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Is #Bitcoin Dominance falling down?#Bitcoin Dominance 1W chart; I would like to start by telling you that I have some good news As I mentioned in the previous chart, 58.25% and then the OB resistance level of 62% are important. I think it will have much more positive effects if it reaches 62% because it will weaken the resistance at this level. This is the level that will help us in the next bull cycle. That's why I care about it. Now for the good news... As can be seen on the weekly chart, the RSI seems to have begun to mismatch. After a fake out to the resistance level at 58.25%, I think that it will ease down for the initial target of the pattern. After the 50% level is seen, I expect it to start a rise again and to turn its direction down as it tests the OB level, which is the second resistance while completing this pattern.
CRYPTOCAP:BTC.DShort
by ugurtash
Bitcoin at Crossroads!Bitcoin at Crossroads! > Bias: Neutral > Key support: 58k > Key resistance: 64k Woops, we lost 64k AGAIN. That is usually translated as weakness. So we're back in this odd range where anything can happen. Not great, not terrible. What can we do next? Wait for Monday! You see, stock markets just nuked, Warren Buffet sold $50 billions of Apple stock. Do you think he's bullish? Not very much. These are times of uncertainty and the best tool you have is to follow the trend. Right now, altcoins are getting rekt, but Bitcoin still shows resilience, as does gold. Can a run to safety follow if weakens on the stock market increases? Could happen, we're in uncharted territory. It is the first time Bitcoin had an ETF on the US stock market during an upcoming recession. Interesting times for sure. Listen, if you have money. HOLD. Don't buy, don't gamble. Wait! Guard your cash like it's Bitcoin right now. Because if the market nukes, that's when you need it most. If the market pumps, take your profits and use that cash to buy in the bear market. Don't get greedy. Yesterday, I wrote a detailed guide on how to play every cycle and I also posted a viral thread about Solana (just follow the links). Not the first time. Red flags will always be obvious in hindsight. Don't dismiss them and manage your risk properly. That means you work with BTC, Gold, and USD. That's it! Monday will be a good signal where we go next. Only the US Fed can stop this train now. The ball is in their court. I do hope we get another exit window this year, then I'm out of the market (except BTC of course). Thanks for reading and hit a follow for more updates! Duo
COINBASE:BTCUSD
by DU09
3
Bitcoin(BTC/USD) Daily Chart Analysis For Week of Aug 2, 2024Technical Analysis and Outlook: Bitcoin experienced a significant drop from an attempt to complete the Inner Coin Rally of 70400. However, the Mean Resistance 68200 was the main barrier during this week's trading session. The overall trend suggests a recovery towards Mean Resistance 65300, with a possible extension to Mean Resistance 68200 and Inner Coin Rally 70400. There may be interim downward pressure toward the Mean Support at 55800 before the coin resumes its up movement.
BITSTAMP:BTCUSD
by TradeSelecter
Bitcoin - When will we see the breakout?BITSTAMP:BTCUSD is preparing its most bullish breakout of the entire trading history! After a couple years of trading experiences, you will simply stop paying attention to your emotions. Looking at the chart of Bitcoin objectively, you can see that everything is still incredibly bullish. Despite the hesitancy at the previous all time high, Bitcoin is also not rejecting it towards the downside. Eventually, we will just see a monstrous bullish breakout. Levels to watch: $70.000 Keep your long term vision, Philip - BasicTrading
BITSTAMP:BTCUSDLong
by basictradingtv
6
