Crypto Market Weekly Analysis - Oct 17 to Oct 23, 2021 - By Finestel

2021.10.25 07:41 Finestel Crypto Market Weekly Analysis - Oct 17 to Oct 23, 2021 - By Finestel

Crypto Market Weekly Analysis - Oct 17 to Oct 23, 2021 - By Finestel Crypto Market Weekly Analysis - By Finestel [ Oct 17 to Oct 23, 2021]
https://i.redd.it/tlynydzyqkv71.gif
1- News & Fundamentals
https://preview.redd.it/40psgl1npkv71.jpg?width=2708&format=pjpg&auto=webp&s=572365737cd9b9996ba67dd2e939f975f4c774a9
After 5 months of fear and uncertainty, Bitcoin has been in a bullish move since July 21, and on Oct 20, it has finally reached its All-Time High, as we expected it would. This rally was driven by great news coming continuously, such as the United States Securities and Exchange Commission (SEC) decision to approve the first U.S. Bitcoin futures-backed exchange-traded fund, years after the first Bitcoin ETF proposal was filed.

https://preview.redd.it/yzlkwq2opkv71.jpg?width=1125&format=pjpg&auto=webp&s=854270190ae7f3743929c1d5b1d38dea8dac8012
After that, ProShares Bitcoin Futures-Backed ETF was finally launched in the United States and started New York Stock Exchange (NYSE) trading on Monday (Oct 18) with the highest ever first day 'natural' volume of $1B, after the SEC gave the green light for Bitcoin futures ETFs. It was the biggest Day One of any ETF in history, even more than Gold's ETF, in terms of "natural volume." This opening has led the price to break its ATH and record a new all-time high of $67,000.
After many reports have been claiming that the SEC has finally decided to accept Bitcoin ETFs, Grayscale decided to convert its BTC trust to a BTC spot ETF; hence it could be the first Bitcoin spot ETF. As you may know, Grayscale is a leader in digital currency investing, and its Bitcoin Trust is the largest digital currency asset management in the world.
Walmart, an American multinational retail corporation known as the 'retail giant,' has planned to install 8000 Bitcoin ATMs in its American stores, and it has started with 200 stores already so Walmart shoppers can now buy Bitcoin in these stores.
Just a few days after ProShares debuted $BITO on NYSE, Valkyrie's Bitcoin futures-based exchange-traded fund (ETF) has launched and is set to start trading on Nasdaq under the ticker BTF on Friday.
2- Onchain 2-1- Exchanges Reserves
https://preview.redd.it/rcuqsrzopkv71.jpg?width=2308&format=pjpg&auto=webp&s=a0956a0f56f77b29cde59e3c9f17c6a7862aa101
The chart above shows Bitcoin's price with All Exchanges Reserves and its 30-Day Rate of Change.
It's so interesting that despite the bullish🐂 run and new ATHs, Total Exchanges Reserves has been in a downtrend and hasn't stopped yet. Bitcoins being withdrawn from exchanges continuously indicates that no one believes this cycle's top was at $67K, and the bull run may continue to reach higher prices. Be noted that the Exchanges Reserves metric affects price in the long term, and it isn't a short-term indicator. If we take a look into the 30-Day Rate of Change, we can see that it has been negative overall during this Bull run except in the green box, which is the major crash in May.
If we compare this metric's behavior to the last cycles, it's obvious that in prior cycles in bull markets, the ROC was positive overall, and exchange reserves had been increasing; hence people had been realizing their profits during the bull run till the end of the cycle. But now they don't believe that we are even close to the top, so they are continuously accumulating BTC and sending it to their wallets.
2-2- Open Interest/Funding Rate https://preview.redd.it/vaw93j79qkv71.jpg?width=2308&format=pjpg&auto=webp&s=3b732c2fab45ab305e0715cf0368e353a233a3d6
This is an update on our latest onchain analysis. The Open Interest indicator had been in an uptrend since bitcoin started its move from the $40K area to its all-time high. OI's RSI had reached the danger zone (above 70, a.k.a. overbought zones) and has been rejected from there, as you can witness in the chart. The same happened to the Funding Rate; it has fallen due to the OI's rejection. This means that long positions got liquidated following a drop in price, which is usual in such rallies. Now that the Open Interest has dropped below 70 and into the safe zone, a huge drop/correction in price won't be expected.
2-3- Fund Flow Ratio
https://preview.redd.it/dgo0ljw9qkv71.jpg?width=2308&format=pjpg&auto=webp&s=e5b7697cc12019505ae32b0f1811f78d5aaae72e
The chart above represents the Fund Flow Ratio indicator with Bitcoin's price. The metric is calculated by the total BTC amount flowing into or out of the exchange, divided by the total BTC amount transferred on the whole Bitcoin network.
High values indicate that most of the network activity is related to the exchanges in one way at least; they are either the receiver or the sender. And lower values indicate that most of the onchain activity is in OTCs (over the counter).
If we take a look at the chart, it is obvious that Fund Flow Ratio has been in a downtrend since May, showing that OTC deals have been growing since, and most of the onchain activity is out of the spot/futures exchanges. It can be bullish🐂 for the price but in the long term view.
3- Technical Analysis https://preview.redd.it/iv7cwssaqkv71.jpg?width=2708&format=pjpg&auto=webp&s=91318c6ad776a91923917486fd6c3479d109bd3d
Bitcoin has been in a great bullish🐂 rally this week and experienced a 9% move up in its price. After the great news, as mentioned before, the price broke its all-time high and recorded a new one. On a daily basis, we can see lots of 🟢 candles closing above their prior high with great momentum.
But after bitcoin broke its ATH, it was rejected from $67K and dropped below the previous ATH ($65K), now trading at the $60-$61K zone.

