BTC’s correlation with ETH has dropped to an 11 month low after yesterday’s ETH explosion towards $1,500 while BTC remained stable around $20,000. This increase in ETH strength and stability in BTC after a long term bear market is likely an indicator of what we’re about to see in the market over the mid term, and we’re ready for it.
How can we expect mid and long term price action to react for ETH and alts over the next few months?
We’re likely going to see a further increase in ETH market dominance over the next couple of weeks and months, if the market manages to sustain its la bullish move. If this is the case, we’re going to confirm a mid term alt coin season, with which we would likely see ETH and alts exploding towards new mid and long term highs leading to our yearly close.
How can we expect mid and long term price action to react for ETH and alts over the next few months?
We’re likely going to see a further increase in ETH market dominance over the next couple of weeks and months, if the market manages to sustain its la bullish move. If this is the case, we’re going to confirm a mid term alt coin season, with which we would likely see ETH and alts exploding towards new mid and long term highs leading to our yearly close.
In the last 3 years (since 2019), 68 cryptocurrency exchanges have been shut down globally, mainly in Asia, North America and Europe, which has given the few dominating players in the market a much stronger market hold over total exchange volume, and this could accelerate in the next couple of months, making BTC and other cryptocurrencies follow a similar path as other markets.
How can we expect this to affect overall price action and market structure in the long term?
We could see cryptocurrencies start trading as commodities (in terms of price action and volatility) in the next couple of years if this trend continues. This would create a much less risky environment for investors, but would also create less high profit potential opportunities, and that’s why now it’s the time for this market.
How can we expect this to affect overall price action and market structure in the long term?
We could see cryptocurrencies start trading as commodities (in terms of price action and volatility) in the next couple of years if this trend continues. This would create a much less risky environment for investors, but would also create less high profit potential opportunities, and that’s why now it’s the time for this market.
After Ethereum’s Merge in September, we’ve seen a drastic and quick increase in the number of ETH blocks that are OFAC compliant, increasing from 0% to over 60% by our October monthly close. This is a small but significant indicator for ETH and closely related alts, which could affect their price action and market structure for the next couple of months.
What does this mean for ETH’s price action towards our yearly close?
This means that ETH’s Merge can be considered a success, and that if we see a further increase in block compliance over the next couple of months, we could very much see the beginning of a new full-blown bull cycle for ETH and alts, which could take us once again above $2,500 and higher.
What does this mean for ETH’s price action towards our yearly close?
This means that ETH’s Merge can be considered a success, and that if we see a further increase in block compliance over the next couple of months, we could very much see the beginning of a new full-blown bull cycle for ETH and alts, which could take us once again above $2,500 and higher.
Implied volatility for both BTC and ETH has seen a very violent and pronounced increase in the last couple of days, after months of ranging prices. BTC’s Implied volatility increased from a 50% average up to 60%, while ETH’s implied volatility completely exploded from a 60% monthly average to almost 80% as of November 1st.
What does this tell us about what to expect in terms of price action for the next couple of months?
We can expect volatility for BTC, ETH and major alts to further increase in the next couple of months, and if we see strength and bullish momentum building up on higher time frames, we could even see the start of a new mid/long term bullish cycle, which would send BTC and ETH to new mid and potentially long term highs.
What does this tell us about what to expect in terms of price action for the next couple of months?
We can expect volatility for BTC, ETH and major alts to further increase in the next couple of months, and if we see strength and bullish momentum building up on higher time frames, we could even see the start of a new mid/long term bullish cycle, which would send BTC and ETH to new mid and potentially long term highs.
OpenSea’s dominance on NFT traded volume (on Ethereum) has been declining very rapidly over the last months, after peaking at 98% in January, it declined to a current low of 70%, meaning that other exchanges such as Rarible, LooksRare and X2Y2 have gained dominance and strength.
How could this affect ETH and other NFT related assets in the market over the next few months?
If we see an increase in overall NFT traded volume over the next few months (which is very likely), we’re going to see ETH, SOL and other NFT alts gaining strength and reaching new mid term highs. If OpenSea starts losing even more market dominance, however, we’re likely going to see much stronger moves on other coins than in ETH, such as the ones we saw in DOGE and LTC.
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How could this affect ETH and other NFT related assets in the market over the next few months?
If we see an increase in overall NFT traded volume over the next few months (which is very likely), we’re going to see ETH, SOL and other NFT alts gaining strength and reaching new mid term highs. If OpenSea starts losing even more market dominance, however, we’re likely going to see much stronger moves on other coins than in ETH, such as the ones we saw in DOGE and LTC.
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Bitcoin is on track with previous bear market, showing pretty much the same higher time frame market structure and price action, as well as volume and overall under the radar indicators.
This means that we’re likely getting to the start of a new market cycle, which we’re going to catch from the very start… again.
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This means that we’re likely getting to the start of a new market cycle, which we’re going to catch from the very start… again.
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DEXs gain market share as faith in centralized crypto players erodes; DEXs trading volume has already reached $91 B in November, a 79% increase over all of October
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While macro has been the main driver behind crypto price action throughout most of the year, this changed after the FTX implosion. Correlations dipped to as low as 0.17 immediately following the collapse and have stabilized below 0.6.
Overall, despite briefly decoupling from US equities markets, crypto is not insulated from the broad macro backdrop.
Overall, despite briefly decoupling from US equities markets, crypto is not insulated from the broad macro backdrop.
BTC spot volume usually peaks between 9 and 11 hours ET, Coinmetrics shows.
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Bitcoin NFTs push transaction fees on the blockchain to highest in over a year.
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Stablecoins are still a small fraction relative to cash in circulation, especially in Europe. The end of BUSD could be an opportunity for EUR-pegged stablecoins which have had trouble taking off.
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