Topic
The practice of reading price and volume history through chart patterns and indicators such as moving averages, RSI and ADX to judge trend and momentum.
Bitcoin fell to $83,404 on Wednesday after one overnight hour traded 309 BTC, at least three times the volume of any hour around it. Whether that low holds depends on how much futures leverage the selloff forced out.
Reality
US spot Bitcoin ETFs lost a net $89.9 million on Monday, roughly 0.08% of their $110.8 billion in assets, while Bitcoin stalled again below $87,000. Counted with the two sessions before it, the funds were net buyers, so the sellers who turned the price back over those three days were mostly outside the funds.
Perspective Coverage
3 publishersReality
NEAR is up 135% in 30 days at about $5.16, with $1.63 billion of futures open interest and a proposal to cut annual issuance from 2.5% to 1.6%. At that price the cut would withhold about $61 million of new tokens a year, a small sum beside the leveraged positions.
Reality
Bitcoin's $81,159 weekly close sits $2,371 above its 50-week moving average. Galaxy Research counts that line as right in four of five completed bear markets, and wrong in two of thirteen crossings.
Reality
The Fed's unanimous quarter-point hike still pushed the two-year yield higher, and the dollar gained on both the yen and the Canadian dollar. Marc Chandler sees a quieter data week making politics more salient.
Reality
CME futures now put 86.5% odds on a 25-basis-point Fed hike next week, up from roughly 69% just after the core CPI print. About 21.6 basis points of that hike already sit in the curve bitcoin trades against.
Reality