Fed Signals Possible Rate Cuts, but Crypto Markets Rattled Federal Reserve officials signaled the possibility of a September rate cut during their July meeting: But crypto prices pulled back after Iran pledged it would retaliate against Israel for assassinating Hamas leader Ismail Haniyeh on Iranian soil. Donald Trump expressed strong support for cryptocurrency at the Bitcoin Conference in Nashville: Trump pledged to set up a strategic bitcoin reserve, stop the US from selling its bitcoin, and fire SEC chair Gary Gensler if he gets re-elected. Cantor Fitzgerald CEO Howard Lutnick announced the firm's plan to establish a Bitcoin financing business with an initial $2 billion investment: The initiative aims to provide leverage to bitcoin investors and strengthen the cryptocurrency ecosystem. The nine US spot Ethereum ETFs saw $98.29 million in outflows on Monday, extending their negative flow streak: BlackRock’s ETHA and Fidelity FETH led the inflows, while Grayscale Ethereum Trust faced significant outflows. The SEC is looking to amend its complaint against Binance, which could delay a court ruling on the security status of specific tokens: This move involves third-party crypto asset securities and adheres to a court directive for further proceedings. Fed Signals Possible Rate Cuts, but Middle East Tensions Rattle Crypto Markets Federal Reserve officials at their July meeting on Wednesday opted to keep interest rates unchanged at 5.25%-5%, after the personal consumption expenditures (PCE) price index, a key inflation measure, increased by only 0.1% in June. This brought the year-over-year rise to 2.5%, down from 2.6% in May, moving closer to the Fed’s 2% inflation target. Federal Reserve chair Jerome Powell for the first time hinted at the possibility of cutting rates in September, saying the move is “on the table” if the US continues to make progress on inflation. That would mark the first time the Fed has cut rates in four years. The announcement did not appear to have much impact on cryptocurrency prices. On Wednesday, hitcoin dropped about 2%, below $65,000, while ether dropped more than 1%, hovering above $3,200. The negative price action came after a New York Times report indicated that Iran will take retaliatory action against Israel after Israel assassinated Hamas leader Ismail Haniyeh in Tehran. 🪙 Topic of the Week: What Are Stablecoins? ➡️ Read more here
GEMINI:BTCUSD
by Gemini
BTC going to $70K soon? The price of Bitcoin dropped 3 percent to $64,258 over the past 24 hours, Trading View’s Bitcoin chart shows. The cryptocurrency trend was negative over the past 24 hours after the Federal Reserve hinted at a potential a rate cut in September. The US central bank kept its benchmark rate unchanged at a 23-year high. This means that less risky assets such as bonds generate relatively high returns. “Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe $70K BTC is imminent,” the crypto research firm Santiment said. “As crypto investors, we spend a lot of time focused on downside risk. We’re all acutely aware that, at any moment, an event might occur that will drive prices sharply lower. It’s fairly common for people to say that bitcoin ‘could go to zero.’ I think we have to accept that there is now an equal risk to the upside,” Bitwise’s CIO, Matt Hougan, writes in his weekly note following the world’s largest Bitcoin conference held in Nashville last weekend. “If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin,” he concludes. A strong sun will shine over Bitcoin in the next 24 hours, indicating a bullish trend with buy signals. 🌞  Follow us for more crypto news and weather reports!
BITSTAMP:BTCUSDLong
by ATTMO
BTC Breakdown After Failed 5th Attempt at New ATHWe've been watching the upper trendline for weeks and saying that since breakouts usually happen on the 3rd or 5th attempts... That a failure (which we just had) to break above the upper trendline shown here or to ATH on this attempt, would likely lead to a deeper correction which we're starting to see. Plus our custom indicators have all rolled over to Red. Currently it's looking like $62k is next support block of buyers. Some are speculating that was the top, and whale sellers are front-running a recession. But comparing this year's chart looks a lot like prior Bitcoin bull-runs, just before the parabolic rise happens. Specifically like 2016, when there was months of stagnation near the old high.. Just before the big explosion in price. What do you think??
COINBASE:BTCUSDShort
by BrettFogle
1
Bitcoin adjusted to market cycleI think something like this make sense? We are at a 1st leg or wave of impulse, that is led by early adapters. 2nd leg up would be BTC outperforming SPX. 3rd wave would be a market chop w/ still some opportunities. 1st wave -> buy when it's cheap (bellow 70k crowd). Then comes rally to 120-150k. Before it becomes too expensive. 2nd and 3rd wave are led by ppl missing on a bandwagon, good returns. No crystal ball, see what happens:) > Driver is the rate cuts and money at money market funds. You can also see how divergence in BTC/SPX graph was the market top for btc.
