Hi all, crypto sludge here.
BTC continues to show weakness in face of FUD coming from South Korea and India. S.Korea's governments is planing to tax crypto exchanges and force the exchanges to share customer information with banks, and India's biggest bank is terminating their connection with india's largest exchanges.
On the bright side, the BTC LN (Lightning network) is ever growing, and actual purchases of physical goods is starting to happen through it with very fast , incredibly cheap and secure transactions even if LN is still in early beta and not 100% safe. It is a major bull sign for BTC on the technology side and i am sure it will be a major cause for BTC price to skyrocket in the near future as LN gets bigger and better.
I am usually following Bitfinex for my price analysis as it seems to be the major player in determining price discovery and overall market sentiment, i used to use bfxdata.com to gain deeper understanding of the market, but as of late the sentiment info on bfxdata started to crash. About a week ago i found https://datamish.com and i am very happy with the info it provides on market sentiment (shorts vs longs) so far they only have BTC, BCH and ETH, but i find the info there very valuable.
On the TA side, i am using the 4h chart as it seem to be the most interesting during the last few weeks.
As you can see on the 20th TD sequential gave us a red TD9 Sell indication that worked out perfectly. Right now we are deeply under the ichimoku cloud, under the EMEA, under all MA, and the only "bullish" sign i can see is that we are about to finish a TD downtrend and get a TD9 buy. Statisticlly this usually means a 1-4 candle correction, but then the downtrend continues, StochRSI is in the oversold area to support this very short correction, my current support levels after the correction are 8370$ and 7300$.
here is some info from https://datamish.com, you can see we got a slight decline an the amount of shorts, possibly signaling a possible price reversal.
Let me know what you think!
Trade ON!
Crypto Sludge.