Tuesday Inferno Analysis

in bitcoin •  2 months ago

ezgif.com-resize-23.gif

The picture for BTC and the alts is looking good. As traders come back from their summer holidays, it looks like the bull is also back in town and growing stronger with each passing day.

On a technical level, it’s been a great couple of weeks for BTC, as traders have pushed up through multiple layers of resistance. Regular pull-backs have ensured the market doesn’t get ahead of itself too fast, making this a strong and sustainable rally. The most immediate support levels at $6,800 and $7,000 held on tests. At the time of writing, BTC is bumping against the ceiling of downward-sloping support, with the next target to break around the $7,500 zone.

On the daily chart, we’re sat between the 50 and 200 moving averages, and RSI is heading north — though not yet into overbought territory. A look at the daily RSI over the last several months shows that it has been an excellent indicator for buying and (particularly) selling. We would advise caution, though: in the last bull market, there were periods when the daily RSI spent significant periods of time over 70, and selling there would have meant missing out. When BTC goes into bull mode it’s a raging bull, and the rules change.

The technical picture is broadly positive for now, then, though breaking $7,500 and then $8,000 would consolidate that impression. Pushing above the 200 MA would give traders a confidence boost, and likely when $10k is breached there will be another wave of media interest and speculation (of both kinds).

Right now, volumes are still lower than they were earlier in the year or at the end of 2017. Nevertheless, the mood has changed over the last month. More longs are opening on the futures markets, with CME reporting both a reduction in shorts and an increase in longs. On top of that, another 100 million USDT have recently been printed, suggesting incoming demand. Big money (which usually equals smart money) is signposting its expectations.

On the other side of the coin, one other factor that has attracted interest in recent days is the movement of large quantities of bitcoins from a wallet that has been dormant since 2014. Around $100 million has apparently been moved to Bitfinex and Binance, presumably to sell for USD and altcoins, respectively. We’ll take a closer look at this tomorrow, but that could indicate considerable sell pressure in the short term. Right now, though, the market doesn’t seem to care.

Желтая полосочка копия.jpg
Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.

Join us on
Telegram: https://t.me/crypto_inferno
Reddit: https://www.reddit.com/r/CryptoInferno/
Twitter: https://twitter.com/CryptoInferno_
Facebook: https://www.facebook.com/CryptoInferno
Medium: https://medium.com/@CryptoInferno
Steemit: https://steemit.com/@crypto.inferno

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I like to cover markets that are good for trade ideas while showing the charts.

For detailed technicals for many coins, check out @thebeachedwhale.

I will be releasing my first bullish piece in months Wednesday morning.

-The ฿itcoin Profiteer

·

NexusBot.io - Best Crypto Trading Bot

  • Bittrex
  • Poloniex
  • Bitfinex
  • 50+ exchanges

Welcome to NexusBot.io

Fantastic work with this one. Nice review and continue the nice work! Glad to peer you posting again. Thank you for the updates.

You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!

Thanks for sharing. I have many things to learn. Good wishes for you.

Your post on "Tuesday Inferno Analysis" is really organized. I am charmed at this.

·

NexusBot.io - Best Crypto Trading Bot

  • Bittrex
  • Poloniex
  • Bitfinex
  • MORE 50+ exchanges


    Welcome to NexusBot.io

It is really a colorful post. We have close ideas please check mine at below;

https://steemit.com/bitcoin/@vmefe/bitcoint-weekly-charts-analayses-s-update-2-awesome-news

Ya. Bagus itu aku suka

Thank you for sharing this... I love it

The Acclaim Token(ACM) from GCOX just finished their 1st ITS and it was over subscribe 156%, they going to launch their 2nd ITS soon. This is a quite new concept project, may have a look :)
https://gcox.com/

Bitcoin already crashed within an hour, failed to maintain $7000 resistance.
what you guys call for the next support level?bitcoin_drop.jpg