🤖 #BTCLIVE - 08.08 - #IDEA 🤖
🤖 #BTCLIVE - 08.08 - #IDEA 🤖
80:20 Long-Term
Bullish:Bearish
Technical Analysis:
Current Status:
As outlined in last BTCLIVE - there was a high chance of breaking up on this expanding wedge - which we have done with strong volume pushing through. We filled the CME gap and breached 24k - it is looking little shakey as to whether 24k will hold although that is not too much of an issue. 23.8k is pretty key to maintain this initial push up although if lost again not too critical. Losing 23.2k is where the issues will rise and it will actually be a pretty bearish sign if we fall back below that support. There is a 15min Divergence, exhaustion signal and bearish TD9 signal all flashing whilst hitting resistance. So a retrace is pretty likely at this stage unless huge volume comes in. I think waiting until the US market comes online - this to be honest could be a very bullish move as US generally goes with the trend and has actually been pretty bullish coming online as of late.
There is a strong consensus that institutions are about ready to start dropping their payload - with BlackRock leading the pack quite publicly.
Bullish Scenario
Holding above 23.8k and bouncing back above 24k would signify extreme market strength with a very likely target of 26k
Bearish Scenario
Losing 23.8k would not be ideal and would likely lead to a lengthy consolidation period but not guarantee going down losing 23.2k on the other hand would put is back below the key support and a more painful potential target of 22k
Key News:
/ US Senate passes the $740 billion "Inflation Reduction" Act.
/ Binance
- #Bitcoin lending platform Hodlnaut has stopped withdrawals due to liquidity problems.
+ BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
dailyhodl.com/2022/08/08/blackrock-and-coinbase-deal-could-trigger-bitcoin-burst-to-773000-according-to-investanswers/
+ Morgan Stanley is hiring a Cryptocurrency Product Development Manager.
+t.co/gp8AK3PoLb acquires South Korean payment provider PnLink & virtual-asset exchange OK-BIT.
+ Rising #Bitcoin price has made miners switch on more rigs in the past two weeks - Bloomberg
+We support #Bitcoin adoption at a national level
+ President of Central African Republic
- CZ Moves to Distance Binance from India’s WazirX Exchange
cryptonews.com/news/bollywood-like-drama-erupts-as-cz-moves-to-distance-binance-from-indias-wazirx-exchange.htm
Metrics:
Exchange
+ Exchange Reserve - As the exchange reserve continues to fall, it indicates lower selling pressure.
- Exchange Netflow Total - Net deposits on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.
Miners
/ Miners' Position Index ( MPI ) - Miners' are selling holdings in a moderate range compared to its one-year average.
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
On-Chain
+ aSOPR - More investors are selling at a loss. In the middle of a bear market, it can indicate a market bottom.
+ Binary CDD - Long term holders' movement in the last 7days were lower than the average. They have a motive to hold their coins
+ Net Unrealized Profit and Loss (NUPL) -Investors are in a Fear phase where they are currently with unrealized profits that are slightly more than losses.
+ Transfer Volume - The total number of coins transferred has increased by 151.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 37.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 24.00% 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 dominant in the derivatives market. More sell orders are filled by takers.
/ Open Interest - As OI increases, it indicates more liquidity, volatility, and attention are coming into the derivative market. The increasing trend in OI could support the current ongoing price trend.
+ Liquidation - 34800673.60 of short positions were liquidated in the last 24 hours.
80:20 Long-Term
Bullish:Bearish
Technical Analysis:
Current Status:
As outlined in last BTCLIVE - there was a high chance of breaking up on this expanding wedge - which we have done with strong volume pushing through. We filled the CME gap and breached 24k - it is looking little shakey as to whether 24k will hold although that is not too much of an issue. 23.8k is pretty key to maintain this initial push up although if lost again not too critical. Losing 23.2k is where the issues will rise and it will actually be a pretty bearish sign if we fall back below that support. There is a 15min Divergence, exhaustion signal and bearish TD9 signal all flashing whilst hitting resistance. So a retrace is pretty likely at this stage unless huge volume comes in. I think waiting until the US market comes online - this to be honest could be a very bullish move as US generally goes with the trend and has actually been pretty bullish coming online as of late.
There is a strong consensus that institutions are about ready to start dropping their payload - with BlackRock leading the pack quite publicly.
Bullish Scenario
Holding above 23.8k and bouncing back above 24k would signify extreme market strength with a very likely target of 26k
Bearish Scenario
Losing 23.8k would not be ideal and would likely lead to a lengthy consolidation period but not guarantee going down losing 23.2k on the other hand would put is back below the key support and a more painful potential target of 22k
Key News:
/ US Senate passes the $740 billion "Inflation Reduction" Act.
/ Binance
- #Bitcoin lending platform Hodlnaut has stopped withdrawals due to liquidity problems.
+ BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
dailyhodl.com/2022/08/08/blackrock-and-coinbase-deal-could-trigger-bitcoin-burst-to-773000-according-to-investanswers/
+ Morgan Stanley is hiring a Cryptocurrency Product Development Manager.
+t.co/gp8AK3PoLb acquires South Korean payment provider PnLink & virtual-asset exchange OK-BIT.
+ Rising #Bitcoin price has made miners switch on more rigs in the past two weeks - Bloomberg
+We support #Bitcoin adoption at a national level
+ President of Central African Republic
- CZ Moves to Distance Binance from India’s WazirX Exchange
cryptonews.com/news/bollywood-like-drama-erupts-as-cz-moves-to-distance-binance-from-indias-wazirx-exchange.htm
Metrics:
Exchange
+ Exchange Reserve - As the exchange reserve continues to fall, it indicates lower selling pressure.
- Exchange Netflow Total - Net deposits on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.
Miners
/ Miners' Position Index ( MPI ) - Miners' are selling holdings in a moderate range compared to its one-year average.
/ Puell Multiple -Miner's revenue is in a moderate range, compared to its one-year average.
On-Chain
+ aSOPR - More investors are selling at a loss. In the middle of a bear market, it can indicate a market bottom.
+ Binary CDD - Long term holders' movement in the last 7days were lower than the average. They have a motive to hold their coins
+ Net Unrealized Profit and Loss (NUPL) -Investors are in a Fear phase where they are currently with unrealized profits that are slightly more than losses.
+ Transfer Volume - The total number of coins transferred has increased by 151.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 37.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 24.00% 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 dominant in the derivatives market. More sell orders are filled by takers.
/ Open Interest - As OI increases, it indicates more liquidity, volatility, and attention are coming into the derivative market. The increasing trend in OI could support the current ongoing price trend.
+ Liquidation - 34800673.60 of short positions were liquidated in the last 24 hours.
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