Scroll Governance Token ($SCR) Debut at $212 Million Market CapScroll, a prominent Layer-2 scaling network for Ethereum, recently launched its highly anticipated native governance token, $SCR. The token debuted with a market capitalization of $212 million, pricing at around $1.40 before facing a downward trend to its current value of $1.10, reflecting the challenges faced in its initial release. With a fully diluted valuation (FDV) of $1.1 billion, Scroll is positioning TSX:SCR as a key component of its governance and utility framework as the network progresses towards full decentralization.
However, the token's journey has been far from smooth, plagued by negative sentiment and user concerns over token allocation. Despite this, TSX:SCR 's long-term potential, coupled with its essential role in Scroll’s ecosystem, makes it an intriguing asset for traders and investors alike.
Overview
1. Market Cap & Circulating Supply
The TSX:SCR token launched with a market cap of $212 million and a circulating supply of 190 million tokens. While the token initially started trading at $1.40, it saw a swift correction to $1.10 within the first few hours. The correction, while expected in volatile market conditions, was partly driven by criticism over the token allocation process.
2. Airdrop Concerns & Team Transparency:
A significant factor that influenced early price movements was Scroll's decision to give Binance 5.5% of the total token supply for its Launchpool users. This allocation raised concerns among early adopters who felt the token distribution lacked fairness. Moreover, Scroll’s users voiced frustration over rumors that team members were eligible for airdrops, but these claims were swiftly refuted by core contributors.
Scroll ( TSX:SCR ) took a strong stance against these allegations, emphasizing that no co-founders or team members would receive any portion of the airdrop, aiming to restore trust among the community. Despite these efforts, the negative sentiment lingered as the token price experienced a notable decline of 20%, marking a rough start for $SCR.
3. Trading Volume & Liquidity
Despite its price slump, TSX:SCR saw impressive trading volume, with $189 million traded across all pairs on its first day. The token also accumulated over 500,000 transfers and more than 200,000 holders in just 24 hours, signifying strong market interest. Liquidity remains solid, with over $400,000 positioned within 2% of the spot price on Binance, indicating healthy participation and relatively low slippage for traders.
Technical Analysis:
From a technical perspective, TSX:SCR is currently experiencing a dip, down 12% from its initial trading price. The Relative Strength Index (RSI) sits at 43, which places the token in a neutral territory. This suggests that while there’s some downward pressure, the selling momentum is not overwhelming, and the market could soon stabilize.
One notable pattern in the chart is the appearance of a gap-down formation, which often signals a short-term selling climax. This gap, if not filled quickly, could reverse and provide strong buying opportunities, especially as TSX:SCR approaches key support zones.
The recent price action has created the possibility of a bullish engulfing pattern, hinting at a potential trend reversal. The $1.10 to $1.36 range presents critical pivot points, and any surge beyond $1.36 could propel TSX:SCR toward retesting its previous highs, especially as the token gains more market traction.
In addition, the overall volume profile indicates substantial trading interest, with bullish investors likely stepping in once the selling pressure subsides. Historically, tokens like TSX:SCR tend to see increased demand as they integrate more utility features, and with Scroll’s plans to evolve TSX:SCR into a protocol utility token, the long-term outlook remains optimistic.
What Lies Ahead for Scroll and TSX:SCR ?
The future of TSX:SCR hinges on several key factors:
1. Decentralization & Governance: As Scroll becomes more decentralized, the demand for TSX:SCR as a governance token will likely increase. Its utility in voting on key proposals, network upgrades, and other governance-related activities will add more value over time.
2. Institutional Adoption: As the Scroll network matures, its Layer-2 scalability could attract institutional interest, especially as Ethereum continues to deal with congestion and high transaction fees. This could lead to higher demand for TSX:SCR as institutions seek governance influence within the ecosystem.
3. Technical Strength & Support: The $1.10 support level will be critical in the short term, and if Scroll can maintain or reclaim the $1.36 pivot, it could signal a trend reversal and trigger a rally towards its all-time highs (ATH). The bullish engulfing pattern suggests that buyers may soon regain control, especially if the volume spikes in the coming sessions.
4. Addressing Community Concerns: Lastly, Scroll’s transparency and responsiveness to community concerns will play a vital role in fostering long-term trust. By effectively managing token distribution and ensuring fairness, Scroll can rebuild investor confidence, which will ultimately be reflected in the TSX:SCR price action.
