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Weekly Crypto Market Report – 16th Apr 2023

Weekly Crypto Market Report

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has changed from “62” to “69”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The Start of the Bull Market?

 

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

There are 155,820 addresses holding more than 10 BTC 

 

Overall Market Performance

 

Nasdaq

The Nasdaq Index has been trading within the channel pattern for more than a decade, it  corrected by 0.90% in the previous week. The immediate support is expected at 12,500 and next resistance is expected at 13,200 levels.

 

Gold

Gold corrected by 0.50% in the last week. It is retesting the support after breaking out of the $2000 level mark, the next resistance is expected at $2,050 and immediate support is expected at $1950. 

 

BTC

$BTC Price is consolidating within a tight range after breaking out of the ascending trendline. Bitcoin price support is expected at $28,100 and resistance is expected at $31,000

 

ETH

$ETH has broken out of the flat base, the immediate support is expected around 1840 and the next resistance is expected around 2100 level

 

Pick of the Week – $BAL

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

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Weekly Crypto Market Report – 9th Apr 2023

WEEKLY CRYPTO MARKET REPORT

 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has changed from “63” to “62”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The Start of the Bull Market?

 

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

 

There are 993,715 addresses holding more than 1 BTC, its at All time high

 

Overall Market Performance

 

Nasdaq

The Nasdaq Index has been trading within the channel pattern for more than a decade, it  gained by over 3% in the previous week. The immediate support is expected at 12,500 and next resistance is expected at 13,200 levels.

 

Gold

Gold gained by 2% in the last week. It is retesting the support after breaking out of the $2000 level mark, the next resistance is expected at $2,050 and immediate support is expected at $1950. 

 

BTC

$BTC Price is consolidating within a tight range after breaking out of the ascending trendline. Bitcoin price support is expected at $26,500 and resistance is expected at $29,200

 

ETH

$ETH is approaching resistance levels of $2,000 mark, the immediate support is expected around 1450 level

 

Pick of the Week – $ENJ

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

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Weekly Crypto Market Report – 2nd Apr 2023

Weekly Crypto Market Report 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has changed from “64” to “63”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The Start of the Bull Market?

 

CVDD-TERMINAL PRICE CHART INDICATOR

CVDD  tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy. 

Terminal price is calculated, it is first necessary to calculate Transferred Price. Transferred price takes the sum of Coin Days Destroyed and divides it by the existing supply of bitcoin and the time it has been in circulation. The value of Transferred Price is then multiplied by 21. Remember that there can only ever be 21 million bitcoin mined. This creates a ‘terminal’ value as the supply is all mined, a kind of reverse supply adjustment. Instead of heavily weighting later behavior, it normalizes historical behavior to today. By normalizing by 21, a terminal value is created. This Terminal Price has historically been very effective at forecasting the tops of Bitcoin price cycles.

 

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

 

Overall Market Performance

 

Dow Jones

The Dow Jones Industrial Average gained by over 3% in the previous week. The immediate support is expected at 32,000 and next resistance is expected at 34,500 levels.

 

Gold

Gold gained by 0.1% in the last week. It is trading within an ascending triangle pattern, the next resistance is expected at $2,000 and immediate support is expected at $1935. 

 

BTC

BTC Price is consolidating within a tight range, the volume has dried up due to which Bitcoin price may move sharply. Bitcoin price support is expected at $29,200 and resistance is expected at $26,500

 

ETH/BTC

ETH/BTC broke the support levels, retesting towards 0.065 could be seen in the week. An immediate support is expected at 0.055 and the next resistance is expected at 0.065 levels.

 

Pick of the Week – $PUSH

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

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Weekly Crypto Market Report – 26th Mar 2023

Weekly Crypto Market Report

 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has changed from “66” to “64”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The End of the Bear Market?

 

CVDD-TERMINAL PRICE CHART INDICATOR

CVDD  tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy. 

Terminal price is calculated, it is first necessary to calculate Transferred Price. Transferred price takes the sum of Coin Days Destroyed and divides it by the existing supply of bitcoin and the time it has been in circulation. The value of Transferred Price is then multiplied by 21. Remember that there can only ever be 21 million bitcoin mined. This creates a ‘terminal’ value as the supply is all mined, a kind of reverse supply adjustment. Instead of heavily weighting later behavior, it normalizes historical behavior to today. By normalizing by 21, a terminal value is created. This Terminal Price has historically been very effective at forecasting the tops of Bitcoin price cycles.

 

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

 

Overall Market Performance

 

Dow Jones

The Dow Jones Industrial Average gained by over 1% in the previous week. The immediate support is expected at 32,000 and next resistance is expected at 34,500 levels.

 

Gold

Gold gained by 0.5% in the last week. It is trading near the multi week breakout level of the flag pattern, the next resistance is expected at $2,000 and immediate support is expected at $1800.

 

BTC

BTC Price and RSI has broken out of a flat base with good volume on a weekly timeframe, it is expected to continue the upward movement in the coming weeks. Bitcoin price support is expected at $25,000 and resistance is expected at $34,000

 

ETH/BTC

ETH/BTC broke the support levels, ETH is expected to be weak against Bitcoin. An immediate support is expected at 0.055 and the next resistance is expected at 0.065 levels.

 

Pick of the Week – $OMG

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

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Weekly Crypto Market Report – 19th Mar ’23

Weekly Crypto Market Report

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market turns to GREED. Compared to last week, the Fear & Greed Index has changed from “49” to “66”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The End of the Bear Market?

 

CVDD-TERMINAL PRICE CHART INDICATOR

CVDD –  tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy. 

Currently the Bitcoin CVDD stands at $17,341, the Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

 

Overall Market Performance

 

Dow Jones

The Dow Jones Industrial Average corrected by  -0.29% in the previous week. The immediate support is expected at 32,000 levels and next resistance is expected at 34,500.

 

Gold

Gold gained by 5.69% in the last week. The next resistance is expected at $2,000 and immediate support is expected at $1800

 

BTC

BTC has broken out of flat base consolidation with good volume, it is expected to continue the upward movement in the coming week. Bitcoin price support is expected at $25,000 and resistance is expected at $34,000

 

ETH/BTC

ETH/BTC broke the support levels, ETH is expected to be weak against Bitcoin. An immediate support is expected at 0.055 and the next resistance is expected at 0.065 levels.

 

Pick of the Week – $GALA

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today