Wallet Maintenance for BNB Smart Chain (BEP20) - 2024-09-05
https://www.binance.com/en/support/announcement/e1cd64521b7340009601cdb5be470677

#BTC formed a falling wedge pattern and over the major support zone, moving back and forth to it. Good part is price gave a breakout and inside of the zone. A weekly closing is needed to have some clarity in the market.

#US30 UPDATE :

#US30 perfectly got it retest back to support zone and even wick down taking all liquidity to the market. Now, index printed the All-Time Highs and a potential retest is expected towards the support zone of 41,330 - 41,370. Alternatively, a closing below will have a good range to move lower.

Monthly Returns in #Bitcoin is not so good in September, it barely in profits or in negative 5% - 19% .

Here's the Analysis of #TRB :

#TRB is been dropping lower towards the major support zone and moved below it. Now its a new trading range towards the major support zone of $50.86 - $52.45. Price needs to see some sort retest below moving lower or a daily candle close above will turn the move into fakeout.

as said market is not clear to move to the upside and now its dropping lower and goes near $55,500 mark, where rejection happens. Price might fill out the wick, and a liquidity hunt, below $55,000 too.

#TOTAL MARKET CAP :

#TOTAL Marketcap gave a closing over the resistance respecting the pattern and again slides below it. Now, this is the new range and market can dip further lower too. Potential reversal points will be $1.80T - $1.85T.

Bitcoin's capital inflows have recently slowed, suggesting a balance between profit and loss-taking. This inactivity is unusual, with 89% of historical days seeing larger inflows outside of bear markets. Such quiet periods often precede increased volatility. Despite this, Bitcoin's Realized Cap remains at an all-time high of $619B, supported by a $217B net inflow since December 2022's $15k low. This combination of factors hints at potential market tension that could lead to significant price movements in the near future.

Here's the Analysis of #FLUX :

#FLUX made a huge Head and Shoulder Pattern and Now stuck between the major support and Resistance area around $$0.67 - $0.71 and $0.46 - $0.49. This is good 25% - 30% range, so take the advantage of it.

#BTC attempted to move back to the resistance area getting rejected again. The zone is standing very strong, as long as price trading below it, we might see more dump in altcoins.

The MVRV Ratio, which measures investors' average unrealized profit, has recently tested its all-time average of 1.72. This level historically marks the transition between macro bull and bear market trends, with 51% of trading days closing above this mean. The current MVRV suggests investor profitability has reset to equilibrium, indicating that the excitement following the ETF launch has fully subsided. This equilibrium state could potentially signal a pivotal moment in market sentiment and future price direction.

What is #MVRV-Z Score ?

MVRV Z-Score is a bitcoin chart that uses blockchain analysis to identify periods where Bitcoin is extremely over or undervalued relative to its 'fair value'.

It uses three metrics:

1. Market Value (black line): The current price of Bitcoin multiplied by the number of coins in circulation. This is like market cap in traditional markets i.e. share price multiplied by number of shares.

2. Realised Value (blue line): Rather than taking the current price of Bitcoin, Realised Value takes the price of each Bitcoin when it was last moved i.e. the last time it was sent from one wallet to another wallet. It then adds up all those individual prices and takes an average of them. It then multiplies that average price by the total number of coins in circulation.

In doing so, it strips out the short term market sentiment that we have within the Market Value metric. It can therefore be seen as a more 'true' long term measure of Bitcoin value which Market Value moves above and below depending on the market sentiment at the time.

3. Z-score (orange line): A standard deviation test that pulls out the extremes in the data between market value and realised value.

How It Can Be Used

The MVRV Z-score has historically been very effective in identifying periods where market value is moving unusually high above realised value. These periods are highlighted by the z-score (orange line) entering the pink box and indicates the top of market cycles. It has been able to pick the market high of each cycle to within two weeks.

It also shows when market value is far below realised value, highlighted by z-score entering the green box. Buying Bitcoin during these periods has historically produced outsized returns.

Bitcoin Price Prediction Using This Tool

MVRV Z-Score bitcoin chart is useful for predicting Bitcoin price at the extremes of market conditions. It is able to forecast where Bitcoin price may need to pull back when MVRV Z-score enters the upper red band, and also when $BTC price may rally after spending time in the lower green band.

Historically it has picked major Bitcoin price highs to within 2 weeks.

Here's the Analysis of #APT :

#APT is been kept on rejecting from the Major Resistance Area of $7.24 - $7.29. Price now building a falling wedge pattern and like to get the break to the downside. Buys only after the upside and structural shift.

#BTC did broke the wedge pattern but already said, Major Resistance Standing strong enough. Price nearly filled out the bottom wick and can expected a sweep or lower low to form.

#TOTAL2 MARKETCAP UPDATE :

#TOTAL2 failed to gave a closing above the resistance area, and did fall, as a reaction, we already saw some short-term dump in the market. Index reached the support zone again, and should hold it else we can see more bleed in overall market.

A similar story is echoed in the percentage of supply in profit metric, which provides a read on the global profitability of the supply.

Like the MVRV Ratio, this oscillator has returned to its long-standing mean value. Previous instances where a similar retest of this level occurred are visible in late 2016, throughout the choppy 2019 period and during the mid-2021 sell-off.