BITCOIN PULLBACK To upper trendlineHello traders
In the previous 24 hours, bitcoin showed significant movement due to the massive buyout of wallets that have 100 bitcoins or above. On the market side, Bitcoin volume increased drastically, and long positions got more potent than in the previous 24 hours.
On the On-chain side, I put a metric called supply held by 1k wallets. 1k wallets are extremely smart, and as you can see, the value decreased in the bullish movement, meaning that they moved their bitcoin, which can create a reversal in the trend, PROBABLY.
Technically, it's evident that every trend momentum needs correction and rest.
Overall on-chain data seems to be getting more bullish than it was, but still, the smarties don't show up at the party yet.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
