CrackingCryptocurrency

CrackingCryptocurrency

Bitcoin Daily Trend Analysis Bitcoin is struggling to re-claim the 200 Daily Simple Moving Average, a critical level for price. Today's price action saw Bitcoin fail to reclaim this important level, rejecting from a small High-Volume Node slightly below $60,000. The 200 SMA itself has ceased it's uptrend, and gone sideways and flat, Confirming the shift in...

CrackingCryptocurrency

Bitcoin Trend Analysis Bitcoin's price declined -16% over the last four days. Following yesterday's open and close below the High-Volume Node Range, Bitcoin's price descended swiftly through the Low-Volume Node to reach a spot low of $53,219. As I have taught for years, price moves quickly through Low-Volume Nodes, either through them or away from them....

CrackingCryptocurrency

Bitcoin Daily Chart Bitcoin has made a strong bearish movement below it's previously established low of $59,500 - igniting a wave of fear and panic selling in the market as we begin to break down across all major technical levels. Throughout our Daily Reports over the last week, we have warned about the importance of that price level, as violating it would...

CrackingCryptocurrency

Bitcoin Daily Chart Yesterday's Daily Candle closed as a weak Bearish Candle, confirming the Evening Star Pattern I identified yesterday. Today's follow through from the sellers has been quite strong, evidenced by today's open large bearish candle. As we can see from the chart, the consolidation range from last week into last weekend created a High-Volume...

CrackingCryptocurrency

Bitcoin Daily Chart On the Daily Timeframe, Bitcoin continues it's consolidation following the epic plunge back down to the bottom of it's range on Monday. The current and the last three Daily Candles can be considered Inside Bars, indicative of consolidation and tightening volatility. They herald a potential reversal, and a breakout - although the breakout...

CrackingCryptocurrency

Bitcoin's Weekly Candle closed bearish, opening at $66,676.88 and closing at $63,210.01 - a decline of -5.20%. This is Bitcoin's second negative close in a row. Bitcoin Weekly Chart w/ Indicators Volume Profile Analysis shows that Bitcoin has reached the bottom zone of the High-Volume Node we have been ranging in since achieving a new All-Time High in...

CrackingCryptocurrency

Happy Friday everybody! Bitcoin and Ethereum are quite high at the moment, while altcoins are showing weakness unable to make higher highs. Is this the first sign of a sell off? Bitcoin Weekly Analysis Big picture game plan here is clear. $52-53K is a Low-Volume Node. Price will reject or blast through. If we reject, price will re-test $40K or...

CrackingCryptocurrency

A very powerful movement downards from the DXY today. As a risk-on trader and investor, I typically look for contrary signals on the DXY to help guide my swing trades in the stock market and cryptocurrency. It's important to note, that the DXY has been a very powerful trending index to monitor and chart, and it's trend shifts have paid dividends to those who are...

CrackingCryptocurrency

A down day for Bitcoin, as prices slide nearly -3.5% so far. As pointed out in yesterday's Market Update, Bitcoin's price had reached an important Weekly Supply Level, therefore our current pullback is well anticipated. Two potential scenarios present themselves: 1. Bitcoin continues it's descent towards our Fair-Value Gap, approx. $30-$32K. 2. Bitcoin...

CrackingCryptocurrency

Bitcoin has had an explosive month of price discovery, as over the course of the last four weeks we've climbed above our previous consolidation range and reached new yearly highs. Data from Glassnode indicates that we are still in the third wave of investor accumulation. Research has shown that in all previous market cycles, there was a pattern of Bitcoin...

CrackingCryptocurrency

Altcoins have seen a boon this last month as well. Altcoin market capitalization increased 30% over the past four weeks, driving up from our Demand Zone. Altcoin MC has now hit a resistance level at approximately $460B. Above us is a very wide Low-Volume Node, with the next significant area of resistance in the $650B region. This means that a successful...

CrackingCryptocurrency

Similar to Bitcoin and altcoin's growth over the past month, USDT has seen a significant decrease in market dominance. USDT holdings fell nearly 22% over the last month, as that excess capital was redeemed or rotated into risk-on assets. USDT.D is now at a critical juncture, at a very important Weekly Support Level where USDT.D has reversed three times over the...

CrackingCryptocurrency

Very large sell-off overnight. Price dumped very quickly within two hours nearly 8%, only stopping after wicking thoroughly through our previous broken resistance turned into a Demand Zone. Unfortunately, such a large sell-off is usually an indication of trend exhaustion, so after an initial bounce-back my strategy is to short back down for a re-test or...

CrackingCryptocurrency

The Market Capitilization of the cryptocurrency market has rightfully exploded in the past month, adding over 1/3rd of a Trillion dollars to the value of the market. Market Cap. exploded through our previous resistance area and has now ventured into a Low-Volume Node on the VRVP Indicator. Low-Volume Node zones are prone to high volatility and explosive...

CrackingCryptocurrency

USDT Dominance continues to trend down, indicating capital is continuing to rotate out of stablecoins and into risk-on assets. On it's face, this is a bullish sign that indicates we can continue to see broad price appreciation across the cryptocurrency markets. Things to note and prepare for: USDT Dominance IS at a critical support level. USDT Dominance has...

CrackingCryptocurrency

XRP remains an asset to watch - my next "big" trade of the season. We remain consolidating underneath critical resistance. A successful breakout of $0.5572 is going to lead to an aggressive long - while any violent rejection downwards is going to trigger a short back down to our Demand Zone at $0.32. Volatilty is starting to contract on the Daily...

CrackingCryptocurrency

Ethereum, similar to Bitcoin, also remains in a tentative uptrend. We've successfully made Higher Highs and Higher Lows throughout 2023, however Ethereum has underperformed Bitcoin this year and ETH's chart looks less convicing than Bitcoin's. Critical support must hold for Ethereum at $1,450. If this levels breaks, we will revisit our Demand Zone between...

CrackingCryptocurrency

Bitcoin remains in a tentative uptrend on the Weekly Timeframe. Price is still evolving in an Ascending Channel, with the next target zone approximately $35,000 if the current structure holds. Price has formed a range between approximately $25,000 and $30,000. Price has oscillated between our Demand and Supply Zones three times, and price is now testing the...