StormTrading

🔴 #BitcoinWeekend dance around the CME price would be my guess as usual. It's been months since we've made a considerable gap during the weekend and until that trend changes I don't have a reason to consider otherwise.

🔴 #Crypto Total Market Cap Excluding #Bitcoin: Pretty interesting how well this ~$500B level has been reacting. It's now the 4th time that the TOTAL2 ticker has bounced exactly from that region. $460B, $550B & $620B have historically also proven as important levels.

🔴 #Bitcoin& $ALTS Since the Monday low. To summarize: 1. Metaverse actually bouncing quite well, led by $AXS, $MANA & $SAND. 2. Dino coins doing relatively well mostly led by $BCH. 3. Meme coins staying behind as $PEPE & $DOGE are having a hard time moving as of yet.

🔴 #Bitcoin& $USD Liquidity The Reverse Repo continues to see big outflows contributing to a rise in USD Liquidity. In the past 3 weeks, the RRP has seen a decrease of $335B USD which adds to the total USD liquidity within the financial system. This tends to be bullish for risk

🔴 #BitcoinPotentially deviating again from the same region. Cautious until the $26.4-26.6K region is retaken. If not, $26K will be a decent support and would likely see more chop ahead. Especially considering it's almost weekend.

🔴 #Bitcoin$26.4K Key to hold to not make for another deviation. $27K is the logical next target for me upon doing so.

🔴 #BitcoinKnocking on the door of the $26.4K level again. It's key to break this level to leave this post grayscale dump range and attempt at filling the inefficiency up to ~$27K.

🔴 USD Liquidity vs #Bitcoin Another +$55B USD Liquidity up tick today coming out of the Reverse Repo. USD Liquidity now up nearly $300B in 1 month

🔴 $BTC.D Still holding on to the previous range high and bouncing. In the chop region but ultimately I think this would go higher in case of a BTC ETF Approval (one day).

🔴 #Bitcoin2019 vs 2023 Update: So far so good. Same choppy price action into range deviation below and bounce back up. In 2019 this is the point where we saw the Xi Jinping candle which was obviously influenced by some kinda catalyst/hype. Something we're missing so far.

🔴 #BitcoinRange high was swept, monthly/weekly open was held. Now moving back towards the range high. CPI in 45 min so that will definitely cause some more volatility. Upside continuation upon acceptance above 26.4K. Below there it will remain a range with choppy price action.

🔴 #BitcoinUltimately, to get a larger reversal and possibly a next high timeframe leg up, price would have to close back above the Daily 200MA/EMA. Those are sitting at $27.6K & $27K respectively so still quite a bit to go for that as we speak.

🔴 #BitcoinHas been moving up and down around the September monthly open and is so far refusing to go negative on the month. Very curious if the market will throw a curveball at it's market participants. Green September & Red October would surely stir things up.

🔴 #BitcoinSpot Premium increasing and funding rates going more negative. Shows a sign of decent spot bid and/or excessive shorting. Not a one-rules-all metric to go by but good to keep an eye on how this evolves. It could be influenced by longs taking profit as well.

🔴 #BitcoinVolatility increasing as we're moving. Still nothing too crazy yet but that could still come! Remember, volatility increasing doesn't have to say anything about direction directly.

🔴 #BitcoinLow timeframe range. If this starts deviating back below the monthly/weekly open again, I'd assume this just goes for another full retrace. Level to watch for continuation is $26.4K.

🔴 #Bitcoinhas struggled getting back above the 4H 200MA/EMA in the past couple of months. Besides the big puhs above post Blackrock ETF filing it has never really managed to hold as support and has continuously rejected price. Good measure of what mid timeframe trend we're in.

🔴 #BitcoinHas struggled to get above it's monthly open since the start of the month. The amount of times it has tested it and rejected is getting to some crazy amounts by now.

🔴 #BitcoinHas historically always held the Weekly 200MA/EMA, until this cycle. In 2022/23 we traded below it for a while but since then we've caught up and are now gliding right along the two once again. These area's tend to be good long term opportunity zones.

🔴 #BitcoinTrading Back below the bull market support band and retested it as resistance. The bull market support band, consisting of the Weekly 20MA & 21 EMA tends to act as a base during the bull run. $BTC Did so at the start of 2023 but has since broke below it.

🔴 #BitcoinWithout the Grayscale pump & Retrace you can see how most price action has been kept within these two small ranges of about 1-2% each. Most volume traded still sits slightly above $26K which is an important level. The indicator on the right is called Visible Range Volume Profile or VPVR for short. You can find that for free on TradingView.

🔴 #BitcoinHitting volatility levels where we've historically seen $1000+ moves occur this year. The more compressed price gets the bigger the following move will be.

🔴 #BitcoinStill struggling to get above this $25.8-26K region with all this resistance sitting above it. There's also not been continuation towards the downside. We're gearing up for a big candle either way. Could easily see a case where we fake-out one side then run the other.