Market Overview & Bitcoin Price Analysis Today (14/11)
Market Overview
The revenue of DEXs increased sharply last week thanks to the risks from CEX exchanges, including FTX. The revenue of Curve(CRV), GMX, BiSwap, QuickSwap, SushiSwap,... all increased sharply, showing the advantages of DEXs when the CEX floor appeared at risk.
BTC and ETH prices are currently trading around $16,400 and $1,223, respectively. Both are below MA 50, frame D, showing an ABSOLUTELY DOWN trend
Looking at the Onchain data shows that ETH performs somewhat worse than BTC when the ETH/BTC ratio is going down. Accompanying that is the cryptocurrency capitalization plummeting 19% from the previous week to $860 million. BTC.D is currently at 36.7%
Global trading volume increased 59.9% from last week to $124.1 billion. In which, BTC and ETH trading volumes increased by 68% and 47%, respectively. The number of active Bitcoin wallet addresses increased by 8%. From the above Onchain data, it shows that shark activity is strong again.
The number of futures contracts opened with BTC reached an average. Daily liquidity is at $97 million, liquidated volume is $65 million.
BTC Technical Analysis
After two days of massive declines last Tuesday and Wednesday, BTC rallied on Thursday, only to be sold again on Friday, Saturday, and Sunday. However, the 3-day series of consecutive declines at D1 last week did not show strong selling motivation because the price created D1 bars with narrow amplitude and low volume. The conclusion is that there is no big selling pressure.
Observed on H4 frame, selling pressure has gradually decreased. Therefore, it is unlikely that the price will penetrate the previous bottom. Instead, the price will find resistance levels.
Today's strategy will only be selling at the upper resistance levels, not following the Breakout style.
The revenue of DEXs increased sharply last week thanks to the risks from CEX exchanges, including FTX. The revenue of Curve(CRV), GMX, BiSwap, QuickSwap, SushiSwap,... all increased sharply, showing the advantages of DEXs when the CEX floor appeared at risk.
BTC and ETH prices are currently trading around $16,400 and $1,223, respectively. Both are below MA 50, frame D, showing an ABSOLUTELY DOWN trend
Looking at the Onchain data shows that ETH performs somewhat worse than BTC when the ETH/BTC ratio is going down. Accompanying that is the cryptocurrency capitalization plummeting 19% from the previous week to $860 million. BTC.D is currently at 36.7%
Global trading volume increased 59.9% from last week to $124.1 billion. In which, BTC and ETH trading volumes increased by 68% and 47%, respectively. The number of active Bitcoin wallet addresses increased by 8%. From the above Onchain data, it shows that shark activity is strong again.
The number of futures contracts opened with BTC reached an average. Daily liquidity is at $97 million, liquidated volume is $65 million.
BTC Technical Analysis
After two days of massive declines last Tuesday and Wednesday, BTC rallied on Thursday, only to be sold again on Friday, Saturday, and Sunday. However, the 3-day series of consecutive declines at D1 last week did not show strong selling motivation because the price created D1 bars with narrow amplitude and low volume. The conclusion is that there is no big selling pressure.
Observed on H4 frame, selling pressure has gradually decreased. Therefore, it is unlikely that the price will penetrate the previous bottom. Instead, the price will find resistance levels.
Today's strategy will only be selling at the upper resistance levels, not following the Breakout style.