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BTC Weekly Outlook (FA&TA)First of all, please support our work by smashing that like button or following! These really help us to reach more traders like you! 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). The $900M won’t be available for exiting until at least October 1st this year. 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 now neutral. For the seller group sentiment, this group remains in a bull trend. The decrease in seller group supply alert was present throughout the past week (meaning price is getting close to this group’s purchase price, leading to a decrease in willingness to sell, leading to a decrease in supply, which increases price when the demand maintains a similar or higher level). In short, long-term speaking, 11k – 11.5k is the dip. 4. Margin Market Actions: Potential short squeeze alert in place on 8/26. This is a short-term bullish sign. The CME institutional traders’ significant increase in long positions last week is crucial. 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. With such strong reactions to 11k - 11.3k, the chance of 12k being broken is extremely high in the coming month or so. 5. Global Market Impact: To ease the COVID impacts, the Fed is using all means to boost the economy, which means a continued rise in inflation. This will fundamentally push up the value of gold, bringing up bitcoin along the way as the main value proposition of bitcoin remains store of value rather than remittance. For the SPX correlation, as mentioned many times before. I think major SPX correction will bring down crypto, while smaller ones won’t. So will we have a major SPX correction soon? Personally, I think the answer is no. Q2 numbers didn’t cause much of a market impact. What this means is the current price level already has the negative COVID impact priced in. The market runs on expectations rather than actuals. 6. CME Gap 90% of historical BTC CME gaps get filled sooner or later (generally created by weekend BTC movements when the CME’s closed). Yes, we still have a $300 gap open on 7/25. However, after such a long time, the gap filling (big if here) will be more of a result of general market movements rather than the cause. The current gap is a $200 gap from 11.5k. Since these gaps tend to be filled, it's better to take profit for long scalping positions now and reenter around 11.5k. For swings, the 2% may not be worth playing given fees and the chance of missing out the larger move. I can't emphasize this enough - we are in a bull run -> adjust risk management accordingly! Key Technicals: 1. Major resistance at 12k. Support at 11k. 2. Elliot wave: likely in wave 2 of 3. However, corrective waves are complex, and several counts are all possible at this point. I’ll share the detailed count once the picture gets clearer. Check out the blue box in the chart. 3. RSI neutral: Failing the RSI MAs but already found support around RSI 47 - historical bull market support for BTC Daily time frame. 4. MACD neutral: Likely up-cross on the positive side soon. Do you agree or disagree? All thoughts and critics are welcomed! ==================================================== 🌐 We believe in the power of blockchain data analysis! ====================================================
COINBASE:BTCUSD
by Phi-Deltalytics
89
The chart you will regret not knowing earlierThis is roughly plotted BTC road map to the next All Time High. It is based on the lengthening cycles. 2021 will be a great year to accumulate more BTC. 2022 and 2023 will be the year of BTC... Note that how crucial role the gray line will play, it is a multi year trend line which we have broke down on March this year. The coming down move on BTC(the red arrow) may or may not coincide with the crash of stock markets. But in my opinion; it will. Use this chart wisely.
BNC:BLX
by bigarms
#BTC [update 03/08]: discovering a flat zone#REVIEW BITCOIN $BTC is discovering a flat zone between $10925 and $11215. Probably it can take another day or two to rest and accumulate inside this zone, however, the priority is still upward. This huge dump from $12k is nothing but a correction that we needed from $11300 point. Together with the gap upwards, the break of $11215 can lead the price back up to $11500 and $12k. Best plan is to wait for this breakout and a retest to open a long position!
by Crypto2AF
#BTC DOMINANCE Breakout within 7 days. DON'T MISS!!Hello guys welcome to this new update. Thanks a lot fir all your love and support so far. BTC has been doing great and followed almost all my predictions since it hit the brutal fall to 3500 in March. I have received much love and support on twitter tradingview and my telegram channel. Thanks a lot guys. Now let's get back to the chart. The chart seems very simple. A BULL PENNANT IS IN FORMATION. Research says almost 70% pennants break to the upside. Dominance is getting rejected from the upper trendline resistance multiple times. It is trying very hard to break that level. We know very well when a level is tested multiple times it gets weaker and weaker. 68 level is being tested since many days. A breakout is coming within the next 7 days. So what could be my strategy? ALTCOIN STRATEGY: I've been buying and selling some of the alts with strong fundamentals like OMG DGB CTSI STX MATIC and selling them. Not holding fro long. So better to book profits than to just hold them. I WILL EXIT MY ALTS IF DOMINANCE BREAKS AND CLOSES ABOVE 68.75 LEVEL IN DAILY. (Not a Financial Advise) But If It break to the downside I will ADD MORE ALTCOINS IN MY BAGS and I will share the charts here and in my telegram channel. So Follow me for such updates. Thanks for reading. Stay safe
CRYPTOCAP:BTC.D
by Cryptorphic
53
#BTC/USD Ready for $12k?Hello everyone. Thanks for coming by to my new Update on BTC. #BTC seems to be going a bit sideways for the next few days. The long term lower trendline support turned resistance is now broken and could easily work as a support. Other Important Support Levels: $8700, $8300 and 7982 which also happens to be the 200D MA. I think if we can break above the Orange Triangle we BTC will officially enter into a new BULL RUN. IMPORTANT RESISTANCE LEVELS: $9300, $10400 and $11800. If BTC manages to break above these levels we can easily see BTC reaching the $12000 mark after that we can witness a huge retracement. All that we need is BTC to hold the lower orange line as a Support. Break below this could lead btc to low 6ks and even 5ks. Unlikely but possible! Stay tuned I'll update other ideas with shorter TF for you to understand. #Please hit the LIKE button If you like my charts and follow me for such updates. Thanks again. #PEACE
COINBASE:BTCUSDLong
by Cryptorphic
6
RVN/BTC Long term AccumulationSince the last 6 weeks RVN has been trading sideways holding strongly the 200 Support region/. I expect RVN to make some moves soon. 6th May is its FORK which is poised to come out with positive outcome in miner's earning. To understand the deal you can read this : :https://minermore.com/docs/help/ravencoin_fork/ Technically the breakout above the triangle would take us to 275 sats easily. Why i am very bullish on RVN finally is that it broke above the 200D MA. The only problem is the red cluster of resistance.Very hIgh resistance to break at once. I don't think it will break at once but even if we reach that point we can make 15%+ profits without leverage. Stay tuned. #Peace
Long
by Cryptorphic
2