An overview of the trading activities on the cryptomarkets. Studies on traded volumes, supply and demand situations, as well as periodic technical analysis of the most important crypto-currencies and indices, including the perspective of professional Traders.
Technical Analysis
Good Morning!
Bitcoin (BTC) is currently trading at $21.2k (-12.03% in 7 days), Ethereum (ETH) is trading at $1.59k (-15.94% in 7 days), and the ETH/BTC spread is trading at 0.07525 (-4.58% in 7 days).
Momentum is fading as macro concerns (Taiwan-China, EU energy crisis, US mid-term elections, etc. ) and take-profit actions ahead of the major events are weighing on the risky assets. This week’s major macro events are both on Friday:
- Core PCE Price Index July (cons: 0.3% MoM, prev: 0.6% MoM)
- Jerome Powell speaks at Jackson Hole Symposium
This data and further info from the Fed may confirm that inflation has peaked, and that the worst is behind us. Having said that, though, the prospect of a major tightening continues being realistic.
Total Crypto Market Cap (1d)
The strong momentum is also fading as both BTC and ETH were unable to break key resistance levels. The total crypto market cap is - once again - below $1T. Daily Heikein Aishi candles called a reversal this week as the open/close spread is very tight. The 200W moving average keeps being the support and my entry point. A short-term rally towards $1.2T is plausible, but I would expect the market to keep being range-bound going into the merge.
Ether ETH/USD (1d)
Currently, ETH is the protagonist and the major crypto catalyst. After a +130% rally, it has been unable to break the $2,000 resistance as well as the 0.08 level against BTC. The high volatility in the options market coupled with the greater spot volumes in major CEXs show that there is both retail and institutional interest. As for the chart, ETH did not break the resistance and broke the channel to the downside accepting a bigger step back towards $1,200.
Euro EUR/USD (4h)
The EU and the Euro are moving further into a crisis, and what we are actually seeing is an inflationary collapse of a fiat currency against commodities (and the countries who control them...). At the moment, I am waiting for the debt crisis to also step in. Looking at the chart: Double bottom failed to hold, and the next support is at 0.99 USD. There might be some optimism here and there, but given the scenario with the EUR below USD, parity is reasonable.
Happy Trading!
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