🤖 #BTCLIVE - 12.08 - #IDEA 🤖
Snapshot:
Short-Term
30:70- Bullish:Bearish
Long-Term
50:50 - Bullish:Bearish
Technical Analysis:
Bullish Scenario:
There isn't too much to suggest a much bullish sentiment. The best to hope for is a bounce at $23.5k off the lower ascending wedge trendline and pump back to the upper trendline at $25k region as quickly as possible to avoid a full break down. Up on dropping through key resistance a realistic bullish play back up is an inverse head and shoulders - this could play out over quite a long period. The best case scenario is to pump hard to try and break $25k although going into the weekend that is unlikely.
Bearish Scenario:
Currently playing out the final part of a head and shoulders with a $22.7k as the lower limit of it (not to say it can't go past that) - there are a few key support on the way although going into weekend not expecting them to hold - my realistic target is $22.7k with a mid-term max pain of $20k. Possibly driven by the highest inflation numbers in 35+ years in European countries.
Bullish Factors:
+ 20, 50 DEMA in close proximity for support
+ Approaching Key Support
+ Exchange Netflow Total turned positive
+ aSOPR turned positive
Bearish Factors:
- SEC is still on a rampage
- Weekend Volatility
- Broke HMA, 20EMA, 50EMA
- Flipped local support
- Forming Head & Shoulders Pattern
- 15min: Pullback & Exhaustion Signal
- 1 Day: Rising Wedge in Downtrend
- Lower Highs
- Transfer Volume turned negative
- Active Addresses turned negative
- Taker Buy Sell Ratio turned negative
Key News:
Bull:
+ ETH Merge causing bullish sentiment market wide
+ "We are fully ready to regulate cryptocurrencies, says CFTC Chairman" t.co/6o7rT5EZ0m
+ Strike has partnered with Visa to launch a new card
Bear:
- SEC going after hedge funds for crypto
- Trend forecaster G. Celente slams new CPI data, says ‘game is rigged’ (cryptopanic.com...-game-is-rigged?utm_source...)
- Indian authorities freeze #crypto exchange Vauld assets worth $46.5 million.
- France inflation reaches 6.1%, the highest it’s seen in 37 years.
- Spain inflation reaches 10.8%, the highest it’s seen in 38 years.
Metrics:
Exchange
- Exchange Reserve - As the exchange reserve continues to rise, it indicates higher selling pressure.
+ Exchange Netflow Total - Net deposits on exchanges are low compared to the 7-day average. Lower deposits can be interpreted as lower 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 -47.00% compared to yesterday.
- Active Addresses - The total number of active wallets used to send and receive coins has decreased by -13 .00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 4.00% 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 - Long position traders are dominant and are willing to pay to short traders.
+ Taker Buy Sell Ratio - Selling sentiment is dominent 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 - 19644187061861.87 of short positions were liquidated in the last 24 hours.
Snapshot:
Short-Term
30:70- Bullish:Bearish
Long-Term
50:50 - Bullish:Bearish
Technical Analysis:
Bullish Scenario:
There isn't too much to suggest a much bullish sentiment. The best to hope for is a bounce at $23.5k off the lower ascending wedge trendline and pump back to the upper trendline at $25k region as quickly as possible to avoid a full break down. Up on dropping through key resistance a realistic bullish play back up is an inverse head and shoulders - this could play out over quite a long period. The best case scenario is to pump hard to try and break $25k although going into the weekend that is unlikely.
Bearish Scenario:
Currently playing out the final part of a head and shoulders with a $22.7k as the lower limit of it (not to say it can't go past that) - there are a few key support on the way although going into weekend not expecting them to hold - my realistic target is $22.7k with a mid-term max pain of $20k. Possibly driven by the highest inflation numbers in 35+ years in European countries.
Bullish Factors:
+ 20, 50 DEMA in close proximity for support
+ Approaching Key Support
+ Exchange Netflow Total turned positive
+ aSOPR turned positive
Bearish Factors:
- SEC is still on a rampage
- Weekend Volatility
- Broke HMA, 20EMA, 50EMA
- Flipped local support
- Forming Head & Shoulders Pattern
- 15min: Pullback & Exhaustion Signal
- 1 Day: Rising Wedge in Downtrend
- Lower Highs
- Transfer Volume turned negative
- Active Addresses turned negative
- Taker Buy Sell Ratio turned negative
Key News:
Bull:
+ ETH Merge causing bullish sentiment market wide
+ "We are fully ready to regulate cryptocurrencies, says CFTC Chairman" t.co/6o7rT5EZ0m
+ Strike has partnered with Visa to launch a new card
Bear:
- SEC going after hedge funds for crypto
- Trend forecaster G. Celente slams new CPI data, says ‘game is rigged’ (cryptopanic.com...-game-is-rigged?utm_source...)
- Indian authorities freeze #crypto exchange Vauld assets worth $46.5 million.
- France inflation reaches 6.1%, the highest it’s seen in 37 years.
- Spain inflation reaches 10.8%, the highest it’s seen in 38 years.
Metrics:
Exchange
- Exchange Reserve - As the exchange reserve continues to rise, it indicates higher selling pressure.
+ Exchange Netflow Total - Net deposits on exchanges are low compared to the 7-day average. Lower deposits can be interpreted as lower 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 -47.00% compared to yesterday.
- Active Addresses - The total number of active wallets used to send and receive coins has decreased by -13 .00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 4.00% 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 - Long position traders are dominant and are willing to pay to short traders.
+ Taker Buy Sell Ratio - Selling sentiment is dominent 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 - 19644187061861.87 of short positions were liquidated in the last 24 hours.
