Friday , September 17 2021
Home / Daniel Joe

Daniel Joe

Articles by Daniel Joe

Bitcoin Price Analysis: BTC Continues Consolidation, Here are the Key Levels to Watch

7 days ago

Once again, BTC held support at the critical 200-day moving average of around $46k after shaking another round of weak hands. Although the near term charts look bearish, the overall trend in fundamental, technical, and on-chain data remain firmly bullish, indicating Bitcoin will likely head higher in the next few months.
Chart by TradingViewBTC Falls While Strong Hands Continue to Buy
Spot exchange reserves printed another multi-year low, further indicating strong accumulation, especially with long-term holders and entities with a low history of selling. Total spot exchange net flows came in at nearly -3000 BTC with total spot inflows of 9,858 BTC and total spot inflows of 12,788 BTC.
Looking at BTC miners, on-chain metrics show a return to accumulation after minimal

Read More »

Bitcoin Price Analysis: BTC Holds 200-Day MA, is the Selling Complete?

8 days ago

After the nearly 20% plunge in BTC price, the cryptocurrency spent the next day consolidating and retesting the critical 200-day moving average at $46k.
BTC managed to hold the level for the daily close, a positive signal. Near term, it is important to continue holding $46k, complete long liquidations, and start a recovery to reclaim $47.2, the bottom of the green zone.
Strong Hands Holding Older Coins Did Not Sell
Although BTC fell slightly the day after the major drop, on-chain data continues to firmly show long-term holders, and entities holding older coins continue to accumulate, showing no signs of whale exit liquidity.
Chart by CryptoQuantYet again, the 3 to 6-month-old cohorts panic sold the dip. Keep in mind, this group accumulated BTC between $50k to $64.8k. It’s

Read More »

Bitcoin Price Analysis: What Drove the 19% Crash and is the Pain Over?

9 days ago

$4 billion in liquidations wiped out the derivatives market, sending BTC lower by 19% at the intraday lows yesterday. Crypto Twitter went into panic, as exchanges were unresponsive, investors struggled to fill orders, and fears of a bear market began to spread.
Days like yesterday make it easy to panic sell without thinking about what was actually happening. Although the charts looked horrible, on-chain data was flashing completely different signals, showing that long-term holders and large cohorts were not selling this pullback.
Chart by TradingVewFor the last few weeks, futures open interest have been soaring, increasing from $9 billion to a peak of $12.8 billion. Within hours after BTC crashed, open interest dropped from $12.8 billion back to $9 billion and has been

Read More »

Bitcoin Makes Weekly Close Above $50k Level, This is the Next Price Target to Watch: BTC Price Analysis

11 days ago

After 2 weeks of consolidation, Bitcoin managed to make a weekly close above the critical $50k level, marking another step forward in bull market continuation validation.
This is now the fourth consecutive weekly close above the 21-week, 40-week, and 200-day moving average, 3 major levels that have been successfully reclaimed in order to re-enter bull market continuation validation. It is important for BTC to start establishing $50k as support this week, as the bulls start eyeing $55k to $58k, a heavy technical and on-chain zone of resistance.
Chart by TradingViewNotably, Bitcoin also managed to close above $50.5k the intraweek highs from 2 weeks ago and $51.1k, a key 61.8% retracement level. This is a very bullish technical signal and suggests further upside in the coming

Read More »

Bitcoin Price Analysis: On-Chain Showing Strong Accumulation, Will Weekly Close Breach $50k?

12 days ago

The battle for $50k continues as the bitcoin price is trading above and below the key level.
On Friday, September 3rd, 2021, Bitcoin successfully made the first daily close above the $50k mark since May, a sign of strength for the bulls. Trading volume came in 36% above average on Coinbase, indicative of strong spot buying. In addition, BTC short liquidations came in below average, indicating the recent price rally was spot-driven rather than short covering.
Chart by TradingViewBTC printed a bullish engulfing candle on the above 3-day chart with a close above $50k, breaking out of the green zone of support between $46k to $48.1k. Since the engulfing candle was printed, the bitcoin price remained around the $50k level consolidating during the ongoing weekend trading.

