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This week saw significant movements in the crypto market. Ethereum's Shanghai upgrade was completed, unlocking $33.5B worth of ETH. At the same time, Bitcoin crossed the psychological $30k level as open interest in BTC reached $10B. Meanwhile, Singapore Bitcoin Miner Bitdeer is set to go public on Nasdaq this Friday with a $4B valuation as Stablecoins and off-ramp solutions are paving the way for small businesses to embrace crypto. Finally Sevenfold launched Ticketpass, a blockchain-based verification and rewards system.
Ethereum’s Shanghai ‘Shapella’ upgrade took place this week alongside AI tokens like Render and AGIX becoming the latest focus among investors. Meanwhile, stablecoins were the focus this week with the USDD stablecoin gaining traction with its increased liquidity, giving competition to other players. TrueUSD's market value surged after Binance removed spot bitcoin trading fees for the token. And, the former head of PayPal has announced Lightspark, a Bitcoin Lightning Platform for Business.
Coinbase’s Head of Exchange Vishal Gupta departs while Coinbase looks to integrate Bitcoin Lightning Network, increasing transaction speed and reducing fees meanwhile Polygon has emerged as the second-largest blockchain gaming network, providing a more efficient and user-friendly experience. Gojira Labs this week has taken NFTs to the next level, turning them into playable game characters through animatronic NFTs. While PureFi's SafeTransact offers enhanced security for web3 transactions. Not to mention Metamask has introduced more payment options via their portfolio Dapp, making transactions even easier.
Big changes are happening in the crypto world this week. Russia's Prosecutor General is demanding crypto exchanges share user data while the Arkansas House and Senate pass a Bill protecting the right to mine Bitcoin, a win for BTC. Meanwhile, the Bank for International Settlements says they prefer tokenized deposits over stablecoins for digital currencies. In France this week we saw the regulator suggest EU regulation of DeFi websites and the MakerDAO DAI stablecoin just as the EU releases the MiCA regulation.
Adoption was hot in Africa this week as Bitcoin gaming is set to take Africa by storm, with the crypto exchange partnership between Zebedee and Bitnob. Meanwhile, Binance is partnering with African video streaming service Showmax to encourage crypto adoption on the continent. It's not just big businesses, though – small businesses are starting to embrace crypto thanks to stablecoins and off-ramp solutions. And that's not all – Sevenfold has just launched Ticketpass, a blockchain-based verification and rewards system.
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Bitcoin reclaimed the $30,000 psychological level this week right as open interest in BTC across crypto derivatives exchanges reached a five-month high of $10 billion. Meanwhile, Singapore Bitcoin Miner Bitdeer is set to go public on Nasdaq this Friday with a $4B valuation. Finally, Bitcoin developers are proposing hierarchical channels to boost Lightning Network scalability.
tl/dr:
The LTFs tell the story perfectly, with price aggressively trending higher in an established bull trend. This is where our intraday hourly 50 EMA becomes strong, which we can see has been providing steady support for price over the past week.
A break and retest to the downside of the EMA could provide a strong sell signal for price to raid the 4H sell-side liquidity and mitigate the $30k bullish order block in discount of the daily range.
Alternatively, price may find support at the 50 EMA after only raiding 1H sell-side liquidity, pushing price higher to continue the bull trend.
tl/dr
This week saw BTC aggressively break above the accumulation range we have been sitting in over the past few weeks, exactly as expected in previous forecasts. The accumulation of sideways price action signalled the building of liquidity as fuel for the next trend move, which we anticipated would soon take place.
Price has now reclaimed the $30k psychological level, with the daily 50 EMA heavily diverging away from the daily 200 EMA. This is a good signal, as when a healthy retracement does take place in BTC over the coming weeks, the risk of a daily death cross is diminished.
Moving forward, we look for price to either retrace short term to raid 1D sell-side liquidity into the $28k range before moving higher, or BTC continues pushing higher with the bulls in control targeting $33k.
ETH enthusiasts are in for a treat! With the highly anticipated Shanghai upgrade looming, ETH reclaimed the coveted $2000 price level. $33.5B worth of ETH (19M ETH) is now unlocked with the mainnet upgrade - the biggest in the network's history. It's no surprise that the number of non-zero addresses has hit an all-time high of 97 million.
tl/dr:
ETH followed suit this week, aggressively raiding the $2000 high, which had been the highest price over the past year. We expect there to be liquidity above this level, so some form of retracement, whether short-term to push higher or longer term could be likely.
The $2,200 price level seems prime for a healthy bearish retracement to take place; however, given the recent Shanghai upgrade, we could see a strong sustained bull trend as macro factors take hold.
Either way, there is some strong bullish pressure in the markets overall, and we look for signals that show us if this bullish pressure is sustaining or if the tide has started to turn so we can position accordingly.
Bitcoin reclaimed the $30,000 psychological level this week right as open interest in BTC across crypto derivatives exchanges reached a five-month high of $10 billion. Meanwhile, Singapore Bitcoin Miner Bitdeer is set to go public on Nasdaq this Friday with a $4B valuation. Finally, Bitcoin developers are proposing hierarchical channels to boost Lightning Network scalability.
tl/dr:
The LTFs tell the story perfectly, with price aggressively trending higher in an established bull trend. This is where our intraday hourly 50 EMA becomes strong, which we can see has been providing steady support for price over the past week.
A break and retest to the downside of the EMA could provide a strong sell signal for price to raid the 4H sell-side liquidity and mitigate the $30k bullish order block in discount of the daily range.
Alternatively, price may find support at the 50 EMA after only raiding 1H sell-side liquidity, pushing price higher to continue the bull trend.
tl/dr
This week saw BTC aggressively break above the accumulation range we have been sitting in over the past few weeks, exactly as expected in previous forecasts. The accumulation of sideways price action signalled the building of liquidity as fuel for the next trend move, which we anticipated would soon take place.
Price has now reclaimed the $30k psychological level, with the daily 50 EMA heavily diverging away from the daily 200 EMA. This is a good signal, as when a healthy retracement does take place in BTC over the coming weeks, the risk of a daily death cross is diminished.
Moving forward, we look for price to either retrace short term to raid 1D sell-side liquidity into the $28k range before moving higher, or BTC continues pushing higher with the bulls in control targeting $33k.
ETH enthusiasts are in for a treat! With the highly anticipated Shanghai upgrade looming, ETH reclaimed the coveted $2000 price level. $33.5B worth of ETH (19M ETH) is now unlocked with the mainnet upgrade - the biggest in the network's history. It's no surprise that the number of non-zero addresses has hit an all-time high of 97 million.
tl/dr:
ETH followed suit this week, aggressively raiding the $2000 high, which had been the highest price over the past year. We expect there to be liquidity above this level, so some form of retracement, whether short-term to push higher or longer term could be likely.
The $2,200 price level seems prime for a healthy bearish retracement to take place; however, given the recent Shanghai upgrade, we could see a strong sustained bull trend as macro factors take hold.
Either way, there is some strong bullish pressure in the markets overall, and we look for signals that show us if this bullish pressure is sustaining or if the tide has started to turn so we can position accordingly.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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