zkdev

zkdev

The Global Net Liquidity index is breaking out of its multiyear downtrend channel on the back of a weak TVC:DXY dollar. Altcoins like CRYPTO:ADAUSD and other risk assets historically wildly outperform during Global Net Liquidity uptrends and dollar debasement cycles. As the business cycle heats up with ISM Manufacturing PMI ECONOMICS:USBCOI rising above 50,...

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This repeating pattern makes you wonder if we are living in a simulation.

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Nvidia is closing in on its 20W moving average, which has been a key support point for the last 3 years. If we see NASDAQ:NVDA closing below it for more than a week, expect more downside. Chances of holding the moving average are still on the table; however, a massive RSI divergence can be observed on the weekly timeframe, which skews the probabilities to a...

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On the FRED:UNRATE dataset, we can see that since 1953, every time the unemployment rate make a significant move above the 24 months SMA, with the sole exception of October '67, we saw a large spike in unemployment allong with a recession. Currently, FRED:UNRATE rose above the 24 months SMA in August 2023 and has been stochastically moving higher ever...

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This massive trend line on USDT dominance coming all the way from 2018 has been a key metric for identifying major INDEX:BTCUSD reversals into downtrends. Historically, when the CRYPTOCAP:USDT.D bounced on that trend line, we saw significant downtrends start to form. The current level required by CRYPTOCAP:USDT.D to hit the trend line is between 3.65% and...

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Over the last year and a half, we can see that INDEX:BTCUSD was forming a massive rising wedge pattern which usually indicates bearish reversal. We can also see the volume decreasing after each high, which is a strong indicator of the loss of momentum and potential breakdown. The downside target for INDEX:BTCUSD if it were to break down in the next few days...

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Ethereum is interacting well with the Bull Market Support Band indicator where it bounced from the 21W EMA on May 23rd, fell below the support band in mid-June and is now holding resistance at the 20W SMA level for over a week. Once ETH/USD breaks through the support band and holds it as support, we may see bullish action again.

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The daily period RSI for BTC / USD is trending lower and showing lower highs following a clear trendline since early January. The RSI breakout level is around 55 which would be the first higher high since then. Time will tell.

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The Stochastic RSI on the 1D BTC/USD chart shows higher lows while the Bitcoin price is showing lower lows. This bullish RSI divergence can potentially lead to a short-term uptrend by Bitcoin and we could see it challenge the key 40k resistance level.

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Bitcoin is at a critical moment of this bull market flirting with the 20W SMA. The last time it touched this critical support was in September 2020, where it kicked of the bull market by holding it as support. If we see a weekly close below the 20W SMA, we could see a lack of confidence in the altcoin market and potentially short-term capitulation. Otherwise, in...

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Since January, a channel has been forming and the total cryptocurrency market cap seems to be bouncing from the top and bottom of the up trending channel. Hence, we could probably see a $3T total cryptocurrency market cap around April 5th since there seems to be a 43 days period between the peaks.