In his latest video, Nick from the YouTube channel “Cheeky Crypto” discusses the current state of the Bitcoin market and provides a technical analysis.
Nick begins by mentioning that there is not much significant news in the Bitcoin world at the moment, except for some mentions of the US inflation data.
Nick then promotes his membership website, which offers additional content and features for subscribers. He mentions that there is a 7-day free trial available.
Nick then dives into a data analysis of Bitcoin, covering the number of addresses, active addresses, transactions, fees, and more. He highlights the importance of understanding the number of active wallets and addresses with Bitcoin in them.
Nick then discusses the distribution of Bitcoin across different wallet sizes, emphasizing the accumulation and selling patterns of large wallets, traders, and whales.
Nick then turns his attention to price analysis, mentioning the possibility of a new bear market and discussing the behavior of both retail investors and larger investors in the market.
Nick also discusses the behavior of investors based on the dollar amount they hold.
Liquidations and Exchange Data
Nick then talks about recent liquidations and how they affect the market. He also mentions the possibility of October being a green month.
Total Value Locked
Nick briefly mentions total value locked but does not go into detail.
Nick then jumps into the technical analysis of Bitcoin. He identifies a nested impulsive movement and anticipates further downward moves. He estimates a target range between $26,290 and $26,440 before a bounce.
Nick maintains a bearish outlook, aiming for a double bottom around $25,000. He believes this is part of a larger wave pattern, expecting a bounce to around $28,000. Afterward, he anticipates a drop to complete a five-wave pattern, potentially towards $20,000.
On a weekly chart, Nick notes that the price is below the 50 EMA, suggesting further downside. He highlights the importance of monitoring the 200 EMA support around 24,800.
Nick concludes by encouraging viewers to like, subscribe, and join his Discord for updates.