Read More »

BTC Facing $50k Again, Will This Attempt Finally Succeed? (Bitcoin Price Analysis)

14 days ago

BTC made an intraday push above the critical $50k level yesterday, reaching a high of $50.3k, but struggled to hold onto gains before dropping back below $50k.
$50k is a technical and psychological level of resistance with a moderate amount of BTC moved on-chain, meaning it will take multiple attempts for the bulls to successfully make a close above it. Near term, as long as Bitcoin remains above the lows at $46.3k, continues to make higher lows, and tests $50k, we can expect resistance at this level to weaken, increasing the probability of a breakout.
Chart by TradingViewThird-Largest Whale Moves 1,500 BTC to Exchanges
Earlier today, the third-largest Bitcoin whale address transferred another 1,500 BTC to Coinbase, sparking near-term worry of a potential local top at

Read More »

Bitcoin Retests the Critical $50K Level, Is It Close to Breaking Out? (BTC Price Analysis)

15 days ago

BTC is starting off the month of September on a positive note gaining 7.9% from yesterday’s lows and with today’s attempt in retesting $50k for a potential breakout.
The cryptocurrency appears to be completing the 10-day long consolidation after topping out at $50.5k on August 23rd, 2021.
Leading up to the current attempt to break out, BTC tested key support at the 21-day MA, 21-day EMA, and nearly the 200-day moving average. Continuing accumulation and falling aggregate spot volume helped the largest cryptocurrency hold the critical green zone of support between $48.1k and $46k.
Chart by TradingViewYesterday’s daily close above $48.1k was a near-term bullish signal as BTC tested this level as resistance and support for nearly 2 weeks.
As we reported yesterday, the hourly

Read More »

Bitcoin Price Analysis: BTC Makes 2nd Consecutive Green Monthly Close, Time For Next Major Move?

16 days ago

BTC finished August on a positive note, printing the second consecutive monthly candle higher, completing an increase of 13.6%. This is quite notable for the largest cryptocurrency as the 2018 bear market never saw 2 strong consecutive monthly closes higher.
Chart by TradingViewBitcoin’s Near-Term Consolidation
BTC continues the near-term consolidation after finding resistance at $50k. So far, bitcoin’s price has held the green zone of support between $48.1k to $46k, where the 21-day, 21-day EMA, and the critical 200-day moving average are.
It is important for the bulls to protect the 200-day near $46k, as BTC continues the validation phase of bull market continuation. Overall, the initial selling from $50k did show a slight increase in older coins being sold. Still, since

Read More »

BTC Fails At $49-50k Resistance, But Weekly Chart Showing Strength (Bitcoin Price Analysis)

18 days ago

BTC managed to make a third weekly close above the 21-week and 200-day moving average as the largest cryptocurrency continues the bull market continuation validation phase.
After rallying higher for 5 consecutive weeks with near-term momentum slowing and bearish divergence on the 4-hour chart, consolidation can be expected. Resistance at $50k continues to be the near-term level that BTC must successfully close above in order to follow up on the breakout and bull market continuation.
What’s The Next Resistance for Bitcoin’s Price?
$48.1k has been a near-term level of support and resistance as BTC has traded in and out of this level multiple times during the week. So far, the price has held the green zone of support between $48.1k and $46k, a positive consolidation signal.

Read More »

Bitcoin Price Analysis: BTC Reclaims Critical Level, Is $50k Retest Imminent?