Conclusion
Despite the initial volatility and concerns surrounding its launch, TSX:SCR ’s long-term potential remains intact. The Scroll network’s focus on decentralization and its role in Layer-2 Ethereum scaling solutions could see TSX:SCR emerge as a valuable governance and utility token. While the token faces short-term selling pressure, its fundamental strength, combined with the technical outlook, suggests that the worst may soon be over. A bullish reversal looks likely as TSX:SCR approaches key support levels, and with continued development, Scroll and its native token are well-positioned for future growth.
Investors with a long-term horizon should watch for the $1.36 pivot as a potential entry point, while keeping an eye on market sentiment and upcoming developments within the Scroll ecosystem.
Tokens
Why ARTYFACT Token Is Poised for Growth!Hey, TradingView community! I'm excited to share my analysis of the ARTYFACT token, which appears to be on the verge of a significant breakout.
In this post, we’ll dive into the price action of the ARTYFACT token , which seems to be bottoming out. This distinctive formation resembles a Falling Wedges , signaling a potential bullish overtaking of the bears. The price is flattening out and may soon exit from accumulation zone around the $0.40 range.
Currently, the price is breaking out from resistance and aiming for targets between $0.60 and $0.75 . If momentum continues, we could see movement towards $1.00 and even $2.00 in the long term. However, it’s crucial to exercise caution, practice good risk management, and always trade with a stop loss.
Several factors in the ARTYFACT ecosystem support a bullish outlook:
Market Valuation: With a market cap of just around $8 million, appears significantly undervalued, offering ample growth potential as the GameFi sector expands.
Exchange Listings: Already available on major exchanges such as OKX, Bybit, and KuCoin, could see further price increases if it secures a listing on Binance.
Beta Launch: The upcoming ARTYFACT Beta launch, along with other planned events, is expected to positively influence the price.
Chart Patterns: Technical analysis of the price chart suggests the token may have already hit its bottom, indicating a potential upward trend.
What do you think about the current setup for ARTYUSDT? Have you noticed similar patterns in your analyses? Drop your thoughts in the comments below — I’d love to hear your perspective!
If you found this analysis helpful, please give it a like and follow me for more insights.
Stay tuned for more updates, and let me know if you have any other assets you’d like me to analyze!
Bullish outlook for BANANA/USDT 1-Hour ChartThe red highlighted area around 55.8338 marks a strong support zone where the price has previously found buyers.
This level has been tested multiple times, indicating its importance.
The horizontal red line at 87.2391 indicates a major resistance level.
This level has been identified as a potential target for the upward movement.
There was a significant spike in price, breaking out above the support zone and moving towards higher levels.
The price is currently consolidating after the breakout, indicating a potential continuation of the upward move.
Ensure proper position sizing to avoid overexposure to market volatility.
ZKUSDT: The Path to Millionaire StatusIn the world of cryptocurrencies, ZKUSDT stands out as a diamond in the rough. With its current price hovering around $1.11 and a staggering target of $3.87, this coin is poised for exponential growth. What sets ZKUSDT apart is not just its price potential, but its robust foundation and promising future.
Despite being listed on exchanges like KuCoin, Gate.io, Bybit, and Crypto.com, ZKUSDT has yet to find its place on major platforms such as Binance and OKX. However, the fact that investment teams from these exchanges have already shown interest speaks volumes. The likelihood of ZKUSDT being listed on these giants is incredibly high, potentially catapulting its price to new heights.
Technically speaking, ZKUSDT is currently in the accumulation phase on the price chart, indicating strong support and readiness for a significant upward move. The price targets illustrated on the chart underscore its immense potential.
What's more, the ultimate price ceiling considered as the final target could be surpassed dramatically upon listing on major exchanges. This could turn early holders into millionaires overnight.
ZKUSDT isn't just another cryptocurrency; it's a ticket to financial freedom for savvy investors. Stay tuned for what could be the most lucrative opportunity of the year.
Market Mastery Media
(XYO) XY Labs xyOSXYO or XY Oracle or XY Labs is in beta mode of their new xyOS. The company would then be tagged as a term for "software" that I use and the term "A.I." being ever more popular as the years go on. Here is an image of the chart using the same indicator as seen on the previous images of ETH and BTC. The lines are quite simple compared to those more notable coins plus XY Labs XYO token is not a coin, i.e. layer 1 blockchain.
