Phi-Deltalytics

BTC Weekly Outlook (FA & TA)

Short
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). Institutional traders on CME 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 bullish long-term sign.

3. Market Sentiment:
Overall market sentiment is bullish 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 bearish for the short term.


Key Technicals:

1. Key resistance at 10.4k
2. 5 Elliot wave to the upside is finishing
3. RSI hasn’t shown bearish reversal signs yet:
2D – broke the bearish trend ; 1D – bullish ; 4hr – developing bearish divergences in the overbought region. This is extremely bullish from a RSI only perspective as multiple bearish 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 bearish divergence) for a trend reversal identification.

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

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Comment: TA is now as bullish as FA. However, we simply can't shoot up in a straight line. Institutional traders think 11k is overpriced.
Comment: Weekly overview updated.
Support moved up to the 10.5-11k region.
Comment: 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.
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Comments

wow, you spent all that time put so much junk on that chart and less than 24 hours later, BTC near $12K. lol time to go back to your Job at Walmart as a greeter. lol
+21 Reply
@jia888, @jia888, Wow.. @Phi-Deltalytics didn't say that the price wouldn't go up.. Why so sour @jia888? Is it because you don't have many followers? Have you tried not being an a**hole? lol
+5 Reply
vicsp jia888
@jia888, what now fool?
+3 Reply
@jia888, you got a heated fan right here below...lol
+3 Reply
jia888 vatotechno
@vatotechno, yeah bunch of clueless morons for sure. lol
Reply
@jia888, fundamental items 1, 2, 3 were assigned BULLISH (that is if you care to read lol.) and item 4 mentioned a possible long squeeze. You should humble yourself before you find yourself greeting the author's maid at the local walmart entrance.
+1 Reply
@jia888, I am guessing you work at Mcdonalds with that crappy attitude. Trolling for the sake of trolling is lame brother. Go attack some youtubers or little children, something on your level.
+1 Reply
Futures are up and taking BTC with it. It's amazing how closely BTC follows the market. This week has about 180 companies reporting earnings. The movement in the market will be interesting and also BTC if it hits 10400 today or tomorrow. If the resistance holds, the drop could be quick.
+9 Reply
iantheman2 josh2311
@josh2311, Until it doesn't.
+3 Reply
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