https://preview.redd.it/qt1d4t3cqkv71.jpg?width=2708&format=pjpg&auto=webp&s=b328f9b1e22122901ba6d5fd36860feb67477706
In the 4H time frame, it is clear that the price has broken its ascending trend line and is in a continuation correction in the form of a bearish flag. The next support is the $58K area, as shown in the chart (🟥 rectangle).

https://preview.redd.it/suzciqcdqkv71.jpg?width=2708&format=pjpg&auto=webp&s=83df0a260102dceed757ea462c7199b802d3a82e
Two Scenarios: Two scenarios are expected; the first scenario is that the price could drop to the support zone and then start another rally up and be supported from there in a reversal pattern.

https://preview.redd.it/vfzizfffqkv71.jpg?width=2708&format=pjpg&auto=webp&s=b7dbb5231569ff5a878264b0e840238ea8e836db
The second scenario is that the price drops below the resistance and forms a continuation correction as a pullback to the resistance, then starts a downtrend and reaches lower prices.
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2021.10.25 07:41 TheSaltyTarot Two-Hour Readings

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2021.10.25 07:41 Faction_Chief /r/worldnews - https://www.hindustantimes.com/world-news/taliban-welcome-valadimir-putin-s-plan-to-remove-them-from-terrorists-list-101635121620258.html

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2021.10.25 07:41 Faction_Chief /r/worldnews - https://www.standard.co.uk/news/world/former-saudi-intelligence-official-saad-aljabri-mohammed-bin-salman-cbs-interview-b962265.html

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2021.10.25 07:41 EDawg07 Space, Me, Digital, 2021

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https://www.theguardian.com/world/2021/oct/25/amnesty-international-to-close-hong-kong-offices-due-to-national-security-law
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Why?
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2021.10.25 07:41 TheSaltyTarot Two-Hour Readings

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2021.10.25 07:41 dububudu One week after removal

I got a couple of my wisdom teeth extracted last week. The bottom extraction site is less healed than top, which makes sense, since it was impacted.
I’m seeing one dark, short sewn line from my cheek to gum. My question is, will this dissolve (or fall out) on its own while healing?
Thanks!
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2021.10.25 07:41 ieatsocksfordinner Why must i be 7 views too late

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2021.10.25 07:41 Faction_Chief /r/worldnews - https://taiwanenglishnews.com/train-driver-sentenced-over-derailment-that-took-18-lives-injured-more-than-200/

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2021.10.25 07:41 Faction_Chief /r/worldnews - https://www.reuters.com/article/turkey-currency-idUSKBN2HE0I3

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2021.10.25 07:41 AnimusPetitor Hermela Aregawi

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