Anticipating a breakoutXRPUSD has formed a pattern resembling a symmetrical triangle over the past few weeks, and as the price slowly approaches the apex of this formation, it presents an interesting trade setup with two alternative scenarios. The first scenario involves taking a long position after a breakout above the triangle’s upper bound. The second scenario involves entering a short position after the triangle’s lower bound is penetrated to the downside; particular bounds will serve as stop-loss levels in the case of price retracement.
Technical conditions
Daily time frame = Neutral
Weekly time frame = Neutral
Monthly 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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
$70,000 continues to be an obstacle for BitcoinYesterday, Bitcoin again tested the resistance near $70,000 but failed. After soaring to $70,258, it quickly dropped below $69,000, where it currently trades. Overall, not much has changed from a technical perspective since our previous update; merely the sideways trend of a lesser degree became more apparent, with Bitcoin struggling at the $70,000 mark. As such, our focus continues to lie at this point, along with the two sloped channels shown below.
Illustration 1.01
The daily chart of Bitcoin (BTCUSD) above shows the descending channel, with its upper bound acting as an important resistance for the price. To support a bullish case in the short term, it would be ideal for Bitcoin to close above the resistance level for multiple consecutive days; the resistance’s importance grows with each retest.
Illustration 1.02
The image above shows the ascending channel within the larger descending channel; its lower bound acts as a resistance.
Illustration 1.03
The illustration above displays an alternative trendline on Bitcoin's (BTCUSD) daily graph, which acts as critical support for the price.
Technical conditions
Daily time frame = Neutral
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
Bitcoin addresses
Initially, the number of Bitcoin addresses with balances exceeding 1,000 BTC increased slightly after the big slump we described on 29th May 2024. However, while this figure is still above its 28th May 2024 level, it resumed a decline in a new month, which is not a particularly positive sign. The same trend can be observed among the addresses with balances exceeding 100 BTC.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Bitcoin gets rejected for the second timeAfter falling below $67,000 last week, Bitcoin (BTCUSD) recovered much of the losses over the weekend and yesterday. Nevertheless, the rally stopped at the descending channel’s upper bound, and Bitcoin retreated lower. Currently, it trades near the $68,000 mark, and the short-term bullish trend is losing momentum. Accordingly, our focus remains on the resistance at $70,000 and support at $66,343.
Illustration 1.01
The daily chart of Bitcoin (BTCUSD) above shows the descending channel. Two yellow arrows indicate rejections at its upper bound, which are slightly bearish.
Illustration 1.02
The 4-hour Bitcoin (BTCUSD) chart above shows the ascending channel within the bigger descending channel, which can be used to observe the trend of a lesser degree; a price breakdown at its lower bound would bolster a bearish case.
Technical conditions
Daily time frame = Slightly bullish (turning neutral)
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
Bitcoin addresses
The number of Bitcoin addresses with balances exceeding 1,000 BTC has not changed dramatically since our previous update. In fact, the figure is near a 3-month high, suggesting big speculators are not liquidating their positions despite steep price tags. Similarly, there was no significant change in the number of addresses with balances exceeding 100 BTC.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Bitcoin finds strong resistance at $70,000Bitcoin (BTCUSD) pulled back below $67,000 in a broad market move yesterday. Interestingly, this price action coincided with the Securities Exchange Commission’s (SEC) approval of exchange applications to list spot Ether ETFs, which was recently preceded by a rally in altcoins, of which many are currently seeing profit-taking. In addition to that, it coincided with a similar weakness in the U.S. tech sector that remains highly correlated with Bitcoin and whose potential topping presents one of the biggest threats to the cryptocurrency’s spectacular performance. While Bitcoin may take out all-time highs in the near future, we are significantly less optimistic about it continuing to $90,000 or $100,000. In fact, we are starting to grow increasingly more convinced that investors will find, once again, that markets do not function as exponential growth machines. It may have seemed up until now that wealth could be made out of thin air, but historical precedents show that such optimism often leads to harsh reality checks. The exuberance in the market, fueled by speculative mania, will likely face a sobering correction as underlying economic fundamentals reassert themselves. Therefore, we deem it proper to be highly cautious in the current environment, especially as investors continue to disregard many recessionary signs that eventually lead to risk aversion.
