Good Morning!
Bitcoin BTC$ (4 hours)
The sideways price action is wearing down the traders. Especially those who only do short-term business.
Maybe I should have put more emphasis on the order book cluster situation on Bitfinex (see picture).
There, they stand firm: Whenever we went underground, the bids are serviced, but none of these "standing orders" backed down, as most of them did at Binance and Coinbase. In order to give this indicator a little more weight, I will now follow it closely on the upper side and on the sell orders. Will we see this when we get closer to 10.5k, as we did in May?
Even with the risk of sounding like a broken record, I repeat: the 10.5k resistance level is becoming more important.
Technical Analysis Ethereum ETH$ (4 hours)
Well, ETH$ showed me the finger and turned to the right at the point where the baseline and the cloud crossed. The upward movement was fast and stopped just before my resistance level of $250 (I mentioned this level last week).
Looking at the order clusters of the various exchanges, I see some good offers at around $250-260 USD. If we push them through, the way is clear for new highs in 2020.
ETH/BTC (4 hours)
I still feel very indecisive when it comes to this couple. It seems to have a little more force up there. But on a daily basis, we have not (yet) managed to print a daily close above the resistance level of 0.02530.
ALT$ FTX index (4 hours)
We continue to trade in the broad range of $475-$605 and there are no clear signs of which direction the price might go.
MID$ FTX index (4 hours)
The support level of $550 has held up well and triggered a significant recovery. But prices were unable to move towards a new ATH.
SHIT$ FTX index (4 hours)
This market simply does not want to correct. We see some small consolidations, and then the trend resumes: surprisingly strong so far. We are not far from ATH, and the way this index is trading suggests that we will reach ATH sooner rather than later.
Market Commentary
