Hello Sublime Traders 👋 Here's your daily dose of crypto market insights and analysis for 11/08/23 🗓️
📈 BTC Price Tendency 📈
Current price: $29.406 24h
Change: 🔽 -0.43% 7d
Change: 🔼 0.89%
FEAR & GREED: 51 neutral
🌐 Market Cap 🌐
Total Market Cap:🔽 $1,17T
BTC Dominance:🔼 48.8%
📰 Notable Events this week 📰
PPI MoM for July - Forecast 0.2% with a previous of 0.1%
🧠 Top Gainers today:
RUNE: 🔼 5.35%
FTM: 🔼 4.15%
BAT: 🔼 3.95%
🧠 Top losers :
GMX: 🔽 -8.48%
AR: 🔽 -3.54%
APT: 🔽 -3.08%
🧠 Altcoin to watch: API3, BAT, LINA
🧠 Technical Analysis: https://www.tradingview.com/x/OubdJa5B/
Bitcoin 4h
We are in rough and choppy waters, creating a clear ascending range pattern that gets rejected by the book at support and resistance levels. The 0.33 Fib level is tested as well with the price closing above and below it regularly.
Even if this pattern is plotting higher highs and lows, we need to remember that we are STILL in a downtrend and that the outcome for an ascending channel in a downtrend is still a lower target.
While the main formation is neutral-bearish we do have a bullish one as well: Enter the double bottom. Less visible to the untrained eye, this double bottom could bring the price above and beyond the 31k level. While for most this level is more on the wishful thinking side, technically this can happen. In order for this to happen we would need a catalyst(none in the horizon for now).
Altcoins https://www.tradingview.com/x/YyGaoYfR/
The total altcoin MC has been dropping steadily with a short rebound the last few days. The choppyness of #BTC is keeping most altcoins to perform as they would like to , volumes are stil low compared to what we used to see in the past.
The main issue with alts is that people are fearful of the 30k support, will it break or hold and send the price back along with all the alt.
MID term stance: BEARISH
Trade Safe! 💰💹