And here is the dump we warned you about yesterday 📉

Bitcoin ETF approved?! Not yet!

📰 BREAKING: VanEck and SolidX aim to launch a limited bitcoin ETF in the U.S. later this week.

The Bitcoin ETF shares will be offered under SEC’s Rule 144A, which enables the sale of privately placed securities to certain institutional investors such as hedge funds and banks, but not to retail investors.

❗️To date, the SEC has not approved any crypto ETF. The SEC representatives didn’t want to comment on Van Eck’s move.

💭 Maybe Van Eck’s limited version of the fund is just an attempt to prove to the SEC that a Bitcoin ETF actually works.

🚀🎯 Fourth Target Reached! Did you ride it with us?

LTC/BTC update

Litecoin broke its critical level of support last week. It was a matter of time, but the fact that LTC didn't bounce one more time off the support proves how week this thing is not only technically, but fundamentally also.

⚠️ TA picture is horrendous and says that there is more downside.

ETH/BTC update

🎯 Target reached! Notice how perfectly the price followed the red downside arrow. The timing was excellent.

We published this bold prediction in mid July, when the price was at 0.0239 sitting at a multi year support. People were saying that no way ETH would fall that low, because the support was very strong and there were divergences. And now after a 30%+ drop in price these reasonings look funny

​​#BTC 4h

Here is something to pay attention to - Golden Cross between the 50 EMA & 200 EMA.

The Golden Cross historically led to pretty massive gains in price action, but here is the thing: we are in a sideways chop within a massive descending triangle, which is a bearish formation. The Golden Cross occurred near the top of the triangle at resistance. That fact diminishes its bullishness.

📍For now its better to wait and see what it will break: the triangle resistance or the 200 EMA.

BTC 4h update

We were skeptical about the Golden Cross, because the fact that it occurred at the top of the triangle (resistance) diminished it's bullishness. We were right that this Golden Cross was irrelevant.

Once we broke the 200 EMA, this thing accelerated to the downside. Now look at how the 50 EMA has rolled over. It's going to cross the 200 EMA from above, which suggests more downside.

📊 So, the majority of those who voted think that Alts will dump more the day that US customers have to leave Binance. And that’s a reasonable assumption since the US residents provide the liquidity, but something tells us that the least effect we should wait for is a Dump.

Why? It's been announced months ago and already priced in. The US customers have already migrated.

💡More likely nothing will happen and in a while alts will bounce.

​Let’s take a look at alt markets through Alts capitalization ratio to Bitcoin capitalization.

Alts/Bitcoin cap is sitting on its support. Weekly RSI is extremely oversold! We may see some bounce in coming weeks.

⚠️If the support breaks, the next stop is 40% down. So alts have to reverse right here in order to avoid (or delay) a very nasty drop relative to Bitcoin's cap before the next area of support.

​Let’s zoom in

The way we’ve approached the support is promising: Falling Wedge ends at the support on a hammer weekly candle, which favors the bulls. We need to see a clear breakout. Possible areas of rejection marked on the chart.

📌Bullish case condition - support has to hold

So, like we expected, BTC goes lower.

The Golden Cross turned into the Death Cross and sub 10k here we come.

​​Bitcoin hashrate is at the new all-time high. 30% increase just over the past 30 days!

💡What you need to understand is that hashrate follows price. The longer Bitcoin stays at 10k, the more people want to take their mining hardware on line.

People who are running a mining farm have about 8 month left before the halving. They know their days are numbered. For every single day delay putting a miner on line it's a huge cost, because in 8 more month that miner will earn half the money.

So, everybody in the mining game is on a mission to get as much hash power on line right now as possible to get that 12.5 BTC reward for as long as possible before the halving.

What is on-chain analysis?

📌 [ On-chain analysis is the study of network metrics surrounding the blockchain and the capital flows moving on it ]

This is completely new analysis. Never before in finance we had such an asset with completely different volume analysis, because every coin is tracked and along with trading volume you can analyze the holding of that asset and how it privately changes hands.

On-chain Volume vs Volume on Exchanges

On-chain volume includes OTC. OTC (over-the-counter) purchases always clears onto the chain. Exchange volume does not. You can look at the volume going through the blockchain as an investment volume.

But the biggest problem with volume on exchanges is that we can’t reliably look at it since it’s faked. But you can't really fake onchain data, very difficult indeed.

Since almost no one is using on-chain metrics for trading purposes, there is no need to fake on-chain volume, and it's a lot more difficult: it's a lot of work and a lot more money is needed to do that.

And we continue diving into on-chain stuff

BTC: What does on-chain analysis tell us?

https://www.tradingview.com/chart/BTCUSD/pSoTQ9kv-BTC-What-does-on-chain-analysis-tell-us/

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​⌛️All markets, not only BTC, are waiting for the U.S. FED meeting today. The Federal Reserve is expected to cut interest rates.

The world is really racing to cut rates and some countries go even into negative rates. This is a long term bullish factor for Bitcoin.

But in the short term, if the FED cuts the rates by 0.25% or less, we can see a dump.

Alts are pumping like we expected!