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#Bitcoin up or down 24 hours after today’s Fed cut & Powell talk?
Overall sentiment seems kinda neutral by the way. Uncertain short term, optimistic 2025. Makes sense seeing the price action the past few months. 🫡
Pretty interesting that we log into this space every day for years and we don’t recognize 90% of these crypto projects that are spending 6 figures on booths over at Token2049. So much random stuff that barely anyone has heard of. With @AltcoinSherpa
#Bitcoin Trading back above the Daily 200EMA and making its way towards the Daily 200MA. That roughly matches up with the local highs at ~$65K which is needed to breach to make a local higher high and flip the market structure back around.
#Bitcoin Since the August dump, open interest has slowly been recovering. It has roughly been moving between $9B at the lows ($50K) and $13B at the highs ($70K). Not at any extremely high or low levels as we speak. Just like price.
#Bitcoin That's this weekend's gap closed Still a gap slightly higher at ~$62K and of course the one below at ~$53K. Big day tomorrow surrounding FOMC.
$ETH is on track for its worst quarter in over 2 years. It's the worst performance relative to #Bitcoin in a long time seeing $BTC is only down -8% this quarter so far.
$ETH Pretty sad looking chart. Pretty much down only for the past 2 years. Eventually this will need a big buyer to push price up and get momentum going. Otherwise it will just keep dribbling down as ETH inflows will struggle to keep up with BTC during the bounces.
#Bitcoin Sitting in the middle of the channel. In my opinion, the next 5% candle from this point likely determines the next bigger (10%+) move after that as well. Interesting spot.
It has been very interesting hearing all these thoughts from a lot of top traders the past few days.
$ETH's Grayscale $ETHE outflows started at a more rapid pace than we saw with $GBTC. But at this point ETHE is at the same percentage of assets lost since inception compared to GBTC. The big difference is that the other ETFs didn't get nearly as many inflows as we saw with BTC.
#Bitcoin Still chopping around its bull market support band. It doesn't want to leave this price region alone just yet. Each breakout is followed by a rejection and each move lower is followed by a bounce. Pretty typical for most of 2024 so far.
New Video! Will we get a bullish market structure break? Discussing rate cuts and the overall market outlook. If you like my content, consider subscribing and leaving a like! It helps to push it in the algorithm.
Crypto Weekly RSI levels moved up again across the board on this recent bounce. Yet, most levels are still sitting at the lower neutral region with an average of ~41. Although this leaves a lot of room for upside, it also shows there's little upside momentum currently.
#Bitcoin Small CME Gap created this weekend at the $60K region. Price has basically sold off straight from the futures open with little to no bounces. Interesting, as stock futures are mostly flat/green.
#Bitcoin Zooming out, we can see how $BTC has taken out a big liquidity cluster down below $50K on that August 5th dump. Currently, there's not many big clusters in close proximity. The big levels are sitting at $47K and lower. But especially at $70K+ after all the lower highs
#Bitcoin Is up +1.5% in September so far. The current low was set at -11% last week. Not as bad as people perceived it to be so far. But we're only halfway. I'm mostly excited for Q4 :)
$DOGE Breaking out of the down trend line it has been trading below since March this year. Needs to hold on to $0.105 and clear $0.12 to get the party started.
More and more talks about a 50bps rate cut next week. It's a cointoss currently between 25 & 50 bps. Although I think a 50bps is the best bet, I'm still unsure if the Fed would do it as it might also scare markets a bit. Exciting week ahead that's for sure.
#Bitcoin Has been trading at a price premium on Coinbase again recently. Generally this is good as it shows spot demand from US Investors (and ETFs). Although big discounts tend to mark bottoms, it also shows pretty bearish/negative sentiment.