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CME close as minor S/R levels.Not a great deal of excitement to be had from bitcoin lately. However here's a recurring pattern i have been observing lately since we've been stuck in so many tight ranges. Quite simply the horizontal lines here correspond to recent CME weekly close prices. The whole gap filling thing is well known so i won't go into that but what is more interesting is how many times these lines have provided minor supports and resistances when viewed in shorter time frames. Last week's close level has provided us 6 small bounces since tuesday, perhaps more if we zoom into even lower timeframes from last weekend. This is not an isolated case either. Obviously this is mainly of interest for scalping while the market is so tightly bound but it's useful to note that some like the 18th and 25th Nov closes lower down have also given us so larger bounces. To clarify the price i'm using is the actual weekly close from the CME futures regardless of any divergence it has from the spot price at that same time. Initially i was just looking at them for gap fill targets but it seems they continue to be useful even after that. Worth taking the time to explore this while the market is sideways. I expect this idea will become obsolete whenever btc starts to show signs of a trending direction, either up or down. Of course, we may be waiting some for that to happen.
COINBASE:BTCUSD
by mutantdog
Correction of BitcoinHello Traders As you can see in the chart above, Bitcoin is currently in a resistance zone which can cause capitulation. I Screenshotted a metric from Glassnode called addresses with a supply of more than 1K, Which decreased drastically in the previous bitcoin bullish movement; this alone can confirm the technical scenario. On the network data side, I saw most of the bitcoins that moved in the last day were mostly in profits—another risk to the price. Note that this is an Intraday analysis and is only valid for a couple of days or even hours. ------------------------------------------------------------------------ What is your opinion? Comment below. If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too. Good luck.
by Crypto_MD
CKB USDT LONG SWING | CKBUSDT | LONG @ 0.0031 - 0.0032 | TP @ 0.0033, 0.0034, 0.0035, 0.0036, 0.0037 | SL @ 0.0027 | PATTERN = BULL FLAG | BINANCE | Swing trade idea. Kindly follow targets and stop loss. Will update with new targets once all 5 are achieved. Mostly trading with PNF charts, MACD, RSI, Stoch, BPI, Cipher, MA/EMA, Support/Resistance on hourly timeframes and higher time frames BINANCE:CKBUSDT BYBIT:CKBUSDT.P BINANCE:CKBBUSD HUOBI:CKBUSDT KUCOIN:CKBUSDT CRYPTO:CKBUSD
Long
by Coindatahouse
Risk in the marketHello Traders Bitcoin moved yesterday as we predicted with on-chain data; you can see it in the previous idea. I screenshotted a metric today called ASOL from Galssnode; Average Spent Output Lifespan (ASOL) is the average age (in days) of spent transaction outputs. This measured value has spiked today, which means that there will be a possible risk to the price. On the technical side, the price is still in a supply zone, so I believe the price can consolidate today and even maybe have a correction. Note that this is an Intraday analysis and is only valid for a couple of days or even hours. ------------------------------------------------------------------------ What is your opinion? Comment below. If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too. Good luck.
by Crypto_MD
5
GNO USDT SHORT SWING | GNOUSDT | SHORT @ 92 - 89 | TP @ 88, 87, 86, 85, 84 | SL @ 96 | PATTERN = QUADRUPLE BOTTOM BREAKDOWN | BINANCE | Swing trade idea. Kindly follow targets and stop loss. Will update with new targets once all 5 are achieved. Mostly trading with PNF charts, MACD, RSI, Stoch, BPI, Cipher, MA/EMA, Support/Resistance on hourly timeframes and higher time frames BINANCE:GNOUSDT COINBASE:GNOUSD COINBASE:GNOUSDT HUOBI:GNOUSDT COINEX:GNOUSDT GATEIO:GNOUSDT
Short
by Coindatahouse
Correction and Pullback of BITCOINHello Traders As you can see in the chart above price has broken the higher levels, and now it needs a correction to continue its movement. On the Onchain side, I screenshotted a metric from Glassnode called Long term holders SOPR; the Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or: price sold / price paid and LTH SOPR only calculate it with wallets older than 155 days which are long-term holders. The value in the chart shows that long-term holders are spending their bitcoins in 5x Profit since they bought; this alone can create a risk to the price since they are long-term holders who sold their bitcoins. Price can see a slightly higher level and start to correct itself, and the correction might continue if the holders keep selling their bitcoins. Note that this is an Intraday analysis and is only valid for a couple of days or even hours. ------------------------------------------------------------------------ What is your opinion? Comment below. If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too. Good luck.
by Crypto_MD
3