20 days ago

BTC managed to find a local bottom at $46.3k, and printed an impressive daily candle close back above $48.1k, starting the weekend on a positive note. BTC bulls will be watching closely to see if the largest cryptocurrency can aim for a retest at the critical $50k level again, as a cluster of shorts remain at $49.5k.
Earlier, more than 2400 BTC longs were liquidated at $46.9k and $46.6k, flushing out a large chunk of leverage on derivative exchanges. The bitcoin price managed to find support just above the critical 200-day moving average and right on top of the 21-day moving average.
Chart by TradingView
Third Largest BTC Whale is Back
Notably, the third-largest whale wallet we have been tracking accumulated another 592 BTC in a span of two days during the near-term

Read More »

BTC Retraces as Short-Term Selling Pressure Continues: Was $50k a Local Top? (Bitcoin Price Analysis)

22 days ago

Bitcoin managed to daily close back above $48.1k, but met with selling pressure throughout the day, hitting an intraday low of $46.3k, according to Bitstamp.
Short-term technicals have turned cautiously bearish, especially with bearish divergence forming on the daily chart and Bitcoin failing to stay above $50k.
The primary cryptocurrency remains in a tight spot as the price successfully reclaimed the 21-week and 200-day moving average recently, but is still in the validation phase for bull market continuation. It is critical for BTC to hold support at the 200-day moving average – currently at $46k, otherwise, near-term downside risk will increase.
BTC has fallen deeply into the green zone between $48.1k to $46k, a near-term zone that is critical for the larger structure,

Read More »

Bitcoin Likely to Reach at Least $96k: In-depth Price Prediction Analysis of 2021 Cycle’s Top

26 days ago

Looking ahead, there are many ways the rest of the current cycle can play out moving forward. The following are two scenarios we are expecting to play out as long as the technical and on-chain data continue to show strength.
Our price targets are heavily time-based, condition-based, and blend multiple forms of analysis. Assuming bitcoin price reaches major technical targets to the upside and on-chain metrics are flashing significant sell signals, the probability of a bull market top will increase significantly.
If major technical targets to the upside are tested, and on-chain metrics show little to no signs of significant selling pressure – BTC can easily push higher.
As always – the following is not financial advice and the sole opinion of the writer. Please refer to the

Read More »

BTC Forms Another Higher-High, Are Bulls Aiming For $50K Weekend Breakout? (Bitcoin Price Analysis)

27 days ago

The bitcoin price has shown impressive strength lately, outperforming global stock markets, despite a risk-off environment and a rising U.S. dollar.
On Friday, BTC retested the local highs at $48.1k and managed to make a solid 4-hour close above resistance, leading to a robust daily close at $49.3k.

Aggregate spot exchanges volume came in at $7.56 billion, above the 14-day average and the volume on risk-off days. For the past week, 4-hour bearish divergence and realized price distribution between $47-48k acted as initial resistance and led to a near-term pullback to $43.9k, a highly confluent area for retesting successfully short-term support.
As usual, BTC longs were liquidated on the way down, and short positions began piling on. The 5-day long pullback registered net

Read More »

BTC Struggles Below Critical 200MA as Global Markets Risk Off: Where Is Next Support? (Bitcoin Price Analysis)

29 days ago

BTC made another attempt to reclaim the 200-day moving average but was met with selling pressure as global stocks fell again amid fear of the Federal Reserve tapering asset purchases. This may be a near-term headwind for the largest cryptocurrency, but the overall fundamentals, on-chain data, technicals, and momentum remain strong.
Chart by TradingViewAs we covered last week, there has been a bearish divergence forming on the 4-hour and daily chart, a near-term warning of a local top and downside risk. Since forming a local top at $48.1k, BTC has lost around 8% and is now entering a short-term support zone between $42.9k to $45.5k. This level shows a high level of confluence as there are many support points such as the rising trendline, the previous downtrend line now

Read More »

Bitcoin Price Analysis: Global Risk-Off Drives BTC Below the Critical 200MA, Where is it Heading Next?

August 18, 2021

BTC’s weekly close above the 21-week and 200-day moving averages flashed the largest technical buy signal since April 2020, marking a major step forward for potential bull market continuation. Although this is a very bullish signal for BTC, it is important to see follow-through higher in the weeks ahead to validate it.
Chart by TradingViewThere has been a bearish divergence forming on the 4-hour and daily BTC chart for over a week, signaling near-term caution on the technicals. Additionally, the TD sequential on the daily chart printed the 9th consecutive candle to the upside, suggesting the risk of a local top is increasing.
US stocks recently made new all-time highs, but recent selling pressure managed to drag down BTC as the market went risk-off. As we reported, the