Illustration 1.01
The daily chart of Bitcoin (BTCUSD) shows a recent rejection at the channel’s upper bound. Another retest of this resistance is not ruled out.
Illustration 1.02
Movements indicated by the 20-day SMA and the 50-day SMA suggest choppy market conditions for the trend’s medium degree.
Bitcoin addresses
The number of Bitcoin addresses with balances exceeding 1,000 BTC has been rising over the past week or so. But the opposite has been happening to the number of Bitcoin addresses with balances exceeding 100 BTC.
Technical conditions
Daily time frame = Slightly bullish
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
BTC nears all-time highsBitcoin exploded past $71,000 and, in the process, broke above the upper bound of the descending channel. This price action was accompanied by a rise in RSI, Stochastic, and MACD on the daily chart, all of which are bullish signs. However, with a recent slowdown in Bitcoin ETF inflows, it is in question how much upside potential is left before Bitcoin starts giving up some of the gains. Therefore, much attention will be paid to Bitcoin’s ability to stay above the channel’s upper bound. If Bitcoin closes above the channel for multiple consecutive days, it will bolster a bullish case in the short term. Conversely, a failure will be slightly concerning. Besides technicals, the performance of the U.S. stock market, particularly the tech sector, also remains a significant factor due to its high correlation with the cryptocurrency market. If the stock market begins forming a double top, Bitcoin will be negatively affected.
Illustration 1.01
The daily chart of Bitcoin (BTCUSD) shows a bullish breakout above the upper bound of the descending channel.
Illustration 1.02
The chart illustrates the daily MACD and its successful breakout into the bullish zone.
Illustration 1.03
The illustration above displays simple support and resistance levels derived from peaks and troughs.
Bitcoin addresses
Since our last update, the number of Bitcoin addresses with balances exceeding 1,000 BTC has continued to tick higher. The same applies to the addresses with holdings exceeding 100 BTC. These are positive signs, but the rate of increase is negligible.
Technical conditions
Daily time frame = Bullish
Weekly time frame = Bullish
Monthly time frame = Bullish
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Why Are Token Standards Needed?Token standards are crucial because they guide developers on creating and using tokens within a particular blockchain protocol, ensuring compatibility and interoperability among products developed using the same standard.
Token Standards
Token standards are essentially a set of agreed-upon rules that outline the design, development, behavior, and operation of cryptocurrency tokens on a specific blockchain protocol. For these standards to be effective, they must gain wide adoption. Without broad acceptance, these rules cannot be considered "standards" since standards are rules generally followed by a large community.
Why Are Token Standards Needed?
Compatibility: Token standards ensure that all products built using that standard can work together seamlessly.
Composability: In programming, a composable system allows developers to reuse existing components to create new products, which is also applicable to token creation.
Efficiency: Token standards enhance interoperability between smart contracts. When smart contracts follow token standards, they can manage all tokens on the network effectively.
Common Token Standards
ERC-20: The most popular token standard on Ethereum, allowing for the creation of fungible tokens. Examples include Shiba Inu, Tether, Uniswap, and ApeCoin.
BEP-20: A token standard on the Binance Smart Chain (BSC), sharing similar properties with ERC-20 due to their architectural similarities.
ERC-721: This standard allows for the creation of non-fungible tokens (NFTs) on Ethereum, used by many popular NFTs.
ERC-777: An improved fungible token standard over ERC-20, providing enhanced privacy and addressing certain issues with ERC-20 tokens.
ERC-1155: This standard helps reduce costs by allowing transactions to be grouped, and can be used for both fungible tokens like the Basic Attention Token and non-fungible tokens like CryptoPunks.
Wrapped Tokens
Tokens on different blockchains typically cannot interact with each other. Wrapped tokens address this issue by representing assets on one blockchain in a form that can be used on another. For example, Wrapped Bitcoin (WBTC) on the Ethereum blockchain is an ERC-20 token backed 1:1 by real Bitcoin. This allows WBTC holders to use Bitcoin within the Ethereum network for trading, farming, staking, and interacting with other ERC-20 tokens.
