Data and tracking of a soft BTC/USD as it broke through $19,000 over the weekend.
Wall Street's trading week ended with no surprises, with US equities virtually flat, which did little to boost crypto volatility. The Dollar Index, or DXY, fresh off a 20-year high, faltered to circle 105 points.
dollar index (DXY) 1 hour candle chart. Source: TradingView
Order book data from world's largest exchange Binance showed BTC/USD stuck between buying and selling near cash of the spot price, ensuring a lack of volatility until traders maneuver or add significantly to bids or asks.
BTC/USD order book data (Binance). Source: Material Indicators
Zooming out, the outlook didn't look much more bullish for the bulls.
For popular Altcoin Sherpa trading account, current conditions promised an extended period of uninspiring Bitcoin performance that could last well into 2022.
“It will take months to sort out and build up once the bottom is found,” he followed on Twitter.
“And the bottom might not even hit for a few months from today. Hang in there for a long bear market IMO.
This sentiment was echoed by trader and analyst Rekt Capital, who argued that Bitcoin has yet to hit new macro lows or begin to consolidate.
may very well still be in the "Downtrend Acceleration" phase of its correction
But this phase will precede the "Consolidation over several months" phase
Which will precede the "New Macro Uptrend" phase
— Rekt Capital (@rektcapital)
“Unwind. Put your Bitcoin in cold storage. Sit tight,” Checkmate, chief on-chain analyst at research firm Glassnode.
Is volume reaching all-time highs in 2018?
The next week or two could turn out to be the bottoms of this cycle, meanwhile, giving some hope to those who fear the bottom is still months away.
Related:
In a paper, economist, trader, and entrepreneur Alex Krueger noted that BTC-denominated volume hit all-time highs last month.
"Typically, trading volume is highest when the markets are capitulating," he explained.
Typically, trading volume is highest when markets are capitulating, and such capitulation creates major lows.
This weekly chart includes aggregate bitcoin volume for most BTC pairs (spot and perpetual on exchanges).
Volume peaked two weeks ago.
— Alex Kruger (@krugermacro)
In the bear market of 2018, he added, the all-time high actually occurred several weeks before the price bottom, and if this time follows the trend, July could be the site of the next.
Previously, Rekt Capital found that volume on the buy side was not strong enough to support further long-term price increases, as volume also moved in 2018.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you must make your own research when making the decision.< /p>
Data and tracking of a soft BTC/USD as it broke through $19,000 over the weekend.
Wall Street's trading week ended with no surprises, with US equities virtually flat, which did little to boost crypto volatility. The Dollar Index, or DXY, fresh off a 20-year high, faltered to circle 105 points.
dollar index (DXY) 1 hour candle chart. Source: TradingView
Order book data from world's largest exchange Binance showed BTC/USD stuck between buying and selling near cash of the spot price, ensuring a lack of volatility until traders maneuver or add significantly to bids or asks.
BTC/USD order book data (Binance). Source: Material Indicators
Zooming out, the outlook didn't look much more bullish for the bulls.
For popular Altcoin Sherpa trading account, current conditions promised an extended period of uninspiring Bitcoin performance that could last well into 2022.
“It will take months to sort out and build up once the bottom is found,” he followed on Twitter.
“And the bottom might not even hit for a few months from today. Hang in there for a long bear market IMO.
This sentiment was echoed by trader and analyst Rekt Capital, who argued that Bitcoin has yet to hit new macro lows or begin to consolidate.
may very well still be in the "Downtrend Acceleration" phase of its correction
But this phase will precede the "Consolidation over several months" phase
Which will precede the "New Macro Uptrend" phase
— Rekt Capital (@rektcapital)
“Unwind. Put your Bitcoin in cold storage. Sit tight,” Checkmate, chief on-chain analyst at research firm Glassnode.
Is volume reaching all-time highs in 2018?
The next week or two could turn out to be the bottoms of this cycle, meanwhile, giving some hope to those who fear the bottom is still months away.
Related:
In a paper, economist, trader, and entrepreneur Alex Krueger noted that BTC-denominated volume hit all-time highs last month.
"Typically, trading volume is highest when the markets are capitulating," he explained.
Typically, trading volume is highest when markets are capitulating, and such capitulation creates major lows.
This weekly chart includes aggregate bitcoin volume for most BTC pairs (spot and perpetual on exchanges).
Volume peaked two weeks ago.
— Alex Kruger (@krugermacro)
In the bear market of 2018, he added, the all-time high actually occurred several weeks before the price bottom, and if this time follows the trend, July could be the site of the next.
Previously, Rekt Capital found that volume on the buy side was not strong enough to support further long-term price increases, as volume also moved in 2018.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you must make your own research when making the decision.< /p>
