🤖 #BTCLIVE - 11.08 - #IDEA 🤖
Snapshot:
Short-Term
50:50- Bullish:Bearish
Long-Term
70:30 - Bullish:Bearish
Technical Analysis:
The bullish scenario is to break $24.75k with strong volume to remove the above sell orders confidently and hold for the daily close - it will strongly confirm a push up to $27k since there is very little resistance on the way along with a bullish CME gap target and top of the macro range.
The Beraish scenario here is losing $24.2k again will push it down likely further to $23.5k where there should be some support there is a chance it can form an inverse head and shoulders pattern here and bounce quite nicely but short therm there could be blood to take out a lot of leveraged longs.
Bullish Factors:
+ Little overhead resistance
+ Broken Key Resistance with strong support
+ MFI is positive
+ Above all key EMA's
+ Above 20 & 50 DEMA
+ $250 billion inflows crypto market cap in last 30 days
+ ETH Merge causing bullish sentiment
+ Positive CPI Data
+ Transfer Volume turned positive
+ Funding Rates turned positive
+ Taker Buy Sell Ratio turned positive
+ Liquidations turned positive
Bearish Factors:
- SEC is still on a rampage
- RSI Pullback Signal
- Bearish RSI & Wave Divergence
- At Local Resistance
- Wave Reversal
- RSI and Wave Overbought
- Volume slowing down
- Large Sell Orders
- Trendline Resistance
- Exchange Reserve turned negative
- aSOPR turned negative
Key News:
+ ETH Merge causing bullish sentiment market wide
- U.S Treasury has blacklisted 'crypto mixer' Tornado Cash.
+ CPI Announcement - 8.5% - sub 8.7% was deemed bullish
- SEC Subpoenaed Coinbase
+ $250 billion inflows crypto market cap in last 30 days
Metrics:
Exchange
- Exchange Reserve - As the exchange reserve continues to rise, it indicates higher 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 profit. In the middle of a bull market, it can indicate a market top.
+ 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 5.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 40.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 55.00% 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 - Buying sentiment is dominent in the derivatives market. More buy 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 - 101609383.99 of short positions were liquidated in the last 24 hours.
Snapshot:
Short-Term
50:50- Bullish:Bearish
Long-Term
70:30 - Bullish:Bearish
Technical Analysis:
The bullish scenario is to break $24.75k with strong volume to remove the above sell orders confidently and hold for the daily close - it will strongly confirm a push up to $27k since there is very little resistance on the way along with a bullish CME gap target and top of the macro range.
The Beraish scenario here is losing $24.2k again will push it down likely further to $23.5k where there should be some support there is a chance it can form an inverse head and shoulders pattern here and bounce quite nicely but short therm there could be blood to take out a lot of leveraged longs.
Bullish Factors:
+ Little overhead resistance
+ Broken Key Resistance with strong support
+ MFI is positive
+ Above all key EMA's
+ Above 20 & 50 DEMA
+ $250 billion inflows crypto market cap in last 30 days
+ ETH Merge causing bullish sentiment
+ Positive CPI Data
+ Transfer Volume turned positive
+ Funding Rates turned positive
+ Taker Buy Sell Ratio turned positive
+ Liquidations turned positive
Bearish Factors:
- SEC is still on a rampage
- RSI Pullback Signal
- Bearish RSI & Wave Divergence
- At Local Resistance
- Wave Reversal
- RSI and Wave Overbought
- Volume slowing down
- Large Sell Orders
- Trendline Resistance
- Exchange Reserve turned negative
- aSOPR turned negative
Key News:
+ ETH Merge causing bullish sentiment market wide
- U.S Treasury has blacklisted 'crypto mixer' Tornado Cash.
+ CPI Announcement - 8.5% - sub 8.7% was deemed bullish
- SEC Subpoenaed Coinbase
+ $250 billion inflows crypto market cap in last 30 days
Metrics:
Exchange
- Exchange Reserve - As the exchange reserve continues to rise, it indicates higher 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 profit. In the middle of a bull market, it can indicate a market top.
+ 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 5.00% compared to yesterday.
+ Active Addresses - The total number of active wallets used to send and receive coins has increased by 40.00% compared to yesterday.
+ Transactions - The total number of transactions has increased by 55.00% 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 - Buying sentiment is dominent in the derivatives market. More buy 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 - 101609383.99 of short positions were liquidated in the last 24 hours.
