Overview: 
BTC broke out from the daily levels range after surpassing 60.2k but failed to break 61.3k. For the 4th time, it has attempted to reach the Bollinger Bands' moving average (BB MA) but fell short by 1.57%, 1.32%, 0.67%, and 0.69%. The more it fails to break this level, the less likely it is to succeed, unless some big whales step in to support the price. However, big whale activity was last seen at 54.7k on August 8, when net new BTC ETF inflows hit an all-time high of $194.6 million. Who will step in at 61.3k to push it higher?
BTC open interest has been dropping for the last 11 days, indicating that the derivatives market is capitulating and losing interest in the asset. In previous rebounds, we also witnessed a rise in open interest (OI). For an uptrend to be confirmed, the bounce should be accompanied by rising OI.
Alts Relative to BTC: No major divergences between altcoins and $BTC.
Bull Case: Quietly, the S&P 500 has been pumping for the last 7 days. Macro data (CPI and PPI) came out as forecasted, without major surprises. Markets might take this positively. No whales are expected to push the price higher, as their power was likely exhausted below 60k.
Bear Case: Same as yesterday.
Fear and Greed Index: 55.18, rising for 2 days in a row.
W: Accumulation. No divergences.
D: Another slow day of approaching the original daily green candle from the August 8 rally. There are still 20 hours left to finish the daily candle, and if it stays green, it would be the 3rd green candle in a row, which is unlikely in this downtrend. No divergences.
4h: Broke through the BB MA. For the 3rd time, it is unsuccessfully trying to break the 61.8k level. Broke daily resistance. No divergences.
1h: Range trading.
Prediction: Due to positive macro news, BTC might pump higher by 6.6%.
Opportunities:
APT: Although it recovered much faster than other alts, the chart pattern suggests some whale activity, as large purchases have pushed the price rally higher than other alts.
BTC broke out from the daily levels range after surpassing 60.2k but failed to break 61.3k. For the 4th time, it has attempted to reach the Bollinger Bands' moving average (BB MA) but fell short by 1.57%, 1.32%, 0.67%, and 0.69%. The more it fails to break this level, the less likely it is to succeed, unless some big whales step in to support the price. However, big whale activity was last seen at 54.7k on August 8, when net new BTC ETF inflows hit an all-time high of $194.6 million. Who will step in at 61.3k to push it higher?BTC open interest has been dropping for the last 11 days, indicating that the derivatives market is capitulating and losing interest in the asset. In previous rebounds, we also witnessed a rise in open interest (OI). For an uptrend to be confirmed, the bounce should be accompanied by rising OI.
Alts Relative to BTC: No major divergences between altcoins and $BTC.
Bull Case: Quietly, the S&P 500 has been pumping for the last 7 days. Macro data (CPI and PPI) came out as forecasted, without major surprises. Markets might take this positively. No whales are expected to push the price higher, as their power was likely exhausted below 60k.
Bear Case: Same as yesterday.
Fear and Greed Index: 55.18, rising for 2 days in a row.
W: Accumulation. No divergences.
D: Another slow day of approaching the original daily green candle from the August 8 rally. There are still 20 hours left to finish the daily candle, and if it stays green, it would be the 3rd green candle in a row, which is unlikely in this downtrend. No divergences.
4h: Broke through the BB MA. For the 3rd time, it is unsuccessfully trying to break the 61.8k level. Broke daily resistance. No divergences.
1h: Range trading.
Prediction: Due to positive macro news, BTC might pump higher by 6.6%.
Opportunities:
APT: Although it recovered much faster than other alts, the chart pattern suggests some whale activity, as large purchases have pushed the price rally higher than other alts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Follow for daily updates.
Get market overview and signals daily, straight into your inbox: evgcapital.substack.com
First 100 followers receive free market analysis and signals subscription.
Get market overview and signals daily, straight into your inbox: evgcapital.substack.com
First 100 followers receive free market analysis and signals subscription.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.