BTC is currently squeezed in between the curve and flag.
Price has been out of channel too long for it to be fakeout like previous cycle.
The price channel has been broken and BTC will not go up linearly like everyone expects.
RSI is not looking good at all but that doesnt mean price wont move up.
Price has been out of channel too long for it to be fakeout like previous cycle.
The price channel has been broken and BTC will not go up linearly like everyone expects.
RSI is not looking good at all but that doesnt mean price wont move up.
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This RSI divergence is bearish!Note
Accumulation is stagnating while price is rising and BTC mining is unprofitable:Amount of BTC on exchanges have moved sideways:
cryptoquant.com/asset/stablecoin/chart/exchange-flows/exchange-reserve?exchange=derivative_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
More BTC on exchanges resulted higher BTC prices. Its starting to fall off!!!!
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BTC velocity is still continuing to move down:cryptoquant.com/asset/btc/chart/supply/velocity?window=DAY&sma=0&ema=0&priceScale=log&metricScale=log&chartStyle=line
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Number of BTC held by the digital asset bank is almost 0:cryptoquant.com/asset/btc/chart/bank-flows/bank-reserve?bank=blockfi&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
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Research about BTC that shows bullish movement:insights.glassnode.com/finance-bridge-edition-1/
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NUPL indicator is bullish:lookintobitcoin.com/charts/relative-unrealized-profit--loss/
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Bitcoin: Bitcoin Investor Tool: 2-Year MA Multiplier is still showing bear market:lookintobitcoin.com/charts/bitcoin-investor-tool/
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BTC puller multiple is starting to go down:lookintobitcoin.com/charts/puell-multiple/
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BTC 200 Week Moving Average Heatmap is moving below MA that never happened before:lookintobitcoin.com/charts/200-week-moving-average-heatmap/
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BTC ranibow chart shows bottom:lookintobitcoin.com/charts/bitcoin-rainbow-chart/
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I think theres a chance we visit 17K again. So far BTC prices never dipped below previous lows during bear market but that could change. I believe BTC rainbow chart became irrelevant this cycle. BTC is starting to get more and more stable or it could fully pivot into bear only since it is not profitable to hold or mine BTC rn.Note
One of the biggest reason why BTC and crypto could fall is quantum computing:cointelegraph.com/learn/cryptocurrency-vs-quantum-computing-a-deep-dive-into-the-future-of-cryptocurrencies
BTCs crypto algorithm can be upgraded but current algorithms that are quantum computing proof are not classic computing proof.
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Really hoped it would hold up but this time it seems its a different cycle.Note
Lets se if the blue line holds. I think it will do but BTC will slowly bleed down.Note
Previous cycle BTC never closed below the curve.Note
Up only? Really curious if 30K holds.
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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.