Crypto Indicators
Bitcoin Price on posting $49,203
Fear & Greed Index 27/100
Bull Market Support Band - $50,000 to $52,200
Stock-to-Flow Model Value - $76,300
Bitcoin Tweet - 113,000 - About average
Bitcoin Bubble Index - 109/150
7 Day Relative Strength Index -47/100
100 Day Relative Strength Index - 45/100
Previous 24 Hours Liquidations - $68M (Majority - LONG positions Liquidated)
The State of Bitcoin
Bitcoin fell today after failing to break back above the bull market support band, which was likely to happen. It was apparent that the recent bullish 'Christmas Miracle' bullish price action was possible in a low volume environment when institutional trading has all but stopped.
Like I predicted in my previous State of Bitcoin Article, one of the two scenarios I outline has occurred. That being the near-immediate...
"...a break down to retest the bottom of the aforementioned wedge, the other and more positive scenario could be more sideways action as we retest and find support within or above the bull market support band"
As mentioned before, historically we are looking at a 5-6 month stint of not much happening before we will successfully reclaim and retest the bull market support band. I think that this may well play out, but do not fear: If in doubt, zoom out!
When you look on the weekly, you can still see that Bitcoin is still firmly with a bullish broadening wedge and as long as we don't break down from this, things are more than fine, and I'll let you know right here if we breach those key levels, as long as you are following me right here on Publish0x.
FARM Token Pumping
If you have been accumulating FARM tokens right here on Publish0x for writing or tipping articles you have read and enjoyed, you may want to have another check on your balance. Harvest Finance ($FARM) is up 130% at the time of writing, but what is making it pump?
The Yield Farming FARM token has seen large volume today, and it seems the bulk of the price action is now FOMO, with hype being the main driver. There is likely a pullback coming soon, as the token price climbs higher away from EMA. I have taken advantage of this price action to take some profit and collect some ETH. Once the price corrects, and I think we could see 80% correction within the next week, I may well accumulate some more.
If you were keen on HOLDling your way through the next few months of uncertainty with me, you can get $25 of BTC for free when you open your Nexo account through my link below before the end of this year. There's also $200 of free $SG token up for grabs for a limited time so get them whilst you can. You can trade it for ETH or anything you like on Uniswap if you're not interested in HODLing SG long term.
If you're not following me here already, please consider doing so and I'll keep you up to date with posts just like this! Please do remember that none of the above is financial advice, you should always do your due diligence.
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