Read More »

Bitcoin Flashes Largest Technical Buy Signal Since April 2020 – More Upside Ahead? (BTC Price Analysis)

August 16, 2021

After a weekend with wild swings and liquidations, BTC bulls managed to push the price higher, making the first weekly close above the 21-week and 200-day moving average. Technical analysts consider this a major buy signal, as it has led to significant rallies for bitcoin.
Chart by TradingViewThe last time this occurred was April 2020, right after the March COVID-19 crash that sent all risk assets plummeting. After reclaiming the 21-week and 200-day moving average, BTC rallied over 600% before topping out near $64.8k.
What Has Changed for Bitcoin’s Price?
Back in June, BTC reached a critical point on the weekly chart after closing below the 21-week and 40-week moving average. Historically, failure to reclaim these levels has led to the start of bear markets. This is known

Read More »

Bitcoin Price Analysis: BTC Eyes Today’s Critical Weekly Close As Volatility Continues

August 15, 2021

Yesterday’s BTC price action shook traders throughout the day with rounds of short and long liquidations. Bitcoin’s price managed to hold the 200-day moving average at $45.3k as support, making an intra-day wick to $46k, and pushing higher into yesterday’s daily close at $47.1k
Chart by TradingView
So far, today’s price action appears similar to yesterday’s wild swings. It’s another low-volume pullback that liquidated longs. This time, BTC nearly touched critical support at the 200-day moving average – around $45.4K – before wicking back up, as of writing these lines.
Chart by CryptoQuant
It’s important to note how low volume pullbacks signal weak selling pressure. In comparison, high volume pullbacks with closes at the day’s lows are a bearish signal, indicative of large

Read More »

Bitcoin’s Upcoming Weekly Close Can Trigger The Most Bullish Buy Signal Since 2020 (BTC Price Analysis)

August 14, 2021

Recent BTC price action intensified after BTC closed above the 200-day moving average line on the daily time-frame, but then closed back below this significant key level on Thursday.
However, things turned bullish, as BTC price pulled back to near-term support, backtested the downtrend line at $43.8k, successfully held the support level, and then printed a bullish engulfing candle the next day to reclaim the 200-day moving average, starting the current weekend by trading on a positive note.
Chart by TradingViewThe Weekly Close: Why Is It Critical for the Bulls?
The near-term pullback saw declining volume, a sign of weakening selling pressure, along with consistent spot exchange outflows.
At the moment, no signs of large long-term holders selling. Therefore, the current

Read More »

Bitcoin Price Analysis: After Correcting, BTC Faces the Critical 200-MA Again

August 13, 2021

The bearish divergence appearing on the BTC 4-hour chart for the past week managed to form a local top at $46.7k. BTC fell to a near-term low at $43.8k, finding support just above a key downtrend.
Chart by TradingViewAs we reported earlier, the recent dip below the 200-day moving average puts BTC in a tight spot as it is important to see a strong weekly close above that level. Making a weekly close above it, alongside the 21-week moving average, will flash a very bullish technical buy signal of the re-entry into bull market continuation. So far, it’s good to see BTC find support at the downtrend line, with a push back above the 200-day moving average.
What Happened During the Pullback?
The near-term pullback had less aggregate spot volume, signaling weak selling pressure.

Read More »

Bitcoin Price Analysis: BTC Closes Above Crucial 200-Day MA, But is the Breakout Confirmed?

August 10, 2021

After an initial rejection at the 200-day moving average, BTC staged another attempt to break out and managed to successfully make a daily close above the crucial line. The daily close at $46.2k above the 200MA and a key downtrend line can be seen as a very bullish technical buy signal.
Chart by TradingViewIt is important for BTC to hold above this key level and follow through higher in the next few weeks to validate the buy signal. A daily close above the 200-day moving average is a bullish signal, but it is even more important for BTC to follow-through higher, especially in the next few weeks.
For the near term, the 4-hour chart is still showing some signs of bearish divergence. The relative strength index on the 4-hour has failed to push above 71.66, the most recent

Read More »

