The market is slowly bleeding and dropping to support range, and small bounces are possible before the next leg down.
BTC has dropped to $27,800 as predicted, and now we are expecting some bounce back to the $28,800 top range. BTC is still slowly bleeding and dropping in volume without showing strength.
ETH, as predicted, is holding above $1,920 in mid-range support. The next support is at the $1,850 range, and now there is no buy pressure on ETH to pump the price.
XRP is now holding above the support line at $0.46, and there is a possible push back up to $0.5, but a strong push is needed. At the moment, there is still no significant trading volume or buying pressure.
LINK is dropping to $7.4 support and needs to hold or a bigger drop is possible. Still, $9 is a strong resistance for this coin, and it is good for spot buy.
SOL is holding at $22 but showing no buy volume. The next support is at $20, which is the last hold before a big drop.
DXY is consolidating under 102 and preparing for the next push up.
Crypto/stock daily news:
GRAPHS OF THE DAY
1/ Bitcoin’s reserve-risk multiple turned positive
It’s the first time that’s happened since October 2021. Check out the other times the indicator has crossed 0:
So what is it? It compares:
1/ The incentive to sell: That rises as prices go up, since holders want to cash out for higher returns.
2/ The opportunity cost of selling: That refers to the returns holders may miss out on if they sell too early.
Basically, it lets us see how confident long-term holders are and compare that to the price of Bitcoin at any given time.
Why should we keep an eye on this? This thing’s more obscure than a random indie band, but it has a history of accurately predicting Bitcoin’s movements.
Here are the price rallies following the five previous crossovers:
2012 → +2,830%
2013 → +556%
2015 → +6,400%
2019 → +99%
2020 → +487%
This is good news, but another indicator suggests otherwise…
2/ ~77% of BTC’s entire supply is in the green
A total of 14.8M BTC is now back in a profit position, per Glassnode.
6.2M BTC of that turned green just this year. That’s about 32.3% of the total supply.
So what’s going on? BTC is in the ZONE. It’s up 80% since January and just passed $30K last week (although it’s dipped a bit…)
But here’s the catch: with so much BTC back in the green, investors may want to sell or spend their tokens and get those #gainz.
HODLers, look away.
3/ 3.087M ETH ($6.1B) have been burned since Ethereum’s EIP-1559 upgrade
The update rolled out in August 2021 and meant part of every Ethereum-based transaction would be burned.
But wait, why would you burn ETH?! Who hurt you…
Well, burning some of a token’s supply is actually good for the Ethereum network – that’s how it stays deflationary.
When you reduce ETH’s supply, it becomes more scarce. Scarcity = higher ETH prices
Market slowly bleeding and now closing to crucial support lines for next push up or bigger drop.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
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