BITCOIN ⚒️ Miner Post Halvening Drop? 🤮
Confluence of indicators had a Change of Character 👍🤪👎😬
ℹ️ On Blockchain website
*Hash Rate (Raw Values) = Lower Low
*Miners Revenue = Major Drop in Rewards
How long can these miners HODL before they need to take profits?
🚨 Although, this is posted as a Short. I am not in a short position, just holding cash, waiting for the next buying opportunity!
- 💚 In the past, when BTC Hash Rate dropped to its 200 Day Moving Average + RSI Oversold 💁 + On Balance Volume was at Support 💁 = Excellent Buying Opportunity.
- 🔴 Currently, BTC Hash Rate dropped to its 200 Day Moving Average... BUT RSI Overbought and rejected at Resistance 🙅 + On Balance Volume Rejected at Resistance 🙅 = Maybe this foreshadows a miner capitulation?
ℹ️ On Blockchain website
*Hash Rate (Raw Values) = Lower Low
*Miners Revenue = Major Drop in Rewards
How long can these miners HODL before they need to take profits?
🚨 Although, this is posted as a Short. I am not in a short position, just holding cash, waiting for the next buying opportunity!
Note
If you were going to Short, here is your confirmation that the Uptrend has been violated. Stop Loss would be 3% above break of pitchfork.Note
Nice rebound off the 200 Exponential Moving Average on the 1 Hour timeframe. 😮But I am suspicious of this price breakout above the $9,400 Resistance because the On Balance Volume has been trending down while the price has chopped sideways.
I dunno how much higher the price can go. Most likely a Bull Trap. 🐂🗡️
💡 The On Balance Volume would need to breakout of the red zone I drew... for me to flip bullish. I'm not in any position, just patiently waiting for now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.