On-Chain Analysis - :Glassnode Report
As of this writing,
(BTC) is changing hands at around $19,409, up 5.13% in the past 24 hours,
while Ether (ETH) is trading at $1,361 or up 4.98% during the same period.
Major Layer-1 Tokens are also trading in the green,
with Cardano (ADA) up by 2.16%,
Solana (SOL) +4.22%,
Polkadot (DOT) +1.63%,
Avalanche (AVAX) +2.18%,
and Cosmos (ATOM) +2.45%.
Early Tuesday Performance
Notable gainers include:
Zelwin (ZLW) at $0.0353 (121.81%),
QLC Chain (QLC) at $0.0618 (34.08%),
Raiden Network (RDN) at $0.0581 (27.75%).
Notable losers include:
Pocket Network (POKT) at $0.0831 (-13.52%),
Metahero (HERO) at $0.00272 (-7.80%),
Circuits of Value (COVAL) at $0.0138 (-5.54%).
Daily TA Outlook -
Insert liquidation chart
$555 Million Liquidated in 48 Hours, Predominantly Long Suffers
Over the past 2 days over $555 million have been liquidated in the crypto market. Of the $555 million liquidated, over $413 million, or 74%, were long positions, reflecting the market’s current bearish trend.
In terms of technical outlook on a weekly timeframe, Bitcoin
(BTC) is currently trading within a range set between the weekly close of Jun. 27 and Aug. 8, respectively.
A support trendline, measured from the weekly close on Oct. 10 2018, and extended from Mar. 09 2020, can be drawn to establish a future point of reference.
As the price of BTC continues to exhibit bearish sentiment, coming into contact with the trendline seems inevitable, and volatility will likely ensue.
By lending help from the Fibonacci extension tool, we can spot a major support zone divided into three layers between the monthly support level of $11,363 and the 161.8% level measured from Mar. 28 - May. 23.
Within the support zone, there are three key levels to pay attention to in the coming weeks, the $13,730 monthly support, the 141.4% ($11,770) Fibonacci extension level measured from Jun. 6 - Jun. 13, and the monthly support of $11,363. This is a likely outcome if the bears manage to break the current range.
On the contrary, if the bulls manage to keep the price of BTC within the current range, and then manage to make a comeback, there are two key resistance levels to pay attention to, first the monthly level of $19,858, then the 1.272% Fibonacci level measured from Mar. 28 - May. 23.
On a daily timeframe,
Ether, on the other hand, paints a much bullish picture, or an extremely bearish one. For the bulls, the current weekly support trendline measured from Mar. 16 - Jun. 27 marks a point of reference.
Below this support trendline, a support zone can be derived by using the Fibonacci extension tool, which generates three Fibonacci extension levels (127.2%, 141.4%, & 161.8%) measured from the plunge between Aug. 15 - Aug. 22, which coincide with the opening and close of the weekly candle on Jul. 4.
If the bear were to break ETH below the support trendline, then this is a support zone to be respected before the complete break of a “high wave” between Jul 4 - Aug. 8.
On the contrary, if the bulls sustain above the top layer of the support zone and attempt to make a comeback, then the overhead resistance stands at the $1,428 monthly level.
A close above this level on a weekly candle may indicate short-term bullishness, and the bulls will likely take advantage and make an attempt to bring the price of ETH above the 23.6% ($1,735) Fibonacci level measured from Jul 4 - Aug. 8, in order to invalidate the current bearish wave on a daily timeframe.
On a daily timeframe,
Start Trading on Gate.io
Headline of the Day - Nasdaq launches digital asset unit to offer Bitcoin
, ether custody for big-money clients: SeekingAlpha Report
Recent Global Policy - China expands trial of its e-CNY CBDC to four new provinces: The Block Report
Today’s Topic - Wintermute have lost ~$160M in their second incident this summer: Rekt Report
Recent Web3 Dispute - Ian Balina on SEC ICO lawsuit: 'Excited to take this fight public': The Block report
Influencer of the Day - **Ethereum co-founder Vitalik Buterin shares vision for layer-3 protocols: Cointelegraph Report
Buzzes of Yesterday
MakerDAO governance votes yes to adding GnosisDAO token as collateral for DAI: The Block
Solana-based Hxro launches bitcoin derivatives
marketplace: The Block
ApeCoin Jumps Double-Digits as Staking Program Draws Near: Decrypt
NFTs & Metaverse
Grand Theft Auto creator backs web3 gaming studio in $7.6 million round: The Block
NFT lender BendDAO proposes $80 million treasury investment fund: The Block
OpenSea upgrades NFT drops with 'immersive minting experience': The Block
Icebreaker Finance, Maple launch $300 million lending fund for Bitcoin
miners: The Block
Business & Finance
Nasdaq launches digital assets unit to offer custody services for Bitcoin
& Ethereum institutional investors: Watcher.Guru Report
Visa and ConsenSys back fraud detection platform Sardine’s $52 million raise: The Block
MicroStrategy buys an additional $6 million worth of Bitcoin
: The Block
DTCP set to invest in web3 with $300 million fund backed by SoftBank: The Block
Green energy-focused blockchain wins $50 million investment from GEM Digital: The Block
Alameda Research ‘happy to return’ $200M loan to Voyager Digital: Cointelegraph Report
Governments & Policies
China expands trial of its e-CNY CBDC to four new provinces: The Block Report
Crime & Order
Wintermute has lost ~$160M in their second incident this summer: Rekt Report
Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.