​📊 A drastic shift happened to the crypto space in 2017. Since 2017 phase we started to see a lot of volume moving to the exchanges.

So here is the question: How many coins are stored in the wallets of cryptocurrency exchange users?

5% of the coins (~ 1.2 million BTC) are sitting on Bitstamp, Binance, Bitmex, Bitfinex, Bittrex combined. But taking into account the fact that about 4 million coins are gone, would say that almost 7% of all the coins that are alive are sitting on exchanges right now. The list is led by Huobi, Binance and BitMEX.

#BTC

Keep an eye on this resistance cluster:

The price tried to break above the 200-Day MA & 200-Day EMA, but closed yesterday's candle below it.

Break above this cluster and we go significantly higher

#BTC update

So, the price tried to break above the resistance cluster (EMA200 & MA200) we mentioned a couple of days ago, but failed. That rejection was pretty nasty and right now it looks like Evening Star bearish reversal formation on the daily.

#BTC 4h

If we keep this local low (8220) intact, bullish continuation is still on the table

Breaking below 8250 on the closing bases would invalidate any bullish case. Also going below 8220 would confirm Evening Star on the daily and trigger a short trade.

Did you follow our recommendation and short BTC ?

So, once we broke down below that low at 8250, we entered Bear territory. As of right now we dropped by 4%

​18 000 000 BTC mined! It took 10 years and it will take approximately 120 years to mine the rest 3 000 000.

⌛️207 days to halving and with rising hashrate the coin reward decrease from 12.5 to 6.25 coins will occur even earlier

Critical support is eventually broken!

The massive Support Cluster we were talking about got broken today! We are now below the trendline, 50-Week EMA, strong horizontal level and high volume node on VPVR.

We have almost reached the next horizontal level at ~7350. Feels like we are gonna go lower.

Horizontal level at 7350 reached!

​⚠️ Here is something to pay attention to - this weekly candle is a TD-9 buy. We haven't seen it since Jul. 9 of 2018. Back then Bitcoin rallied up by 40% just in 2 weeks!

However, now we are a in a different environment and we may just have a consolidation like we had in April after the Weekly TD-9 sell, but this 9 buy is definitely something to keep in mind.

📌Also don't forget that CME Futures are expiring tomorrow at 4:00 PM London time (3:00 PM UTC time)

Taking all this into account, would say we are due for a bounce, but let's see.

#BTC update

Yesterday we warned you that we expected a bounce somewhere around the CME Futures Expiration and guess what? A monster 1k candle happened just that hour (3:00 pm UTC time) when CME Futures expired.

As of right now, the weekly looks just insane: we flipped the TD-9 buy into a green 1 hammer reversal candle. However, there's no volume confirmation. This weekly volume is the lowest since the week of April 15. We have a couple of days to go, so let's wait for the weekly close.

So, we got the weekly close and look at that - during the first half of the week we broke down the critical support and in the end of the week reached the important level of 7350 we had pointed out earlier, bounced off of it and rallied tremendously to the upside into the weekly close.

The week closed above the breakdown level of the descending triangle on a pretty high volume.

That’s why it’s important to wait for the weekly close. The ascending trendline is still valid.

​CME picture is pretty interesting

Notice how perfectly the 200-Day MA on the CME BTC Futures bounced the price and how we got rejected by the 100-Day MA. What a beauty!

Now we have two Gaps to fill:

1 - 8885 - 9365
2 - 11695 - 11795