Fear & Greed Index hits a new yearly low of 17.

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bearish till price closes the week above $57,500 🙏 

• Bitcoin has broken its weekly bullish super-trend support. To maintain an uptrend, BTC needs to close the week above $57,500. Until then, the outlook remains bearish.

• The 200-week moving average at $38,000 is expected to act as strong support in a worst-case scenario, similar to the Covid-19 crash.

• BTC is trying to hold its weekly horizontal support at $52,000. A drop below this level could lead to retesting the $44,000 and $38,000 support zones. A close above $57,500 would signal bullish momentum.

• With rising BTC dominance, it is currently wiser to have more exposure to BTC than altcoins until the dominance trend reverses.

• Till prices flip the 200 Daily Moving Average, it is not advisable to buy BTC or alts.

Extreme Fear Across The Crypto Markets ⚠️ 

The Crypto Fear & Greed Index entered the "Extreme Fear" zone for the first time in two years, following a sharp drop in Bitcoin's price below $50,000, with over $1 billion being liquidated in a single day.

The index fell to a score of 17 out of 100 on August 5, the lowest since July 12, 2022.

Just 1 week ago, the index stood at 67, marking one of the largest week over-week declines in recent years.

Morgen Stanley Has Entered The Chat ❗️ 

Morgan Stanley will allow its army of financial advisors to offer Bitcoin ETFs to some clients, a first among major Wall Street banks,

The firm’s 15,000 or so financial advisors can solicit eligible clients to purchase shares of two exchange-traded bitcoin funds starting today.

Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance and the desire to make speculative investments will be suitable for bitcoin ETF solicitation.

📕 Educational

Decoding the Bitcoin cost basis for different cohorts of investors 👇️ 

• ETFs/Custody Wallets: $65,000

• Binance Traders: $55,000

• Mining Companies: $45,000 - Below this level historically has confirmed a bear market.

• Old Whales: $22,000 - Never breached historically.

This means that as long as the price of Bitcoin stays above $45,000 the bull market trend will still be intact as per this statistic.

Source : CryptoQuant

📊 Stat of the day

📈 Chart of the day

• Rationale & Confluences :

• Chainlink is re-testing its 500 day breakout zone

• This can be a great DCA zone for the long term

• The next DCA zone would be ~$7, which is the range point of control

• The weekly RSI is in the buy-zone too & is forming a hidden bullish divergence

• Note : None of the content here is financial advise. This is for educational purposes only.

• Source : Cointraction

🤣Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.