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As a result of the next recalculation, the complexity of bitcoin mining decreased by 1.41% to 29.15 trillion hashes. The average hashrate of the network is also falling, but still holding above 200 EH/s.
Bitcoin's ATM implied volatility has reached new multiyear highs (since March 2020), and looking like we could reach even higher if the market gets wilder over the next few weeks. Volume has also increased dramatically over the last few weeks, which is a very solid indicator of what we could be seeing next?
What do we expect from this in terms of price action over the next few months?
We can expect to see some serious short and mid term chop for BTC, ETH and alts, which could mean new lows for total crypto market cap before an important bounce in price action. We’re getting close to the bottom, however, and we’re likely seeing a strong bullish move very soon.
$TOTAL MARKET CAP UPDATE VIP
On 4 hour time frame the price action of ALTs market cap price action form out the Range high, range low and mid range level along with the Market Structure break level at 1.452T, 1.144T AND 1.311T level
Currently the price action level Hitting out the H4 Horizontal Support level and bouncing back from there, where as, Market Structure Break level marked with the H4 Horizontal Support level Rejecting from there
Currently the price action is in Compression phase which means it is failing to form out the Lower lows
Sentiment has remained relatively stable over the last 2 days, which considering the fact that we're trading at our higher short term range boundary, likely means that we're about to see at least a short term breakout, which would pull the entire market with it.
$BTC DAILY RANGE:
📈Upper Limit: [VIP CONTENT]
📉Lower Limit: [VIP CONTENT]
(+-15% based on moving average volatility open/end points)
📌SCALP ENTRIES (VIP)
(*Advanced traders only - moderate/high risk)