COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Key Fundamentals:
1. Smart money action:
The on-chain smart money actions are now stable at a bullish level. This is similar to the on-chain developments before prior bull runs. Institutional investors showed picked up interest in the crypto space as Grayscale raised $900M in Q2 (its ATH quarter since inception). The $900M won’t be available for exiting until at least October 1st this year.

2. Miner action:
Both hash rate and difficulty have recovered , and miner capitulation has ended. With miner capitulation historically marking market bottoms, this is a bullish long-term sign.

3. Market Sentiment:
Overall market sentiment is now neutral. For the seller group sentiment, this group remains in a bull trend. The decrease in seller group supply alert was present throughout the past week (meaning price is getting close to this group’s purchase price, leading to a decrease in willingness to sell, leading to a decrease in supply, which increases price when the demand maintains a similar or higher level). In short, long-term speaking, 11k – 11.5k is the dip.

4. Margin Market Actions:
Potential short squeeze alert in place on 8/26. This is a short-term bullish sign. The CME institutional traders’ significant increase in long positions last week is crucial. After 3 months of indecisiveness (since 10k), it seems like institutional traders have finally made up their minds that we are in a bull trend and have further upward potential. With such strong reactions to 11k - 11.3k, the chance of 12k being broken is extremely high in the coming month or so.

5. Global Market Impact:
To ease the COVID impacts, the Fed is using all means to boost the economy, which means a continued rise in inflation . This will fundamentally push up the value of gold , bringing up bitcoin along the way as the main value proposition of bitcoin remains store of value rather than remittance.

For the SPX correlation, as mentioned many times before. I think major SPX correction will bring down crypto, while smaller ones won’t. So will we have a major SPX correction soon? Personally, I think the answer is no. Q2 numbers didn’t cause much of a market impact . What this means is the current price level already has the negative COVID impact priced in. The market runs on expectations rather than actuals.

6. CME Gap
90% of historical BTC CME gaps get filled sooner or later (generally created by weekend BTC movements when the CME’s closed). Yes, we still have a $300 gap open on 7/25. However, after such a long time, the gap filling (big if here) will be more of a result of general market movements rather than the cause. The current gap is a $200 gap from 11.5k. Since these gaps tend to be filled, it's better to take profit for long scalping positions now and reenter around 11.5k. For swings, the 2% may not be worth playing given fees and the chance of missing out the larger move. I can't emphasize this enough - we are in a bull run -> adjust risk management accordingly!

Key Technicals:

1. Major resistance at 12k. Support at 11k.
2. Elliot wave: likely in wave 2 of 3. However, corrective waves are complex, and several counts are all possible at this point. I’ll share the detailed count once the picture gets clearer. Check out the blue box in the chart.
3. RSI neutral:
Failing the RSI MAs but already found support around RSI 47 - historical bull market support for BTC Daily time frame.
4. MACD neutral:
Likely up-cross on the positive side soon.

Do you agree or disagree? All thoughts and critics are welcomed!

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Comment: Price now close to the active trader group’s purchase price. These have been good accumulation opportunities historically as the reluctance to sell with no profit in a bull market eventually will push up the price level.
Comment: Bull run emotional cycle: depression, disbelief, hope, optimism, belief, excitement, thrill, greed, euphoria. Which phase do you think we are in? My pick is disbelief.
Comment: Smart money accumulating. Long after the CME gap from $10.5k closes.
Comment: Are you in profit?
W/ 50% USDT mkt cap increase (since 12k), and Grayscale's all-time-high quarter again in Q3, BTC fundamentals are solid and indicate further bullish momentums to come.

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What is all of this, you don't need any other fundamental than out-of-control inflation. You can't know whether 'smart money' is buying or not with just a simple indicator, or by looking at the volume of a futures exchange; the rest is just pretentious bullshit to fill in space and make other people think you know what you are talking about.
+8 Reply

While I disagree with the main point of the analysis -that we will make another leg up from here. All of the extra information is very helpful in developing my trading insight. It's not what all of the data points to immediately that matters most, but simply taking more data into consideration and learning how to interpret it for myself. Very Valuable.
+2 Reply
superkitty AmttgAn
@AmttgAn, his indicator works well you just don't understand how it works,And your missing out .there is such indicators that predict smart money coming in I know I made one my self and works very well , and it's one indicator .this trader knows there stuff , would not have the following the have if they dint. I say GREAT WORK KEEP IT UP !!
+3 Reply
AmttgAn superkitty
@superkitty, If it works for you, then don't think much of my comment.
I think you are underestimating the extent to which the grayscale coins are locked. Because of the trust setup and tax laws the fund cannot allow new shares and redemptions at the same time. Considering there is strong demand for new shares and considering that existing shareholders can sell their Grayscale trust shares at a premium to the value of the BTC held, a redemption period in the near future is exceedingly unlikely. Any BTC picked up in the Grayscale trust is going into cold storage for years.
+5 Reply
Phi-Deltalytics NxjaUNHaCucnyxaB
@NxjaUNHaCucnyxaB, very interesting. Do you have any details/links on this?
alienteck Phi-Deltalytics
I think you have to look into IRS and SEC regulations concerning this. It is quite complicated and normal people should not be buying these.. Your tax returns and such gets very complicated.. enough that I pretended I never bought such a thing and you have to prove I did.. You think that premium is free money? I thought so too until you have to pay to get the paperwork done.

But in a bear market the premium can also swing the other way and drop drastically.. Since if you sell you have to take a large loss, trying to get out alive is also a process..
@alienteck, Ugh, doesn't sound pleasant at all... Finding the right accountant to get crypto tax straight alone is a challenge... I guess most just buy for portfolio diversification.
alienteck Phi-Deltalytics
@Phi-Deltalytics, uh no, I dont think it makes any difference, I was in Silver.. Then found SLW which it seems was also manipulating things and that case just got over.. jumping from one fire to another.. But I wont touch all these special funds especially Canadian..
Excellent explanation. Thank you.
+3 Reply
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