Another green weekly candle for the crypto markets in 2023 as bitcoin lead the charge by hitting $25,000 on Thursday. Altcoins quickly followed up for various reasons: launch of a Beta on mainnet, long-term resistance breakthrough or just another tweet from Elon Musk. In the meantime, industry leaders are advocating for a better crypto regulation as things start to heat up again for stablecoins.
After a pretty stable weekend and week, markets started to move up on Wed. 15th after another joke from Elon Musk. Floki soared by more than 40% after Tesla’s CEO’s tweet. The next day Bitcoin lead the charge and surged by more than 10% in less than 24 hours hitting a 6-month high. Altcoins quickly followed its path, at the time of the writing the crypto market cap is up by 6.53% over the last 7 days. Scroll down for more technical analysis.
The debate on Bitcoin Ordinals was still raging this week as some of the most popular NFT collections like DeGods moved to Ordinals. This is not the only recent development for Bitcoin this week with Mintlayer working on bringing DeFi to the OG of blockchains. There was also big announcements this week on the altcoins side with Polygon announcing the launch of their zkEVM Beta on Ethereum Mainnet in March.
While Brian Armstrong was advocating for clearer crypto regulation in the US. Paxos, Binance and BUSD were the hot regulatory topic. Paxos was summoned to stop minting Binance’s stablecoin BUSD by the New York Department of Financial Services. In only a few days, Paxos burned more than $700M worth of BUSD.
AI will be a key to improving crypto adoption according to Binance, helping newbies learn about both the technology and trading. FUSE Network launched a web3 payments network tailored to help boost the adoption of cryptocurrencies as a payment method.
Bitcoin (BTC) made one of its biggest moves in the last 6 months and reached a 6-month high near $25,000. After an overnight drop. Bitcoin price is stabilizing in a tight range between $23.5k and $24k. This sudden surge has triggered more than $90M in liquidations as volatility destabilized both shorts and longs. These big price moves also came with a lot of on-chain activity:
TL/DR:
Given the aggressive HTF takeover of BTC's most recent price, the LTFs are a reflection of that. We are currently hovering around the 1H 50 EMA, the equilibrium of the current price range, and have taken 4H sell-side liquidity.
We are watching for reactions from multiple sets of fair value gaps and bullish order blocks below us in deeper discount. And we now wait to see which path BTC decides to embark on.
Will we see price retrace into premium again only to fuel further bearish prices down into discount, or will we see price reach discount first before setting up an LTF bullish run? We will be watching closely.
TL/DR:
BTC saw large developments this week, with an aggressive price surge pushing the price from $21400 to the $25300 price level and raiding monthly buy-side liquidity levels.
This aggressive, high volatility move was initiated due to the mitigation of the 1D bullish order block in premium as well as the 200 EMA acting as support. This led to a continuation of the bullish momentum we have been seeing since the start of 2023, with price now finding resistance above the monthly buy-side liquidity, as would be expected.
Given that the monthly buy-side liquidity has been raided, we would expect some selling pressure to enter the market soon; whether this is to push prices down to the $22,000 price level for continuations of the HTF trend or to achieve a deep discount at the $20,000 psychological price levels remains to be seen.
Either way, the daily chart is extremely close to the famed golden cross, however, we are in a prime HTF value area for a large continuation of the bear market if this is to be the large shake-out manipulation fueling traders to switch their biases long again, only to catch them out and use them as fuel for a deeper bear market.
There were a lot of movements on the altcoins side this week, first off with FLOKI surging by 124% over 7 days after Twitter’s CEO’s joke. Despite important surges this week, Bitcoin’s dominance increased this week to reach 41%.
TL/DR:
ETH has also reached interesting levels this week, having also used the 50 and 200 Daily EMAs as support to push price into premium territory, continuing the overall bullish trend we have been in.
We have now mitigated the bearish order block associated with the 1D buy-side liquidity that we raided in early February, and have now gotten a daily close that signals potential bearish prices. Bearish price movements down into the $1520 price levels are likely to trigger long trades using that zone as support.
Alternatively, if deeper bearish prices are on the cards, we would expect those longs to be short-lived or the support zone to fail, leading to the bearish leg targeting the $1350 price zone.
However, we must be careful, with the entire market focused on the daily golden crosses; the HTF monthly and daily buy-side liquidity levels being raided, and potential manipulation patterns taking place, it begs the question - is this a potential shakeout for deeper bear market prices, or are we truly shifting bullish.
As the adage goes - "be fearful when others are greedy and be greedy when others are fearful"
Bitcoin (BTC) made one of its biggest moves in the last 6 months and reached a 6-month high near $25,000. After an overnight drop. Bitcoin price is stabilizing in a tight range between $23.5k and $24k. This sudden surge has triggered more than $90M in liquidations as volatility destabilized both shorts and longs. These big price moves also came with a lot of on-chain activity:
TL/DR:
Given the aggressive HTF takeover of BTC's most recent price, the LTFs are a reflection of that. We are currently hovering around the 1H 50 EMA, the equilibrium of the current price range, and have taken 4H sell-side liquidity.
We are watching for reactions from multiple sets of fair value gaps and bullish order blocks below us in deeper discount. And we now wait to see which path BTC decides to embark on.
Will we see price retrace into premium again only to fuel further bearish prices down into discount, or will we see price reach discount first before setting up an LTF bullish run? We will be watching closely.
TL/DR:
BTC saw large developments this week, with an aggressive price surge pushing the price from $21400 to the $25300 price level and raiding monthly buy-side liquidity levels.
This aggressive, high volatility move was initiated due to the mitigation of the 1D bullish order block in premium as well as the 200 EMA acting as support. This led to a continuation of the bullish momentum we have been seeing since the start of 2023, with price now finding resistance above the monthly buy-side liquidity, as would be expected.
Given that the monthly buy-side liquidity has been raided, we would expect some selling pressure to enter the market soon; whether this is to push prices down to the $22,000 price level for continuations of the HTF trend or to achieve a deep discount at the $20,000 psychological price levels remains to be seen.
Either way, the daily chart is extremely close to the famed golden cross, however, we are in a prime HTF value area for a large continuation of the bear market if this is to be the large shake-out manipulation fueling traders to switch their biases long again, only to catch them out and use them as fuel for a deeper bear market.
There were a lot of movements on the altcoins side this week, first off with FLOKI surging by 124% over 7 days after Twitter’s CEO’s joke. Despite important surges this week, Bitcoin’s dominance increased this week to reach 41%.
TL/DR:
ETH has also reached interesting levels this week, having also used the 50 and 200 Daily EMAs as support to push price into premium territory, continuing the overall bullish trend we have been in.
We have now mitigated the bearish order block associated with the 1D buy-side liquidity that we raided in early February, and have now gotten a daily close that signals potential bearish prices. Bearish price movements down into the $1520 price levels are likely to trigger long trades using that zone as support.
Alternatively, if deeper bearish prices are on the cards, we would expect those longs to be short-lived or the support zone to fail, leading to the bearish leg targeting the $1350 price zone.
However, we must be careful, with the entire market focused on the daily golden crosses; the HTF monthly and daily buy-side liquidity levels being raided, and potential manipulation patterns taking place, it begs the question - is this a potential shakeout for deeper bear market prices, or are we truly shifting bullish.
As the adage goes - "be fearful when others are greedy and be greedy when others are fearful"
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