ATH on BTC Hashrate prompting a likely sell-off
Updated
We had several of these in 2022 and only most recent one did not signal a move down, judging from oscillators the reason for no move down could be the fact Bitcoin was heavily oversold already, this time though Daily chart show a lot of room for it to continue the down trend. If you put this together with CPI numbers release on 10th of June and FOMC meeting on 15th, general weakness of rally in equities, USD also showing signs of returning to uptrend, plus a simultaneous S2F ratio price under 18k (we had same combo mid Jan and Feb with Hashrate ATH), that combination gives me a very high conviction of a strong move down coming up before the end of next week.
Now as you can see previous ATH's marked, its not uncommon first to pop up to last high, in our case now it would be 31-32k range (volatility will increase on Friday with CPI numbers release) before a usual drop of around 17%+. That would put most likely target range at 24-26k.
As I mentioned in my latest newsletter (link in signature below) with hawkish FED next week once we drop below 28k, I think we will not see BTC above 31k anytime soon and most likely start ranging between 25-28k, unless of course they start talking about 75pts int rates hikes and CPI surprises everyone with a strong increase for Inflation in US then we might see 200WMA.
Now as you can see previous ATH's marked, its not uncommon first to pop up to last high, in our case now it would be 31-32k range (volatility will increase on Friday with CPI numbers release) before a usual drop of around 17%+. That would put most likely target range at 24-26k.
As I mentioned in my latest newsletter (link in signature below) with hawkish FED next week once we drop below 28k, I think we will not see BTC above 31k anytime soon and most likely start ranging between 25-28k, unless of course they start talking about 75pts int rates hikes and CPI surprises everyone with a strong increase for Inflation in US then we might see 200WMA.
Trade closed: target reached
Yet again this gave us an excellent ahead of time warning of a sell off coming. CPI higher, now realistic chance of 75pts hike, general trouble with Celsius and crypto including BTC has tanked hard.
For more info please check my newsletter - thecryptog.substack.com/
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.