Token standards enable the use of diverse assets within the same blockchain, solving the problem of asset incompatibility and providing flexibility for the network.
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The trend of a lower degree turns neutral againBitcoin continues to hover within the downward-sloping channel, and the trend of a lower degree remains neutral, as implied by the low value of the daily ADX and choppy price action. With these developments in place, the focus lies on support at $60,760 and $60,000; a breakout below these two levels will bolster a bearish case in the short term, especially a breakout below the latter. This case would also be strengthened by declining RSI and Stochastic on the daily graph, along with MACD’s failure to move into the bullish area above the midpoint. Contrarily, a bullish case would be strengthened by the rise in all mentioned indicators simultaneously, along with a breakout above the 20-day SMA and later the 50-day SMA.
Illustration 1.01
The yellow arrow indicates a temporary fakeout above the important trendline; if Bitcoin breaks above it and manages to stay there, it will be positive for the cryptocurrency in the short term.
Illustration 1.02
The image above shows simple support and resistance levels derived from peaks and troughs.
Bitcoin addresses
There have not been any notable changes to the number of Bitcoin addresses with balances exceeding 1,000 BTC; the same applies to the addresses with holdings exceeding 100 BTC.
Technical conditions
Daily time frame = Neutral
Weekly time frame = Neutral
Monthly time frame = Bullish
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Are we witnessing the bursting of a bubble?Bitcoin broke below the critical support level at $59,313 and established a new low below $57,000. In doing so, Bitcoin fell through the lower bound of the downward-sloping channel, further bolstering a bearish case in the short term. In our opinion, it is possible we are witnessing the bursting of a bubble. However, more developments are needed to confirm this thesis; if true, it could have severe implications for Bitcoin and drag it as low as $32,000 over an extended period of weakness (similar to the one throughout 2022). Therefore, we voice a word of caution to investors.
Illustration 1.01
The image depicts the daily graph of BTCUSD. The yellow arrow indicates a bearish breakout below the critical support level.
Illustration 1.02
The illustration above shows the daily chart of BTCUSD and the downward-sloping channel. The yellow arrow indicates a bearish breakout below the channel’s lower bound.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Downward-sloping channel formed, weekly time frame turns bearishIt has been about a week since Bitcoin’s fourth halving. Yet, despite investors’ bullish expectations of what would have come, Bitcoin has not really gone anywhere. Instead, it continues to trade choppily within the recently formed downward-sloping channel, and its technicals on the daily graph, including RSI, MACD, and Stochastic, show bearish signs; this also applies to some technicals on the weekly time frame. Furthermore, Bitcoin is testing an extended trendline that connects the peak from December 2023 to the one in January 2024; a failure of this support to hold the declining price will bolster a bearish case in the short term. Critical levels to watch out for in such a case lay at $59,313 and $53,015.
In regard to Bitcoin addresses, the number of ones with balances exceeding 1,000 BTC has been trending sideways throughout April 2024, neither showing fear among large speculators nor any interest in accumulating more coins. However, the number of addresses with holdings exceeding 100 BTC has declined slightly since the halving. In addition to that, Bitcoin ETF inflows slowed down notably this month.
Considering there is an FOMC meeting on Tuesday and Wednesday, along with some important economic releases in the United States later during the week, volatility could pop back up, negatively affecting the cryptocurrency market. Therefore, it seems appropriate to stay highly vigilant in the current environment. In a case of significant selloff in the stock market, let’s say 10% to 15%, we would expect Bitcoin to pull back toward $53,000.
Illustration 1.01
The image above shows the trendline connecting peaks from December 2023 to January 2024.
Illustration 1.02
Illustration 1.02 portrays the weekly chart of BTCUSD’s RSI. The yellow arrow indicates a bearish breakout below 70 points, a highly bearish development for Bitcoin.
