#BTC/USDT ANALYSIS
Bitcoin is experiencing a rebound from the support trendline and horizontal demand zone following a strong rejection at the resistance trendline of the descending broadening wedge pattern. This price movement suggests that Bitcoin is finding stability above the crucial demand zone and the pattern's support trendline.
The 200-day moving average is currently providing robust support just below this demand zone, bolstering the bullish sentiment. However, the 100-day MA is posing as a resistance level, which could challenge the upward momentum.
Despite this resistance, the overall technical indicators and market conditions suggest the potential for a strong bullish rally in the crypto market, as investors and traders remain optimistic about Bitcoin's capacity to break through these barriers and sustain an upward trajectory.
#TOTAL MARKET CAP ANALYSIS
The total cryptocurrency market cap is experiencing a downward movement following the breakdown of a rising wedge pattern. The Ichimoku cloud is acting as resistance above the price action.
Currently, the market cap is trading above a horizontal demand zone, where we can expect a potential bounce. However, if it breaks down below this demand zone, further correction in the market is likely.
#DYDX/USDT ANALYSIS
DYDX is currently trading within a major horizontal demand zone after a strong rejection from the resistance trendline. The 21-day moving average is acting as resistance.
We can expect a potential bounce from this key demand level. However, if DYDX breaks down below the horizontal demand zone, we could see it reach new lows.
Daily active addresses on Ethereum and leading L2s have increased by 127% this year. This metric measures the number of distinct addresses interacting with the chain, indicating user base growth.
Читать полностью…#XRP/USDT ANALYSIS
XRP is currently consolidating within a symmetrical triangle pattern. It is facing rejection from the trendline of the triangle, with the Ichimoku cloud also acting as a barrier.
We should wait for a decisive breakout or breakdown to confirm XRP's next move.
#BTC/USDT ANALYSIS
Bitcoin is currently facing rejection from the resistance trendline of its channel and is trading within the Ichimoku cloud. We might anticipate a bounce from this level. However, if Bitcoin breaks below the Ichimoku cloud, further market correction could occur.
Long-term investors currently hold 45% of the network wealth, which is relatively elevated compared to near macro cycle topping events.
This underscores that LTHs hold the coins in HODL mode and are arguably patiently waiting for higher prices to divest into market strength.
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#S&P 500 ANALYSIS
The S&P 500 recently experienced a breakout from a classic cup and handle pattern, which is typically considered a bullish continuation signal.
As the index approaches a retest of this formation, it has also filled the CME gap. Currently, the 21MA is providing additional support just below the pattern's neckline.
A successful retest of the neckline could validate the breakout, triggering a strong bullish rally and indicating further upward momentum in the index.
This scenario could lead to increased buying interest and trading volume as investors look to capitalize on the continuation of the upward trend.
#ETH/USDT ANALYSIS
ETH is currently trading within a descending triangle pattern and is being rejected at the resistance trendline.
The Ichimoku Cloud above the current price action is acting as resistance, indicating bearish momentum. It is important to wait for a decisive breakout or breakdown for confirmation.
#USDT DOMINANCE ANALYSIS
USDT.D is bouncing off the support trendline of a rising wedge pattern. The 100-day moving average and the Ichimoku cloud are indicating bullish momentum, suggesting a potential bounce from the trendline.
However, a breakdown of the pattern would signal a bearish trend. It's important to note that USDT.D typically moves inversely to the broader crypto market.
Bitcoin Daily Active Entities, measured as clusters of addresses controlled by the same entity, fell 16% in Q2 2024. This metric helps gauge user adoption and network activity.
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#US DOLLAR ANALYSIS
The US dollar has recently broken down from a symmetrical triangle pattern and is now trading within the Ichimoku cloud, with the 200-day moving average acting as support. A successful retest of the triangle's lower boundary could confirm a bearish trend. However, failure to retest may lead to further consolidation within the triangle.
It's crucial to consider the inverse relationship between the US dollar and the cryptocurrency market. As the US dollar weakens, cryptocurrencies often experience upward movement, indicating potential gains for digital assets in the near future.
In the past 24 hours , 2,13,305 traders were liquidated , the total liquidations comes in at $827.23 million
Читать полностью…#Bitcoin miner hashrate is rebounding, reaching 604 EH/s, a 6% increase since July 9.
$BTC hashrate is now less than 2% from all-time highs.
#BTC/USDT ANALYSIS
Following the breakdown of the rising wedge pattern, the price has experienced a downward movement and is currently trading below the Ichimoku Cloud, indicating a potential for further decline.
The presence of a CME gap between the 60,845 and 58,790 levels suggests that the market may seek to fill these gaps before establishing a new direction.
Historically, once such gaps are filled, the market often experiences a reversal, which in this case could lead to a strong bullish rally.
#QNT/USDT ANALYSIS
QNT is rebounding from the support trendline of a descending channel and is currently trading in the middle of the channel.
The 50-day moving average is acting as resistance above the channel. A decisive breakout from the channel would indicate a potential bullish trend.
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#BTC DOMINANCE ANALYSIS
BTC.D is consolidating within a rising wedge pattern, with the Ichimoku cloud providing support below the current price action. We should wait for a confirmed breakout or breakdown to determine the next move.
A breakout from the wedge could indicate further declines in altcoins. Conversely, if BTC.D breaks down from the wedge and successfully retests it, we can anticipate a bullish rally in the altcoin market.
Morgan Stanley tells wealth advisors they can pitch Bitcoin ETFs in a first for major Wall Street firms
Читать полностью…#IOTX/USDT ANALYSIS
IOTX is consolidating within a descending channel and is currently facing rejection from the channel's resistance trendline. The 200-day moving average is also acting as a resistance barrier. We should wait for a confirmed breakout or breakdown to determine the next move for IOTX.
#BTC/USDT ANALYSIS
Bitcoin is rebounding from the horizontal demand zone, where the 200 MA is providing support. Currently, the Ichimoku cloud is acting as resistance, indicating bearish momentum.
A breakout above the Ichimoku cloud barrier could lead to further upward movement, while a breakdown below the horizontal demand zone and 200 MA would signal a bearish trend.
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#BTC/USDT ANALYSIS
Bitcoin has broken down from a rising wedge pattern and has successfully retested the breakdown level. Currently, it is moving downward towards a horizontal demand zone where the 200 MA is acting as support.
We can expect a rebound from this demand zone level if it holds. However, if it breaks down through the demand zone, we may see further correction in the market.
The Fed announced that it will maintain the interest rate at 5.25-5.5%, in line with market expectations.
Читать полностью…#TRB/USDT ANALYSIS
TRB is currently consolidating within a descending channel, displaying signs of bullish strength. A breakout above the channel and the 50-day moving average could signal a strong bullish rally.
Conversely, it may also decline from the descending resistance trendline.
#BTC/USDT ANALYSIS
Bitcoin is currently consolidating within an ascending channel and trading just above the support trendline. We can anticipate a bounce from this support level.
However, the Ichimoku Cloud indicates bearish momentum, acting as a resistance. A breakdown of the channel's support trendline could signal a shift towards a further downward trend.
Founder of BitClout charged with fraud and unregistered offering of crypto asset securities by the SEC
Читать полностью…