Bitcoin Long-Term Buy Indicator Just Flashed as BTC Faces Critical Resistance (Price Analysis)

August 8, 2021

BTC has continued to push up with impressive spot volume hitting an intraday high of $45.3k even during weekend trading.
The cryptocurrency is now testing one of the most critical levels of resistance at the 200-day moving average. Successfully reclaiming this level will trigger a significant buy signal in technicals, likely encouraging large momentum traders and other market participants to enter the market, further adding to buying pressure in an already supply exhausted state.
Chart by TradingViewAnother critical level that must be reclaimed for further upside is the 21-week moving average at $44.5K
Overall, the BTC technicals, structure, momentum, on-chain data, and sentiment have been trending higher, showing early signs of a strong recovery. One of the biggest

Read More »

Bitcoin Price Analysis: BTC Testing Top of Trading Range, Breakout to $50K Possible?

August 6, 2021

BTC entered a near-term pullback after reaching overbought conditions at $42.6k last week. The price fell for four consecutive days, wiping out leveraged longs upon every new intraday low.
What Happened During the Recent Pullback
With 10 consecutive daily candles higher, extremely overbought conditions on the 4-hour and daily chart, the price at technical resistance, and the third-largest whale sending 3000 BTC to Coinbase, the market was flashing a major signal of a local top.
Chart by TradingViewBTC immediately reversed and closed back below the top of the trading range, liquidating leveraged longs, positioned above 40k, anticipating a breakout.
The cryptocurrency fell below $40K and consistently pushed lower, dipping below the near-term support at $38.3k. Eventually,

Read More »

Is BTC’s Wyckoff Accumulation Still Intact And Where is Bitcoin Headed? (Price Analysis)

August 4, 2021

BTC’s impressive rally from $29.3k to $42.6k has significantly improved the technicals and especially the momentum for the largest cryptocurrency. Since finding a local top at $42.6k as we reported, the 4-hour and daily conditions for BTC became extremely overbought and overextended, with an increased risk of a near-term correction.
When looking at market structure, it appears BTC has exited Phase C in the Wyckoff Accumulation schematic and is now in the early parts of Phase D.
Chart by TradingViewBTC Reaches Supply Exhaustion
When supply reaches exhaustion, meaning the majority of sellers willing to sell at a certain price range drops significantly, large operators may begin marking up the price as it would require less effort (volume) now that there are fewer sellers

Read More »

Bitcoin Price Analysis: What to Expect After 10 Green Days But a Disappointing Weekly Close?

August 2, 2021

After the false breakdown below $30k and the subsequent recovery, BTC continued higher, closing the week up 12.45%. Overall, price action has been bullish, as the cryptocurrency pushed above the 50-day MA and hit an intra-week high above the top of the trading range at $42.6k.
Chart by TradingViewIt’s important to note that BTC has printed 10 consecutive green daily candles, is extremely overbought and overextended on the 4-hour and daily chart. With near-term overbought conditions and price near resistance, it is completely normal to see consolidation and pullback before preparing for the next leg up. In fact, it is healthier for the market structure to “cool off,” which makes the rallies more sustainable.
Just hours away from the weekly close, BTC saw selling pressure

Read More »

Bitcoin Price Analysis: BTC Needs to Close Weekly Candle Above This Major Level

July 31, 2021

BTC has definitely surprised market participants lately after a 10-day green streak, managing to break above $40K. Just overnight, BTC staged a last-minute rally and made the first daily close above the top of the trading range closing at $42.2k.
Chart by TradingViewBitcoin Overcomes $40K
On July 28th, 2021, the third-largest BTC whale transferred 3000 BTC to Coinbase, signaling near-term caution on price. As we reported, this has been a local top indicator on quite a few occasions in the past. The cryptocurrency then saw a minor correction from a high of $40.9k to a low of $38.3k.
The bulls managed to stage a solid recovery, marking the first daily close above the 2-month long trading range between $30k and $40k. This is the first major step in transitioning from the

Read More »

Local-Top Indicators Flash for Bitcoin: 3rd Biggest Whale Sent 3,000 BTC to Coinbase