Illustration 1.03
Illustration 1.03 depicts the weekly chart of BTCUSD’s MACD. The yellow arrow highlights a bearish crossover, which is a worrisome sign.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Slightly bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
The market is uneasy ahead of the halving eventAfter failing to gain bullish momentum earlier this month (with a breakout to the upside from a triangle-like pattern), Bitcoin continues to trade erratically. Currently, it hovers around the $63,500 price tag, which appears close to the ascending trendline that connects peaks from December 2023 to mid-January 2024. If this trendline is broken to the downside, it will bolster a bearish case in the short term. The same will apply to a breakout in MACD below the midpoint (on the daily time frame), a bearish crossover between 20-day and 50-day SMAs, and a further uptick in ADX (on the daily chart, signaling bearish momentum is growing). Considering these developments could foreshadow a significant correction (or even a trend reversal), we think it is proper to stay highly cautious. While technicals on the daily chart are growing increasingly bearish, there have not been any significant changes in the number of Bitcoin addresses with balances exceeding 100 BTC and those exceeding 1,000 BTC. This is quite odd, as we would expect large players to unload some more coins amid high prices and the approaching halving event.
Illustration 1.01
The image above depicts the daily graph of BTCUSD and two simple moving averages, 20-day SMA and 50-day SMA. The yellow arrow points to the impending bearish crossover between these two moving averages, normally signaling a trend reversal.
Illustration 1.02
Illustration 1.02 portrays the daily graph of MACD. The yellow arrow indicates a bearish crossover through the midpoint, generally a bearish sign.
Illustration 1.03
Illustration 1.03 shows simple support/resistance levels derived from past peaks and troughs.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bullish (turning neutral)
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
TOTAL crypto "10:50 crossing"On the appearch of the TOTAL crypto chart the 10 day moving average and the 50 day moving average are crossing. The 10 day line is crossing over the 50 day, as in going under.
Bitcoin fails after the breakoutBitcoin broke to the upside from a triangle-like pattern but failed to gather enough momentum to ascend to new all-time highs. Subsequently, its price broke down below $69,000. Interestingly, the preceding rise was not accompanied by a drop in the number of Bitcoin addresses with balances exceeding 1,000 BTC (and also those exceeding 100 BTC), suggesting large speculators are willing to hold even with Bitcoin above $70,000. However, the trend is very weak, as reflected by the low value of ADX on the daily chart. Due to this weakness, it is probably better to stay on the sidelines and wait until some momentum starts to build up (either to the upside or downside).
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD. Yellow arrows indicate a breakout from the triangle-like structure and subsequent failure of the price to continue higher.
Technical analysis gauge
Daily time frame = Neutral (no trend)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Triangle-like pattern forming on the 4-hour chartBitcoin continues to form a triangle-like pattern on the 4-hour chart. Its price is currently testing the upper bound of this pattern, and a breakout to the upside would be bullish in the short term. Nevertheless, whether Bitcoin will gather enough momentum to be propelled substantially higher from the current level remains to be seen.
Illustration 1.01
Despite moving averages flattening in the past three weeks, Bitcoin has not tested the critical support at the 50-day SMA.
Technical analysis gauge
Daily time frame = Neutral (no trend)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Bullish trend is breaking down at a fast paceBitcoin has been experiencing significant volatility over the past two weeks, with its price oscillating around the $70,000 price tag. This pattern of sideways-moving price action starkly contrasts with the robust and consistent upward trajectory observed in the months leading up to Bitcoin’s recent all-time highs. In the previous update on Bitcoin, we outlined how RSI, MACD, and Stochastic all turned to the downside on the daily chart. Since then, these indicators have failed to reverse toward the upside, and the ADX has continued to decline, suggesting the bullish trend is losing momentum at a fast pace. In conclusion, all of these developments are worrisome and require investors’ attention.
In regard to Bitcoin addresses with balances exceeding 1,000 BTC, they have been rising since around 11th March 2024 (but the rise has slowed down in the past two weeks). Nevertheless, they are still way below the peak established in late February 2024, indicating large speculators may not have much appetite for Bitcoin at current prices. The rise in the number of Bitcoin addresses with balances exceeding 100 BTC has also slowed down recently. As such, a drop in these figures could foreshadow a substantial move to the downside for Bitcoin. Therefore, we will keep paying close attention to these metrics.
Illustration 1.01
The image above shows the daily graph of BTCUSD. The red arrow illustrates declining volume accompanying rising price, a questionable development.
Illustration 1.02
Illustration 1.02 shows the daily chart of BTCUSD. The yellow arrow indicates a bearish breakout below the ascending trendline. The setup we introduced in the previous idea, with the short position entry getting triggered by a breakout below the trendline and stop-loss above it, remains valid (targeting $63,000).
