NASDAQ100

🔸 Same as the S&P500, after NASDAQ made a successful breakout of this big falling wedge since January, it’s currently on the verge on its breaking out of the horizontal Resistance.
🔸 If the price continuous to make higher highs, this could add a positive sentiment to Crypto.

🔸Altcoins particularly DeFi projects have been seen all recovering this week from market downtrend

🔸DeFi can be seen as one of the earliest categories in Crypto to receive adoption by retail pre speculation

Bitcoin Balance Distribution

🔸 1. Number of addresses from 1k-10k - decreased their amount of $BTC
🔸 2. Number of addresses 10k+ increased their $BTC stack

Looks like there's a transfer of BTC from weak hands to strong hands

🔸 Retails are accumulating continuously represented by entities with 0.1-1 BTC

🔸 Pink line shows the 90-day change. This can be seen as extraordinary volume based on history

source

🔸 As expected, once the NASDAQ crossed the 200MA the buying algorithm took over.
🔸 Remember that Crypto is correlated with the Nasdaq hence the pump would give strength to Bitcoin as well.

Bitcoin Total Addresses passed 1 Billion 🚀🚀

source

ETH Exchange Inflow
🔸 About 800,000 ETH were withdrawn from the Gemini exchange today.
🔸 As a result, the exchange reserve of ETH in all exchanges has renewed at the lowest level since the end of 2018.

July 22 Bitcoin Update

🔸BTC is trading above the 50-MA at $22,687 and the 200-MA Weekly from the last 3 days

🔸US index is also performing well from the last 3 days but yesterday, the Snap result created a short term fear in tech stocks. Snap dropped 32% in the last 24 hrs.

📢Large companies will share their earning reports next week.

📢FOMC meeting will take place on July 27, we can see volatility in the market for the next 5 days. We can see profit booking in both the US index and crypto

✅Any good correction will be a buying opportunity.

✅Many alts are presenting a good breakout, if they are able to hold support for 4-5 days, then we can see a positive rally.

🔸in short we are in the middle of a rally where market is facing a bear event. Once uncertainty gets cleared, market will bounce again.

📢Important Dates to keep an eye on next week!📢

The most volatile week ahead for Stock Market & cryptocurrency.

We are 9K, Thank you

NASDAQ100 Update:

🔸 In our previous post, we mentioned about this horizontal resistance as the next barrier for Nasdaq.
🔸 The chart shows it has already broken and a perfect retest has already made also.
🔸 Nasdaq will reach new highs if this area sees a strong bounce and is held. As a result, cryptocurrency will be in trend as long as Nasdaq gives positive sentiment.

🔸 These are certainly the moments where you need to zoom out
🔸 The macro chart looks interesting. And it seems BTC price is at the historical bottom already.

The Bullish scenario is still ahead of us!

In the last cycle, we had three touches of the black upper trendline, before the cycle ended. So far, we had two currently. In addition, we are in a mid-cycle correction.
It will take longer because more money has to flow into the market.

source

Stable Coin Supply Ratio as bounce indicator

🔸 The Stablecoin Supply Ratio shows the amount of stablecoins present on the sidelines to purchase Bitcoin.
🔸 This metric has just flashed a signal that historically coincides with big bounces on Bitcoin