1. Smart money action:
The on-chain smart money actions are now stable at a 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). Institutional traders on remains undecided for the mid-term, and there are no clear signs of bullishness for the coming months.
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 long-term sign.
3. Market Sentiment:
Overall market sentiment is and potentially overstretched. The seller group is selling in profit and the seller group only market sentiment remains in a bull trend.
4. Margin Market Actions
Potential long squeeze alert in place. This is for the short term.
1. Key resistance at 10.4k
2. 5 to the upside is finishing
3. hasn’t shown reversal signs yet:
2D – broke the ; 1D – ; 4hr – developing divergences in the overbought region. This is extremely from a only perspective as multiple divs can keep on developing with price making new highs. In this type of situation, the key is waiting for the MA failure (instead of divergence) for a trend reversal identification.
Do you agree or disagree? All thoughts and critics are welcomed!
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Support moved up to the 10.5-11k region.