The market on 4H timeframe is EXTREMELY oversold in such a manner that $ETH and $MKR are going below our RSI Heatmap bottom edge, sitting below 10 RSI. The average RSI for 4H timeframe is 20.41 and 26.02 for 1D timeframe.
In just one week the Fear and Greed Index is down a shocking 37 points from 71 to 34, which is FEAR, and the first week of August finishes its averaged index in the FEAR territory too.
The overwhelming majority of accounts are long on both $BTC and $ETH across exchanges with the average of 64% of positions long on $BTC and 72% on $ETH over the last 24 hours.
The taker volume remains slightly long leaning for both Bitcoin and Ethereum at 51%.