We're bleeding, but not blood on the streets. #cryptocurrency market/#bitcoin Market Analysis 9/6 . Today, is well, bearish. I think some people did indeed pick up on the $1000 drop for Bitcoin that happened across about 10 minutes.
Of course, those do tend to shock people, as they are not bullish. Meanwhile, some call groups are hilariously moving the goalposts lower. "It's going to stop at 19k, no 18.8k, no 18.6k!" the word for that is #rekt.
I guess this is more like - $800 drop in 15 minutes, or $1000+ in 30 - but still, not too much of a surprise. The big part there is the volume was significant. tradingview.com/x/ZC5BxVHF/
I have to move the candles up to even show the volume candle on larger timeframes, it's that big. tradingview.com/x/sIdBq4RW/
$SPY did not move like $BTC, which is significant. This is BTC moving more bearish than stocks. Not a sign of strength. This is of course SPY moving downwards and macro bearish,but still. tradingview.com/x/09NeVNfB/
On-chain wise, we have yet to see capitulation from newbie Bitcoin holders, which adds up to the sort of failures we'd expect. Courtesy of @whalemap, this image shows we haven't hit the point that really defines the bottom in the market. imgur.com/a/wJijB3o
It's showing that the amount of bagholders is decreasing with every wave, and that the biggest players are (shocker) continually getting bigger. Just using different wallets. Decentralization...wait...nope. So there's little to no demand.
I'm not sure what anyone would expect, but up is not the route this appears to be going.
#Cryptocurrency Market/#Bitcoin Market Analysis 9/5
I just got back from a nice vacation (Yay), so I'll keep this one short and sweet. A number of people think Oil is going to be the trigger for Bitcoin moving, and I will say it's quite silly.
Russia: "Why can't we pull out our $100b in China?" But hey you know, #BRICS ever so strong except when reality comes into play. Here's google translate:
"#China "took hostage" $ 100 billion of #Russia's reserves By investing 17% of gold reserves in the #yuan, the Central Bank stated that it was de facto impossible to withdraw money from Chinese assets. To use the yuan, you need permission from China"
Risk Reminders #Cryptocurrency Market/#Bitcoin#Analysis 9/1
First, vacation after today, see ya Monday. Let's start this with some reminders of the existing risk to miners is getting worse. Not many people mention this article. amycastor.com/2022/08/04/bit…
What this means is $MARA and $RIOT among others are at huge risk of default from leveraging their ASICS to buy more bitcoin (yep, you read that right - double leveraged). While they own for the leverage. Anyway, further the year drags on bearish?
The more likely it becomes we're going to see a drop. How does $BTC look? Not bullish. tradingview.com/x/z2T06uyf/
Everything first looks like consolidation. That's the TLDR of today, overall. Things look very, very mixed. We are however, looking at Contango - and that implies bearishness. IE: spot is below futures.
Anyway though, let's get to looking at the market, shall we? Real ugly 1d pin bar that hints at lower, explicitly. tradingview.com/x/FB6FnlYx/
Well, what about 1 week? Maybe we'll see some upwards movement. tradingview.com/x/u98YGhdU/ Not guaranteed, but a distinct maybe and probably short term when you consider we're talking about BTC at 20k in a macro bearish market.
First, let's do some TA. tradingview.com/x/lmjBtqFy/ - we have a macro inverted head and shoulders on the quarterly DXY. So....that's possibly a year, two years? More? Not going to be bullish for crypto, for sure.
Next, we have 3 month BTC - which is just starting to turn for the first time in a long time. Yep....tradingview.com/x/s7Z7H7ok/
So, what do we have? We have #short#squeezes on thin air. I had suspicion of #bear#traps, and well.....yeah. Can't exactly say I'm surprised.
At this time, weekly charts are by and large unchanged. tradingview.com/x/J8cJYTLY/ - bearish, see ya later. So far. Obviously this #fakeout back and forth stuff when we're at a pivot leaves me at a little bit of indecision.
Daily charts also say LOL, because we're literally sitting on top of a horizontal support going way back, and yet...we already went under it once and for sure did not strongly bounce off it. Usually when this occurs, market goes down. tradingview.com/x/2q3KlQ0m/
Sunday 8/28 analysis. An obvious setup for Monday is coming. BTC is hovering at/around the $20k mark, which means consolidation for the time being. It's clear that BTC is ready to follow the SPY for the new week.
For those that have been following what I'm doing, it's clear that doesn't mean bullish. tradingview.com/x/UXUy5E0Q/ BTC can't even make it over tiny MA's at this time, and top of MA resistance on short term is $21.6k to continue downtrend.