๐Crypto Market Update ๐
Hello Sublime Traders ๐
Here's your daily dose of crypto market insights and analysis for 17/08/23 ๐๏ธ
๐ BTC Price Tendency ๐
Current price: $28.584
24h Change: ๐ฝ -1.97%
7d Change: ๐ผ -3.07%
FEAR & GREED: 47 neutral
๐ Market Cap ๐
Total Market Cap:๐ฝ $1,14T
BTC Dominance:๐ผ 49%
๐ฐ Notable Events this week ๐ฐ
EURO area Core Inflation Rate - 18 AUG 11AM GMT+2
๐ง BTC Technical Analysis: https://www.tradingview.com/x/FjBXSfk8/
Bitcoin 1D chart
Since march we haven't seen real volume in any direction, the moves were slow and tedious with multiple formations happening.
On this chart we will take a simplistic approach and check some supports and resistances. Note that even if the general chart pattern is bullish , we do have strong drops along the way.
In the current formation we can establish an engulfing bearish pattern that signaled downside pretty early, the current short setup we are running on BTC should still be open....BUT we suggest that being net short is not the greatest of ideas at this confluence point.
Confluence point at $28400 : Previous resistance flipped support+ 0.5 Fib + weak low range of falling wedge.
Observations: - The falling wedge in this formation is weak but can play it's bullish role. - Losing the 0.5Fib would mean that the price will go for the next confluence point at $27.100(0.66 + 200MA).
If this happens we will scalp our way from 0.5 to 0.6 - Volume is insanely low for the moves we have, meaning that high volume leveraged positions can truly move the price.
๐ง Altcoins to watch:
SOL - https://www.tradingview.com/x/aAZ6eUYD/
AR - https://www.tradingview.com/x/NO29Itq5/
WAVES - https://www.tradingview.com/x/qvqMCdzJ/
Trade Safe! ๐ฐ๐น