A Look at BTC Weekly

A Look at BTC Weekly

INSIGHTS

– BTC has retraced 84% from all time high of $20k set in Dec 2017.
– Signs of Accumulation continue as Institutions prepare to enter markets.
– Network TX continue to move higher @ 325k Daily since Dec 2018
– OTC Markets continue to grow with companies like: Coinbase, Gemini, Binance and others offering OTC Desk
– Stable Coins (USD/USDT pairs) continue to trend across exchanges

MARKET FUNDAMENTALS

– Custodial Services come online.
– Liquidity | 80% of liquidity coming from Asia Note: US is falling behind in connection to Retail exhaustion and Gov Regulation in U.S.
– Regulation (More BTC Futures Contracts) CME’s bitcoin futures are off to a record-breaking start in 2019. No ETF as of yet.

MARKET STATE
– Ranging inside channel
– Key Levels
– Support @ 3200
– Resistance @ 4100

MOVING AVERAGES
– Price Below 200 EMA @ $4,115
– Price Above 200 MA @ $3,350

AVERAGE DIRECTIONAL INDEX
– ADX @ 27.7 Points
– Nov 12, 2018 ADX Reverses to upside.
– Jan 7, 2019 ADX above 25 Threshold

MINING
– BTC Cost of production (ASIA) $3,200
– Difficulty continues to trend to upside since Dec 18, 2018

BTC STATS
– BTC Dominance = 54%
– Longs ( 25k ) vs Shorts (19k)
– BTC Volatility = 2.1
– MCAP = $69 B

SUMMARY
Was Bearish of BTC at $20k, Bullish on BTC inside $3,800. If price continues to upside above $4,100 and ADX crosses a threshold above 30 points will signal a new trend. Accumulation continues.

Twitter: @ItsMrMoe
BTC TipJar: https://tippin.me/@ItsMrMoe

Published at Thu, 21 Feb 2019 21:04:53 +0000