btc/usd update 4h
Updated
Overview: This chart's price action looks much worse than it really is. The sloppy ascending triangle, which is typically bullish, but has broken down twice in the past 3 days, broke down again, No surprises there.
What I see: Low volume, a diverging RSI, a boring MACD, and pretty steady selling pressure, but nothing convincing.
Where we're headed: I think we are close to the bottom for this run b/c the 45k area is being bought up relatively aggressively.
Final Comments: A punch down to 44k wouldn't surprise me here, but unless there are crazy longs getting squeezed in that area, which I doubt, I think we'll head back up.
This is another grind down, but I can't see GBTC's premium discount going unnoticed for much longer, and on-chain analysis indicates that exchanges are back to accumulating rather than distributing.
I like anywhere between here and 44k as potential buy areas on spot, but I'd be careful with leverage here.
Stay safe and good luck!
What I see: Low volume, a diverging RSI, a boring MACD, and pretty steady selling pressure, but nothing convincing.
Where we're headed: I think we are close to the bottom for this run b/c the 45k area is being bought up relatively aggressively.
Final Comments: A punch down to 44k wouldn't surprise me here, but unless there are crazy longs getting squeezed in that area, which I doubt, I think we'll head back up.
This is another grind down, but I can't see GBTC's premium discount going unnoticed for much longer, and on-chain analysis indicates that exchanges are back to accumulating rather than distributing.
I like anywhere between here and 44k as potential buy areas on spot, but I'd be careful with leverage here.
Stay safe and good luck!
Trade closed: target reached
Played out as hoped. Can't say I didn't get nervous in the 43's, but the bears tired out as it looked like they would, at least for now. Great sat-stacking opportunity. Hope some of you guys got in on it!
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.