🤖 #BTCLIVE - 08.09 🤖
TLDR:
Short-Term (-1 Day)
30:70- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
90:10 - Bullish:Bearish
OVERVIEW:
After a massive breakdown of market structure we have finally made the suggested $18.8k potential bottom. Things are not looking particularly bullish though and with Jerome Powells talking in the coming hours the market really could go anywhere. Likelihood is that it will go down a little further as we are slightly more bearish on the technical analysis side of things with a potential descending triangle forming if we break down on this pennant structure (which is technically bullish on the short term timeframe) although with bearish divergences and general bearish sentiment I am not holding much hope for it.
If we break down out of this pennant and below $19k then I would have a conservative stop at $18.5k to find support with a bounce there. Breaking up and retesting the support trendline/$19k could see a break up to and retest of $20k quite quickly. Incredibly volatile at the moment so watch out with trades.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Divergence on the 1D
+ Bullish Descending wedge on the 1D & Weekly
+ Oversold on the Weekly & Daily
+ Reversal signal on the Weekly
+ Holding Daily Trendline with an upper trendline of $21k target
BEARISH FACTORS:
- Bearish Divergence in play
- Rejection from key resistance
- Bearish Gartley on the 5min
- Macro Bear Trendline resistance
- 1hr Trendline Resistance
NEWS:
Bull:
+ Russian Central Bank & Finance Ministry agree to legalize cryptocurrency use for cross-border payments
+ Saudi Arabia's central bank has appointed cryptocurrency chief to advance digital goals.
+ Iran is now licensing #Bitcoin miners under new regulatory framework.
+ The ETH merge has begun, deposits and withdrawals being held
+ Switzerland’s SEBA Bank Launches Ethereum Staking Services for Institutional Clients
Bear:
- POWELL IS SPEAKING TODAY!
- Sept 13: CPI data
- Sept 15: $ETH merge expected sell off
- Sept 16: Mt. Gox Claims Deadline
- Sept 21: FOMC rate hike decision
- Sept 22: $ADA Vasil Hardfork
- Voyager To Liquidate Assets at Auction cryptopanic.com...sets-at-Auction?utm_source...
- Coinbase, FTX, Binance and other exchanges fall under SEC jurisdiction, says SEC Chair
- IMF Executives Call for Global Crypto Regulatory Regime To Keep Consumers Safe
MARKET SENTIMENT:
Fear & Greed Index - Sep 08, 2022:
Today: 20 (Extreme Fear)
Yesterday: 24 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 30 😱
Avg. 2M: 29 😱
Avg. 3M: 24 😱
Avg. 6M: 24 😱
Avg. 1Y: 33 😣
🔸 #Bitcoin
Price: $19,281
24h Low: $18,644
24h High: $19,479
MC Change: $8.1B (2.3%)
Dominance: 36.1%
24h: 2.3%
7d: -2.6%
14d: -10.6%
30d: -16.9%
60d: -11.8%
200d: -51.9%
1y: -63.4%
TLDR:
Short-Term (-1 Day)
30:70- Bullish:Bearish
Mid-Term (1 Week+)
40:60
Bullish:Bearish
Long-Term (1 Month+)
90:10 - Bullish:Bearish
OVERVIEW:
After a massive breakdown of market structure we have finally made the suggested $18.8k potential bottom. Things are not looking particularly bullish though and with Jerome Powells talking in the coming hours the market really could go anywhere. Likelihood is that it will go down a little further as we are slightly more bearish on the technical analysis side of things with a potential descending triangle forming if we break down on this pennant structure (which is technically bullish on the short term timeframe) although with bearish divergences and general bearish sentiment I am not holding much hope for it.
If we break down out of this pennant and below $19k then I would have a conservative stop at $18.5k to find support with a bounce there. Breaking up and retesting the support trendline/$19k could see a break up to and retest of $20k quite quickly. Incredibly volatile at the moment so watch out with trades.
TECHNICAL ANALYSIS:
BULLISH FACTORS:
+ Bullish Divergence on the 1D
+ Bullish Descending wedge on the 1D & Weekly
+ Oversold on the Weekly & Daily
+ Reversal signal on the Weekly
+ Holding Daily Trendline with an upper trendline of $21k target
BEARISH FACTORS:
- Bearish Divergence in play
- Rejection from key resistance
- Bearish Gartley on the 5min
- Macro Bear Trendline resistance
- 1hr Trendline Resistance
NEWS:
Bull:
+ Russian Central Bank & Finance Ministry agree to legalize cryptocurrency use for cross-border payments
+ Saudi Arabia's central bank has appointed cryptocurrency chief to advance digital goals.
+ Iran is now licensing #Bitcoin miners under new regulatory framework.
+ The ETH merge has begun, deposits and withdrawals being held
+ Switzerland’s SEBA Bank Launches Ethereum Staking Services for Institutional Clients
Bear:
- POWELL IS SPEAKING TODAY!
- Sept 13: CPI data
- Sept 15: $ETH merge expected sell off
- Sept 16: Mt. Gox Claims Deadline
- Sept 21: FOMC rate hike decision
- Sept 22: $ADA Vasil Hardfork
- Voyager To Liquidate Assets at Auction cryptopanic.com...sets-at-Auction?utm_source...
- Coinbase, FTX, Binance and other exchanges fall under SEC jurisdiction, says SEC Chair
- IMF Executives Call for Global Crypto Regulatory Regime To Keep Consumers Safe
MARKET SENTIMENT:
Fear & Greed Index - Sep 08, 2022:
Today: 20 (Extreme Fear)
Yesterday: 24 (Extreme Fear)
Avg. 1W: 22 😱
Avg. 2W: 24 😱
Avg. 1M: 30 😱
Avg. 2M: 29 😱
Avg. 3M: 24 😱
Avg. 6M: 24 😱
Avg. 1Y: 33 😣
🔸 #Bitcoin
Price: $19,281
24h Low: $18,644
24h High: $19,479
MC Change: $8.1B (2.3%)
Dominance: 36.1%
24h: 2.3%
7d: -2.6%
14d: -10.6%
30d: -16.9%
60d: -11.8%
200d: -51.9%
1y: -63.4%
