Was watching the LIVE #FireCharts 2.0 (beta) web app the moment a new $12M #BTC sell wall appeared in the active trading range.
Not sure if bulls have enough momentum to eat through this today, but not concerned. Profits are locked in.
#FireCharts shows #BTC support and a significant block of resistance moving upward in the order book.
Support is anchored by new plunge protection at $33k. Meanwhile resistance at $40k has moved up to the $42k range.
There is no denying the fact that price has been challenging a number of different local top signals, but there is also no denying that something doesn't seem right about this move. The most obvious red flag for me is that we are seeing price appreciate on declining volume. That typically doesn't end well, but we are going to have to watch to see if this time is different.
#FireCharts 2.0 (beta) lets us zoom out to a 1 Year view of the #Bitcoin order book to gain some perspective.
About the only thing that has changed since June is that the top of the range got lower and bid liquidity got thinner.
Meanwhile, impatient speculators are calling for one last this or one last that before (insert narrative here).
TUNE OUT THE NOISE AND LOOK AT THE CHARTS!
These are the most important levels with MACRO implications. Printing a Lower Low will lead to a test of of support at the next Lower Low and falling through those LLs will open the gates to #Bearadise.
Don't expect straight lines or fast moves, and understand that until price breaks out or breaks down, PA can run the range for weeks or even months.
Trade what is in front of you.
Manage your risk.
Save some dry powder.
📢 Calling all traders! Join us on a mission to shape the future of the Bybit App!
🚀 Share your thoughts on the #Bybit App between Sep 1, 2023, and Sep 30, 2023, for a chance to win a iPhone 14 Pro Max and more.
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#TheCryptoArk
We're back this Tuesday at 4PM UTC for the weekly 🎙Blockchain Banter: Trading Crypto
Charts, Trends, News, Narratives, & More with:
📈 @KAProductions - TA & Algo Trader and Co-founder of @MI_Algos
📰 @CryptoKoryo, Data Scientist & Narratives Trader
🧠 Dr. @MBRichardson87 of @Bancor and @CarbonDeFixyz
https://t.co/0ReO2qcfFC
BREAKING: The S&P 500 has now lost $850 BILLION in market cap since JP Morgan said they no longer expect a recession.
It has only been 10 days since JP Morgan announced their new view.
Is this a coincidence?
BREAKING: The S&P 500 has now lost $850 BILLION in market cap since JP Morgan said they no longer expect a recession.
It has only been 10 days since JP Morgan announced their new view.
Is this a coincidence?
Zooming out to a 1 year view of order book history on #FireCharts 2.0 (beta) gives us a macro perspective. #DataVisualization shows #BTC ask liquidity from the $32k range (resistance) is being laddered down toward the active trading range.
Meanwhile, a nominal amount of sub $28k bid liquidity (support) has been laddered up to the $28.5k range.
Bulls need to either replenish the liquidity that has been taken to defend the trend line, or start stair stepping bids upward to take out the ask liquidity above, and position themselves for another run at the $30s and a breakout attempt at the 100-Week MA.
The fact that we currently see very little bid liquidity below the trend line, makes me think that price isn't going there YET, but unless we see some decent bid liquidity moving into the active trading range, I am anticipating more downward pressure. #NFA
essentially all of the S&P's YTD return comes from its top 7 constituents ( $AAPL, $MSFT, $GOOG, $AMZN, $META, $NVDA, $TSLA )
those companies have together added over $3.5 trillion in market cap in 2023, while the other 493 companies in the index have together added almost $0
It's been about 10 minutes since LLMs were connected to the Internet, and already we have AI alignment attacks—prompt injections hidden in HTML comments. Well well.
If only someone had warned this might be a bad idea.
https://t.co/3e50WbGyW8
h/t @samczsun@ESYudkowsky
Eye on digital currencies: If you believe in Bitcoin’s adoption-curve thesis (i.e. that the network will continue to expand in line with previous S-curves), then it's reasonable to view Bitcoin as cheap at these levels. 🧵