The DecenTrader Alpha
GM. Bitcoin price spikes up +9% to briefly breach $57,000. Current price is $56,277. Excitement as new Bitcoin spot ETF trading volumes set a new daily record, outperforming the ETF launch day.
Past 24hr performance
What Just Happened
- New Bitcoin spot ETF trading volumes set daily record.
- Bitcoin shorts lose $150M as Bitcoin marches upwards.
- Chip shortages and climate focused regulations pose risk to Bitcoin miners.
- Terra’s Do Kwon to miss start of SEC trial on fraud charges.
What’s Happening Now
Bitcoin is up 9.21% in the past 24hrs at a current price of $56,277.
Ethereum is up just 3.81% in the same time.
With Ether struggling to keep up with the major Bitcoin move, ETHBTC has retraced to 0.057.
Bitcoin: Predator Thermal Vision is bullish across the majority of timeframes, only with the 30 minute lowest timeframe currently bearish.
Ethereum: Predator Thermal Vision is bullish for Ethereum across all timeframes.
Commando Intelligence:
With Bitcoin pumping, the rest of the market is also seeing positive movements. Commando Intelligence is highlighting numerous altcoin opportunities that may warrant further research and investigation.
However, we note that Market Conditions are signalling a warning sign, and also that top performing coins are very close to the maximum score of a 3 which can indicate overheated conditions.
Current top performers include Theta, Kava, and EOS.
We also note that funding rates are now beginning to spike across the altcoin market, which can be a sign that derivatives traders are going heavily into long positions. Historically this can result in price reversals.
What’s Next
Long term trend outlook:
Weekly Predator indicator is currently still bullish.
Macro calendar key events for this week:
- Tuesday 27th February: USA: CB Consumer Confidence
- Wednesday 28th February: USA: GDP (QoQ) Results
- Thursday 29th February: China: Manufacturing PMI
- Friday March 1: EU: CPI (YoY)
- Friday March 1: ISM PMI (Feb)
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