Don`t rush to trade, the market is deciding
A look at the technical and on-chain analysis on bitcoin shows that the market has not yet decided for the future trend.
In the Ranko diagram, we can see a wedge that is neither ascending nor descending
In Ichimoku analysis, bitcoin has entered the Kumo cloud. This indicates that the market is making decisions and it is recommended not to trade.
OnChain analysis:
The on-Chain analysis also shows low levels of transactions
The market has had the lowest level of transactions since 2020.
The Moving average of inflow and outflow of exchange also has a downtrend and there is no significant inflow or outflow of bitcoins in exchanges.
Supply/Demand for BTC reserve for all exchanges reached a 3.5-year low.
My idea is that the market is making a decision, and until this decision is made, it is better not to make definite predictions trend. The diagram identifies the levels that must be broken out to confirm the future trend. These levels are $ 45,000 for the uptrend and $ 32,000 for the downtrend in the Renko chart.
In the Ranko diagram, we can see a wedge that is neither ascending nor descending
In Ichimoku analysis, bitcoin has entered the Kumo cloud. This indicates that the market is making decisions and it is recommended not to trade.
OnChain analysis:
The on-Chain analysis also shows low levels of transactions
The market has had the lowest level of transactions since 2020.
The Moving average of inflow and outflow of exchange also has a downtrend and there is no significant inflow or outflow of bitcoins in exchanges.
Supply/Demand for BTC reserve for all exchanges reached a 3.5-year low.
My idea is that the market is making a decision, and until this decision is made, it is better not to make definite predictions trend. The diagram identifies the levels that must be broken out to confirm the future trend. These levels are $ 45,000 for the uptrend and $ 32,000 for the downtrend in the Renko chart.
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