lags behind BTC. We also raised the resistance level to 2300 and the support level to 2120. Through the WTA indicator, we can see that the breakthrough of ETH last week was mainly contributed by retail investors represented by the gray columns, and whales did not appear. While the volume is above average, the candle combination is more like an alt-coin. The bullish trend continues on the ME indicator and the purple wavy area widens. At the 4h level, whale performance is even weaker. And there are short-term rising and long-term fluctuations on the candle chart, which is not good. The ME indicator is the same as the daily level and continues to remain bullish. To sum up, the performance of ETH is still weaker than that of BTC. While ETH continues to remain bullish, watch out for destructive candles that could bring an end to the bullish trend. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
Nov.28-Dec.4(BTC)Weekly market recapCryptos are rallying again following SEC discussions with BlackRock and Grayscale. Another financial asset that performed well last week was gold. While the DXY fell, both BTC and gold became beneficiaries. BTC will usher in its halving in 2024, and changes in supply may make BTC more and more like precious metals. When a gold investor discovers that gold is near ATH, there is another financial asset whose supply is dwindling, is easy to store, and has no sovereign risk. So how will the investor choose? BTC broke 38000 on Friday, rising further over the weekend when trading was less active, and hit 42000 on Monday. The current price is in the accumulation area in 2022. BTC continues to maintain its bullish trend. Based on the rise, we raise the resistance level to 43000 and the support level to 38000. At the daily level, we can see through the WTA indicator that during the period when BTC exceeded 38000, there were not many whales, which was very different from the rise in mid-October. Of course there is a bit of a problem with our inability to define a bullish trend until a destructive candle appears. But caution is needed. Judging from the ME indicator, BTC currently maintains a healthy bullish trend, and the purple wavy area gradually changes. Switch to level 4h. Although the WTA indicator does not perform ideally at the daily level, it seems to be OK at the 4h level. During the recent rally, the blue bars representing whales increased evenly, and no destructive candles emerged. The bullish trend at this level is likely to continue. In summary, BTC is likely to continue to maintain a bullish trend, but it should be noted that whale participation is not high at the current position. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSDLong
by Sypool
Nov.22-Nov.28(ETH)Weekly market recapThe U.S. Securities and Exchange Commission (SEC) published two memorandums on its official website, officially confirming discussions with BlackRock and Grayscale on matters related to the listing of Bitcoin ETFs. It is reported that a memo shows that the SEC has discussed with Grayscale on November 20, on the proposed rule changes for the listing and trading of the Grayscale Bitcoin ETF; another memo shows that on the same day, the SEC and BlackRock, the largest asset management company, also held a meeting to discuss proposed rule changes for the listing and trading of the iShares Bitcoin Trust ETF. This shows that the BTC ETF is being implemented as planned, and BlackRock and Grayscale are likely to be the first to pass. We can apply for BlackRock from the original schedule. The latest SEC statement date is January 15, 2024, which will be a very important day. On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF. Compared with BTC, ETH has been more volatile last week. After ETH rose rapidly and broke through the given resistance level, the correction was also very obvious, and it has already reached EMA20. ETH is bullish at large levels. We continue to maintain the original resistance level of 2120 and support level of 1880. From the WTA indicator, although there are not many blue columns representing whales on ETH, we can still see that after the long green candle appears, the blue columns participated in the transaction during the callback process ( (shown in the red range), but when ETH rose again last week, it was more driven by retail traders. So when price fall, the slope is steep. This also shows that the price above the 2000 is not attractive to whales. ETH behaves more like a follower. The long green candle did not bring a continuous rise and the pullback suddenly started. Under the current circumstances, ETH is likely to fall. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSDShort
by Sypool
Nov.22-Nov.28(BTC)Weekly market recapThe U.S. Securities and Exchange Commission (SEC) published two memorandums on its official website, officially confirming discussions with BlackRock and Grayscale on matters related to the listing of Bitcoin ETFs. It is reported that a memo shows that the SEC has discussed with Grayscale on November 20, on the proposed rule changes for the listing and trading of the Grayscale Bitcoin ETF; another memo shows that on the same day, the SEC and BlackRock, the largest asset management company, also held a meeting to discuss proposed rule changes for the listing and trading of the iShares Bitcoin Trust ETF. This shows that the BTC ETF is being implemented as planned, and BlackRock and Grayscale are likely to be the first to pass. We can apply for BlackRock from the original schedule. The latest SEC statement date is January 15, 2024, which will be a very important day. On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF. We can see that after BTC reached 38000, the short positions did not immediately strengthen. BTC's correction was gentle. This shows that although the price is at a high level. But not many people are actively bearish on the market. And the trading volume is not obvious during the correction. Currently, BTC is gradually approaching EMA20. We maintain the original resistance level 38000 and support level 35000. There is no long blue column on the WTA indicator at the daily level. However, we can find that after BTC entered the red zone, even if BTC rose, there was not a large number of whales participating. Perhaps the whales believed that the red zone was not suitable for blindness before the BTC ETF was updated. Not only whales, you can also find that the gray columns representing retail investors at the daily level are also gradually decreasing. Without the support of whales, BTC is likely to continue to fluctuate this week. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:BTCUSD
by Sypool
Overview of good ideas I had :)☝️Dear traders, no one here has superpowers, and I'm as well just a human. Please take everything with a degree of doubt and critique. I'm just sharing my view and one of the possible scenarios of price action. When I enter I try to predict as little as possible and actually follow what the market is doing, joining the market and not arguing with it or forcing my will. Have good trading, keep a constant flow of self-awareness, and do your best. 🙌
OANDA:XAUUSDEducation
by Yelli_trades
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