July 30, 2021

BTC’s recent 9 daily candle streak to the upside has been very impressive. We have been tracking the third-largest BTC whale wallet and found interesting activity and signals. The whale entity, at one point, held over 116,841 BTC. Its current total BTC holdings stand at 113,841.
The recent sales from this address since April 2021 have accurately marked local tops in BTC, as shown in the chart below.
Chart by TradingViewThis doesn’t necessarily mean that bitcoin’s price will crash. The activity has shown that this entity strategically sells BTC after large rallies to take profit, rebalance, and buy back on dips. Ever since this wallet was created, the total amount of BTC holding has increased month after month.
In the below charts, the vertical red boxes indicate the time

Read More »

Early Technical Signals Suggest a Larger Bitcoin Rally Potentially Coming (Price Analysis)

July 24, 2021

Since the false breakdown below 30k and back up, BTC has shown signs of an early trend reversal. This week’s close (on Sunday – midnight) is definitely a one to watch closely, as it will likely determine the next major direction for BTC.
The first bullish signal was the low volume close below $30k on July 20th. On-chain data strongly suggested that short-term holders, retailers, and small miners were selling, while larger entities continued to accumulate and hold.
Bullish Momentum Continues Post B-Word Event
Following the B-Word event where prominent figures like Elon Musk spoke, BTC consolidated and successfully retested a near-term downtrend line at $31.7k. Afterward, the primary cryptocurrency started its next push higher.

7-Month Downtrend Finally Broken
The most

Read More »

Mysterious Bitcoin Whale Who Sold at $60K Bought Over 17K BTC Between $30-39K

July 22, 2021

One of the more interesting wallets to look at is the third-largest BTC address. While there are many speculations about its owner, it’s currently anyone’s guess as to who it is. We know this whale entity has a priority of accumulating BTC.
The BTC address we’re looking into in this analysis is 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ. For short, we’ll call it “the whale entity.”
The Coinbase wallet the whale entity interacts with is 1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR. For short, we’ll call it “kSR.”
Sells The Top
Inflows and outflows from this particular whale wallet have consistently gone to a specific Coinbase wallet.  When BTC approaches technical resistance or over-heated levels to the upside, the whale entity usually transfers a small percentage of its total BTC holdings

Read More »

41,000 Bitcoin Transferred to Coinbase Pro In One Hour: Should You be Worried?

July 17, 2021

After another week of consolidation for bitcoin, with a drawdown to $31k, investors look to the weekend for a sigh of relief as the GBTC shares unlock continues.
On-chain analysts detected an unusually large inflow of 41,000 BTC over a few transactions into Coinbase Pro Exchange, in just one hour.  The immediate reaction from Crypto Twitter was fear and calls for BTC “to $20k or $10k BTC.”
This looks like a bearish signal, but we have to recognize the fact that crypto exchanges are known to do internal transfers.  Around the same time, On-chain Analysis detected similarly large outflows of 37,154 BTC from Coinbase Pro, as can be seen below:

Outflow and Inflow have the same number, which should be Coinbase’s internal wallet transfer.

Read More »

Signs of Whale Accumulation, but Where is Bitcoin Potentially Heading if $30K Breaks? (BTC Price Analysis)

July 14, 2021

BTC started the week with a 7% pullback, a jump in BTC Bitfinex Shorts, and uncertainty over Grayscale’s GBTC unlock. On-chain analysis detected Net Exchange Inflows and increasing Bitfinex Shorts before BTC started its latest price dump, as can be seen on the following charts:
BitFinex shorts accumulating before the recent BTC crash
Netflows of BTC. Daily chart by CryptoQuantHowever, the good news for the bulls is that there are signs of large investors stepping in and buying BTC as Net Exchange flows registered notable outflows of thousands of BTC by the hour, as can be seen on the lower-timeframe chart below:
Netflows of BTC. Hourly chart by CryptoQuantBTC Critical Support Areas To Watch
Near-term support for BTC is at $32.1k, which is the low made on July 8th, 2021.

Read More »