Once again looking to close below 33100 on 4 hour. Next small support may be around 31650. After that where the daily closes may be the key
Closing above 33700 may also force it to test 34800. 15 minutes to go
Grayscale Loses $0.5 Billion In Crypto in 24 Hours, While Bitcoin Keeps Declining
Largest cryptocurrency fund Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, announced that its crypto holdings had shrunk by another half-a-billion US dollars on June 25 compared to $29.5 billion a day earlier.
Largest cryptocurrency fund Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, announced that its crypto holdings had shrunk by another half-a-billion US dollars on June 25 compared to $29.5 billion a day earlier.
2 levels to watch out for are 33540 and 32990 for a potential reaction
Crypto India Group Signals
2 levels to watch out for are 33540 and 32990 for a potential reaction
First level got hit and hopefully may prove to be a good one
31200 or 32200. 2 very important levels now. Any close below 31200 on 4 hour may send it for another test of 30k and any close above 32200 on 4 hour may initiate another move towards yesterday’s high.
Crypto India Group Signals
31200 or 32200. 2 very important levels now. Any close below 31200 on 4 hour may send it for another test of 30k and any close above 32200 on 4 hour may initiate another move towards yesterday’s high.
So finally the high of July 21 was tested but still at the time of writing couldn’t trade above that high
New Post: "Coinbase and top execs face securities class action over Nasdaq listing"
Alongside Coinbase itself, the class action names CEO Brian Armstrong, CLO Paul Grewal, other top executives and several of its venture capital backers as defendants.
Published by Cointelegraph.com News
Alongside Coinbase itself, the class action names CEO Brian Armstrong, CLO Paul Grewal, other top executives and several of its venture capital backers as defendants.
Published by Cointelegraph.com News
Bitcoin/Dollar is in an area of resistance. This area is defined by two weekly levels; $45200 and $49100. Daily structure falls somewhere in the middle at $46500.
How the market got here is important. This move is the product of a failed breakdown (bullish) of a 10-week range which resulted in a very strong reversal. At the same time, futures premia have remained mostly flat, suggesting that high leverage gamblers are not the driving force for this move. This is all positive.
Opening fresh longs at $45000-$50000 from the underside is unfavourable on a risk-to-reward basis. It’s essentially buying the last area of resistance on the chart. If sellers are going to show up at all, even for a shallow pullback, it will likely be in this area.
Shorting in this area is tricky. Not least because futures look relatively tame, but also because picking a level is not an easy process. The market ranged between $40000-$50000 for a while, and that range is stacked with levels. If you short too early, you risk stopping out into a (better) level of resistance.
Where does that leave us?
First, if the market pulls back to $40000, it’s a do-or-die buy. If that area doesn’t hold as support on a pullback, then the macro lower high thesis really gains traction and the chances of bearish continuation become high.
Second, if the market is accepted through $50000 on a high time frame basis, new all-time highs become significantly more likely. If sellers don’t step in around $45000-$50000, they likely won’t step in at all. Going beyond that is too close to all-time highs and the likelihood of finding resistance so close to new highs is quite low.
In our view, this is an area where you manage your exposure. It is not as attractive for fresh positioning.
Ethereum/Dollar responded positively to EIP-1559 and is currently trading above the $3000 handle.
Ethereum/Bitcoin is still rangebound but the market rallied on the day of EIP-1559.
Similar to Bitcoin/Dollar, Ethereum/Dollar is now approaching an area where fresh longs are unfavourable on a risk-to-reward basis. If sellers are going to show up at all, resistance around $3400 is the prime (and perhaps only) place to do so.
Compelling evidence of weakness would emerge if a pullback fails to find support at $2300. That is Ethereum/Dollar’s equivalent of Bitcoin/Dollar failing to find support around $40000.
$3400 is a decent line in the sand for directional bias, but keep an eye on Bitcoin/Dollar too. We’ve seen Ethereum/Dollar outperform or extend past Bitcoin/Dollar only to correct more harshly when the orange coin moves lower.
In essence, both Bitcoin/Dollar and Ethereum/Dollar look strong, but have arrived at arguably the worst areas to buy. Sometimes you just have to concede that you’re late to a move, and even if it keeps going, buying at resistance is not +EV, generally speaking.
How the market got here is important. This move is the product of a failed breakdown (bullish) of a 10-week range which resulted in a very strong reversal. At the same time, futures premia have remained mostly flat, suggesting that high leverage gamblers are not the driving force for this move. This is all positive.
Opening fresh longs at $45000-$50000 from the underside is unfavourable on a risk-to-reward basis. It’s essentially buying the last area of resistance on the chart. If sellers are going to show up at all, even for a shallow pullback, it will likely be in this area.
Shorting in this area is tricky. Not least because futures look relatively tame, but also because picking a level is not an easy process. The market ranged between $40000-$50000 for a while, and that range is stacked with levels. If you short too early, you risk stopping out into a (better) level of resistance.
Where does that leave us?
First, if the market pulls back to $40000, it’s a do-or-die buy. If that area doesn’t hold as support on a pullback, then the macro lower high thesis really gains traction and the chances of bearish continuation become high.
Second, if the market is accepted through $50000 on a high time frame basis, new all-time highs become significantly more likely. If sellers don’t step in around $45000-$50000, they likely won’t step in at all. Going beyond that is too close to all-time highs and the likelihood of finding resistance so close to new highs is quite low.
In our view, this is an area where you manage your exposure. It is not as attractive for fresh positioning.
Ethereum/Dollar responded positively to EIP-1559 and is currently trading above the $3000 handle.
Ethereum/Bitcoin is still rangebound but the market rallied on the day of EIP-1559.
Similar to Bitcoin/Dollar, Ethereum/Dollar is now approaching an area where fresh longs are unfavourable on a risk-to-reward basis. If sellers are going to show up at all, resistance around $3400 is the prime (and perhaps only) place to do so.
Compelling evidence of weakness would emerge if a pullback fails to find support at $2300. That is Ethereum/Dollar’s equivalent of Bitcoin/Dollar failing to find support around $40000.
$3400 is a decent line in the sand for directional bias, but keep an eye on Bitcoin/Dollar too. We’ve seen Ethereum/Dollar outperform or extend past Bitcoin/Dollar only to correct more harshly when the orange coin moves lower.
In essence, both Bitcoin/Dollar and Ethereum/Dollar look strong, but have arrived at arguably the worst areas to buy. Sometimes you just have to concede that you’re late to a move, and even if it keeps going, buying at resistance is not +EV, generally speaking.