BITMEX:XBTLong
by citsvar
Record Bitcoin Open Interest Suggest BreakoutBitcoin's open interest, a metric that measures the total number of outstanding derivative contracts, has recently hit a new all-time high. This significant surge has ignited speculation among market analysts and investors about a potential price breakout for the world's largest cryptocurrency. Open Interest: A Market Sentiment Indicator Open interest is often used as a proxy for market interest and liquidity in an asset. A rising open interest typically indicates growing investor participation and a potential increase in price volatility. Conversely, a declining open interest can signal waning interest and a potential price correction. In Bitcoin's case, the current record-breaking open interest suggests a heightened level of investor engagement. This heightened interest could be driven by a variety of factors, including anticipation of regulatory clarity, institutional adoption, and the halving event scheduled for 2024. Potential for a Price Breakout While a high open interest does not guarantee a price breakout, it certainly increases the likelihood of significant price movements. If the market sentiment remains bullish, the accumulated buying pressure could propel Bitcoin's price to new highs. However, it's essential to remember that open interest is just one factor to consider when analyzing market trends. Other indicators, such as technical analysis patterns, on-chain metrics, and macroeconomic conditions, should also be taken into account. Cautious Optimism While the recent surge in Bitcoin's open interest is undoubtedly bullish, investors should approach the market with caution. The cryptocurrency market is known for its volatility, and price fluctuations can be rapid and unpredictable. Additionally, it's crucial to diversify your investment portfolio and avoid putting all your eggs in one basket. Cryptocurrencies are still a relatively new asset class, and the regulatory landscape is constantly evolving. As the cryptocurrency market continues to mature, we will likely see more sophisticated investment strategies and risk management tools emerge. Until then, investors should stay informed and conduct thorough research before making any investment decisions. Ultimately, the future price of Bitcoin will depend on a combination of factors, including investor sentiment, market liquidity, regulatory developments, and technological advancements. While the current open interest data is certainly encouraging, it's essential to maintain a long-term perspective and avoid getting caught up in short-term price fluctuations. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Conducting thorough research or consulting with a financial advisor is strongly recommended before making investment decisions.
BITSTAMP:BTCUSDLong
by bryandowningqln
Current BTC Analysis: July 2024As of July 2024, BTC has been showing signs of recovery after a period of decline. The price recently experienced a strong upward movement, breaking through a downward trend line without encountering significant resistance. This indicates potential bottoming out and a possible start of a new upward trend​​. Wyckoff's Accumulation Phases: Wyckoff's accumulation consists of several phases: Phase A: Stopping the Downtrend This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST). Phase B: Building a Cause This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands. Phase C: Testing Supply This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher. Phase D: Markup Begins The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range. Phase E: Trend Establishment The price moves consistently higher, confirming the beginning of a new uptrend. Current Phase of BTC. Based on the recent price actions: Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries. Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B. Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins. Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
BITSTAMP:BTCUSDLong
by The3eyedFrog
1
Will #Bitcoin continue to rise? Or is this a deception?#Bitcoin 1D chart; Let's first interpret the Bitcoin chart and then evaluate the scenarios related to the agenda for the week; In the simplest form. As of June, it had broken the uptrend it had been maintaining since January and started to decline. While moving towards the Ath level again, the point I want to draw your attention to here is the part I indicated with the yellow line; If the RSI side remains weak while testing the Ath level, we infer that there is a fake rise from here. The fact that it has retested the downtrend at this very moment may bring us the question of , so this is in the pocket. Let's talk about the Fed Rate Decision Meeting this week; As we know, in previous pre-meeting events, the market has shown a retreat without a bounce. This time this is not happening, why? My personal opinion is that the market now knows that the rate hike situation is at a very low rate, so it does not price it with pullbacks. Therefore, it may be possible to infer from this that the atmosphere in the market is upward. Nevertheless, let's not rule out the possibilities I just mentioned above. Also, as you may remember, the gaps formed on 2 different dates on the CME side are still not filled. Have a good week for all of you #btc CRYPTOCAP:BTC
by ugurtash