In his latest video, Nick from the YouTube channel “Cheeky Crypto” discusses the current state of the Bitcoin market and provides a technical analysis.
News Update
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.
Membership Website
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.
Data Analysis
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.
Wallet Counts
Nick then discusses the distribution of Bitcoin across different wallet sizes, emphasizing the accumulation and selling patterns of large wallets, traders, and whales.
Price Analysis
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.
Dollar Perspective
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.
Technical Analysis
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.
Bearish Outlook
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.
Weekly Chart
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.
Conclusion
Nick concludes by encouraging viewers to like, subscribe, and join his Discord for updates.