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Big speculators buying a dip and ETF inflows slowing downBitcoin rebounded above $70,000 after falling nearly 18% earlier this month. Currently, it trades near the $71,200 price tag. Technical indicators such as RSI, MACD, and Stochastic began reversing to the upside on the daily chart. In addition to that, the number of Bitcoin addresses with balances exceeding 1,000 BTC continued to rise, suggesting that some of the big players kept accumulating Bitcoin after a dip. Nevertheless, it is important to note that the number of large speculators is lower than a month ago when Bitcoin traded near the $57,000 mark.
There have also been some notable developments regarding Bitcoin ETFs. Most of the ETF inflows slowed down last week. Yet, the group’s leaders still managed to attract significant capital since our update on 12th March 2024. Below is a recap of the inflows/outflows for the most prominent Bitcoin ETFs between 11th March 2024 and 22nd March 2024:
- ARK 21Shares Bitcoin ETF (ARKB) = $183.71 million
- Bitwise Bitcoin ETF (BITB) = $159.1 million
- Grayscale Bitcoin Trust ETF (GBTC) = -3,380.51 million
- Fidelity Wise Origin Bitcoin Fund (FBTC) = $909.35 million
- Invesco Galaxy Bitcoin ETF (BTCO) = -$42.97 million
- iShares Bitcoin Trust (IBIT) = $3,629.27 million
- VanEck Bitcoin Trust (HODL) = $264.68 million
- WisdomTree Bitcoin Fund (BTCW) = $14.47 million
To conclude, it remains to be seen whether volatility in the cryptocurrency market will subdue and Bitcoin will continue marching higher. However, as per our previous assessments, unless there is a strong correction in the stock market, we expect Bitcoin corrections to be relatively shallow.
Illustration 1.01
Illustration 1.01 portrays the daily chart of BTCUSD and simple support/resistance levels derived from past peaks and troughs.
Technical analysis gauge
Daily time frame = Bullish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
tokenusdtSupport and press the rocket to cheer me up
Observe the ten percent loss limit
Stay away from Bitcoins
Feel free to buy and sell and post your comments
Bearish signs arise Bitcoin has erased nearly 14% in the past five days, falling below $64,000. In the process, it broke below the ascending trendline that connects peaks from January 2023 and March 2023. On top of that, technicals like RSI, MACD, and Stochastic have continued to decline on the daily time frame, which is turning increasingly bearish and could imply that the correction is not over yet. Accordingly, levels to watch out for lay at $64,895, $60,000, and $59,250; the inability of the price to regain ground above $64,895 will be worrisome. Furthermore, a breakout below $60,000 will strongly bolster a bearish case. In our opinion, the current setup presents an attractive short trade entry below the ascending trendline shown in Illustration 1.03 and a tight stop-loss order above it.
Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD. The yellow arrow highlights a bearish breakout below the ascending trendline. This trendline is important to watch out for, considering Bitcoin has hovered overextended above it since the start of March 2024.
Illustration 1.02
The picture above displays the daily chart of BTCUSD and simple support/resistance levels derived from past peaks and troughs. The yellow arrow indicates a bearish breakout below support at $64,895 (now acting as a resistance).
Illustration 1.03
Illustration 1.03 shows a short trade entry setup.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Many large speculators left the ship recentlyBitcoin dropped below $67,000 overnight. Interestingly, this price action was preceded by a bearish breakout in the RSI and a reversal in MACD and Stochastic on the daily chart. These developments are highly worrisome, especially as the stock market rally is losing steam at the same time as Bitcoin; since the two markets are quite overbought, the case for a correction continues to grow. Furthermore, as these two markets remain highly correlated, the potential weakness in the stock market presents a danger to Bitcoin’s performance. Another thing that is catching our attention is the dynamic observable among Bitcoin addresses with balances exceeding 1,000 BTC. These large speculators have been seemingly liquidating their positions amid Bitcoin’s spike above $60,000, all while retail investors are piling in Bitcoin ETF products. Overall, the environment is very similar to that in late 2021 when Bitcoin was near the top, with the majority of investors forgetting how quickly the sentiment can change and disregarding possibilities for the downside.
Illustration 1.01
The illustration above shows the daily chart of RSI. The yellow arrow highlights a bearish breakout below 70 points.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
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 serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
