Your Daily Crypto Indicators and Technical Analysis- The State of Bitcoin

By Keeef | CryptoFactor | 21 Dec 2021

Crypto Indicators

I'm looking to create a new daily post that's concise, to the point and will give you the best overview of the crypto markets in the least amount of time. I'll continue to post in this format for the rest of this week and gauge the reaction by like/dislike as to whether to continue in the long term, so if these collated indicators are of interest you please let me known, and without any further ado:

Bitcoin Price on posting $49,029

Fear & Greed Index 27/100

Bull Market Support Band - $49,000 to $49,750

Stock-to-Flow Model Value - $75,000

Bitcoin Tweet - 160,000 - About average

Bitcoin Bubble Index - 80/150

7 Day Relative Strength Index -54/100

100 Day Relative Strength Index - 50/100

Previous 24 Hours Liquidations - $140M

The State of Bitcoin

Bitcoin today fought bullishly to break through the bull market support band, however fear remains in the market, unnecessarily in my opinion. I think within the broader context, as Bitcoin traded along within a bullish descending wedge formation we were more likely to see a breakout. So what happens next? Two scenarios are likely to happen in the short term, the first and least desirable of these would be a near-immediate a painful 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. I favour this being the case as it stands, though historically we could be looking at 5 to 6 months to find support once the Support Band has been initially broken. Caution is the appropriate word and I wouldn't go opening any long Leveraged positions just yet.

Plenty of Bullish news, with rumours of NFT integration coming to Instagram, and the SEC dawdling, but importantly not rejecting Spot ETFs, we have plenty of positive news to look forward to as these aforementioned events edge towards confirmed bullish news.

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 $100 of free $SG token up for grabs which has the same expiry, so get them whilst you can.

I've been publishing here on Publish0x for just under a month now and am blown away by the engagement my posts have been getting. 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.