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#Bitcoin Trading back at the mid range from the channel. Breaking higher here could lead to another attempt at the top side of the channel and an eventual breakout. The lower side now sits at ~$51K while the upper side sits at ~$66K.
$BNB Has been strong on this bounce and is trading back above the Daily 200EMA. Daily 200MA up next at $561. CZ leaving prison by the end of the month so you bet that's going to be a narrative and is likely contributing to the relative strength here.
#Bitcoin Most liquidity is still sitting above. This makes sense as price cleared everything from the past ~6 months during that early August dump. Key level to break is $65K as that would make a local higher high and likely lead to a move to take out that liquidity at $70K.
$FET Up nearly 2x from the August lows already. Thisone has been strong. After making the higher low this week it, looks like it wants to head higher. Key level is the local high at ~$1.5. If that is broken the market structure on the daily will be flipped to bullish again.
ETF Flows Overview $BTC: -$43.9M $ETH: -$0.5M Some outflows but price managed to hold up relatively well by rebounding from a -4% move down during the day. Stocks closed very strong which contributed to the bounce back up. Still nothing crazy in terms of ETF flows.
Just 6-7 months ago, Crypto Funding rates were the highest they had been in a long time. Currently these rates are at their lows and shorts are paying longs. This makes for a good base but will eventually need spot bid to lift it up.
#Bitcoin Tends to not perform well in September. But whether it's the start of a bull run, the late stage of a cycle or even in a bear market, September does tend to be a local bottom followed by (some) upside in Q4. Will this time be different?
$AAVE Still just minding its own business and making fresh cycle/yearly highs. Did reject for now. Hold above $154 and this should start accelerating quickly. Just needs $BTC to hold up.
$CPOOL Knocking on the door of the high volume node level. Above here I think price should move relatively easy as the air up their is thin. $0.14 and $0.18 would be up next upon breaking $0.12
$PYR Making a higher low after the initial impulse from below the range. Key level here but this has been pretty resillient during the moves down. Need some supportive $BTC price action and I think this will go nicely.
#Bitcoin CPI traders having a lot of fun again today I see. Both sides stop hunted multiple times. Quite a lot of volatility but nothing we're not used to the past few weeks.
$STX Starting to look nice as well. Building a proper higher low here. Just needs to break that diagonal resistance and turn this around. Many similar charts making somewhat of an inversed H&S.
#CPI Coming in mostly at estimates. As always, price will lead narrative and I doubt this report changes anything in terms of direction. Whatever happens would have likely happened either way.
#CPI Economic Data release in 30 minutes. PPI same time tomorrow. Eyes on $DXY and Yields to see how they react. I doubt either of these will have any meaningful impact on the Fed's rate cut decision between 25/50 bps next week.
ETF Flows Overview $BTC: +$117M 🟢 $ETH: +$11.4M 🟢 First day in weeks where both assets see inflows. Decent amount for #Bitcoin. ETH is still not very noteworthy either way. As always, price action is most important.
#Bitcoin Has been rejecting from the 4H 200MA/EMA for the past few weeks. Whether $BTC trades above or below these MA's are a good estimate of market strength/weakness. Bulls would want to retake those to get a further bounce going.
#Bitcoin Respected the $53K level well and is also trading back above the $56.5K level. Hold this, and the Daily 200EMA/MA are up next.
$ETH Solid bounce from support so far. I reckon it will stilll be choppy while price is trading within this $2100-$2850 range. The bulls know what to do to get things going (Above $2850). But it's going to be a long road.
How #Bitcoin will do from this consolidation/pattern will be a good test whether this bounce has any further fuel left in it or not. Technically, a bullish pennant is more likely to break upwards. Yet, these kind of patterns have consistently failed in recent weeks. As always,…
Best performers from the past day have been the usual suspects: AI & Memes. Both have sold off anywhere from 60-80% as a sector and are now at much lower valuations than when people were aping on these earlier this year. Let's see if we can get a decent trend formed.