BITCOIN COMMENTARY TODAY October 30, 2023
*Bitcoin closed the week up more than 15%, helping to revive spot trading volume on CEXs, exceeding $24 billion, the highest since March 2023. Crypto market capitalization goes against the stock market with positive sentiment. (FIGURE 1)
EVENING NEWS VIA NEWS:
• VanEck revised the Bitcoin Spot ETF application, using Bitcoin directly to raise initial capital instead of cash.
• The community is waiting for big news from the Solana Breakpoint event, taking place from today
• Google poured another $2 billion into AI company Anthropic - in which Sam Xoan holds shares, increasing the possibility of FTX recovering 100% of its assets.
• Ethereum confirms that the Dencun upgrade will not be completed in 2023 => timing for $ETH and Layer 2 may move to Q1/2024.
*TODAY October 30, 2023 HEAD MAP: Buy wall around 32k8-33k4 acts as short-term support, sell wall around 34k8-35k1; 36k and most concentrated around 40k. The order flow into the market weakened under the pressure of short-term profit-taking by retail, large orders were not sold - On Firechart headmap BTC continued to move sideways bottom 33k-33k4 peak 34k7-35k short term.(FIGURE 2).
* OVERVIEW OF INDICATORS:
The amount of stablecoins on the exchange continues to be low and created 2 bottoms, bottom 1 around June 11. Yesterday 74M$ was deposited into the exchange (FIGURE 3).
Although the price increased all week, the amount loaded into the floor was quite small. The selling mentality prevailed in the derivatives market-----BTC's adjustment is just the profit-taking pressure of retail.
On the Weekly Frame: $BTC closes the Morubozu candle with a small wick on the top and MACD crosses up and above 0, showing a strong uptrend. On the D Frame RSI is in the overbought area. The 2 candles on October 24-25 have candle wicks. as long as the body of the candle above the head. The attempt to break through the 35k zone was unsuccessful. Slight correction or sideways move to stop hanging on.
BTC appeared on the Buy cinemax candlestick and entered the re-accumulation (distribution) zone - From the oder book, the large cash flow weakened, the buying wall at both ends was quite thick, so BTC continued to move sideways, creating a bottom around 329-332 and continued to re-accumulate. bottom 33k peak 35k < Scap H1, 34k is a small support and shrinks to 34k7 > ; If 32k5 is breached, it will return to the 31kxx area - Short term Cash flow is less likely to be profitable in BTC and will gradually shift to Altcoins.
