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There is no better top or bottom indicator than you taking a screenshot of your Unrealized PNL. Doesn't matter where and how much. The moment you take a screenshot is the moment the market reverses against you. Anyone here will second that statement.
#Bitcoin It's weekend and you know what that means... usually. With all the volatility into the end of the week and positions closing post FOMC, I wouldn't be surprised to see a relatively slow weekend where we just hover around the CME close price ($62.8K).
It's pretty clear that since the launch of the #Bitcoin ETFs, most volumes have been around the New York Stock Exchange open hours. Most of it is during the start of the trading day.
The #Bitcoin Puell Multiple bounced from the green zone which is historically a good place to accumulate. This metric looks at the $BTC miners and their revenue. When this gets close to the red area, it's generally a good place to start taking profits.
#Bitcoin The key level is $65K. This is a big level in terms of liquidity as well as it would signal a bullish market structure break. As it would make for a higher high, after the recent higher low since the August dump.
#Bitcoin Breaking above its 4H 200MA/EMA again after chopping around these for a while. Throughout Summer, it has broken above these moving averages several times but has failed to keep the momentum going. Is this time different? $65K would signal a market structure break.
#Bitcoin 2-Year MA Multiplier has historically showed good spots for cycle lows & tops. Generally, when $BTC gets close to the 2 Year MA * 5, it's near its cycle highs. Any time below the 2 Year MA is usually a good time to accumulate.
$ETH Testing the 4H 200MA/EMA again. This has been a difficult one to break so let's see if there's enough momentum to make it push through this time around.
Idk guys, think most of you interpreted this pivotal event the wrong way around by saying it was bearish for $ETH.
Coinbase App Store Ranking has regained the top 500 after mostly hovering outside of it for the past few weeks. Still incredibly low compared to earlier this year when it was in the top 100 for the first few months. tl;dr some renewed interest possibly but still low overall.
Crypto Funding Rates still very low or even into the negative territory (like $TIA). Generally both long and shorts have been getting punished the past few weeks with some relatively big moves towards both sides. Good chance that we'll see some disbelief when a trend returns.
The Crypto Fear & Greed Index still sits at "Fear". Whether this is accurate or not, I do like to compare this to previous levels within the same year. As can be seen, we're still at the lows from this year which indicates sentiment is still very low relatively speaking.
#Bitcoin Volatility (green) sits at pretty high levels relatively for this cycle. But if we compare it to levels in the previous cycle, it has come nowhere close yet. I do expect further volatility increasing once price leaves this consolidation it has been in for most of 2024.
50bps. Volatility will remain high for a while. Best of luck out there traders 🫡
$USD Liquidity has been ticking up recently. If there's one thing #Bitcoin tends to like, it's that.
fyi, the simplest form of this means: Fed cut = good Fed bigger cut = better Obviously it's not as black and white and short term reactions might vary but it might just be that easy in the mid/long term. Time will tell.
Opinions & Expectations for today are incredibly mixed. There's no consensus idea and therefore people like overcomplicating things a lot. Usually you're best of keeping it simple. But even better to just let the market digest, decide and see from there. GL Today ️
Current odds according to CME FedWatch: 50bps = 65% 25bps = 35% First time in over a year that we're going into this FOMC without a 90%+ probability/priced in option. Going to be a volatile one this time around as the market will have to price in & digest whichever…
Big day today. Not only will we get the first rate cut in years, We'll also be seeing the Fed's summary of economic projections which will give an idea of how the Fed sees the economy ahead. Then top it all off with Powell speaking. Volatility guaranteed.
The AI sector has been the best performer last month, mostly led by $FET & $TAO which have had a good run from August. Memes are still trending behind which is healthy for the market I think. I do also think that memes will be quick to catch up if we see further risk on.