Bitcoin Regular Update (Continued)
Hi everyone. I am back again with today's blog to share about Bitcoin price action and analytics change over since my last update. I will also share my BTC charts with you if you wish to trade based on my charts. Let's begin. Please support with resteems, upvotes and replies.
BTC bounce or rekt ?
When I made this chart, I set my short scalp target for $ 42k. Luckily for me, BTC dipped even lower and I made decent profit.
Google search volumes for crypto assets continues to decline.
As I mentioned about hidden bearish divergence in RSI in my last blog post, it played out perfectly according to my analysis. Hope it helped you all book huge short selling profit.
For the 4th time in Bitcoin's history we have entered the green zone.
The last 3 times this occurred the BTC bottom was already in and a massive bullish uptrend followed.
Bitcoin test its major support which is $42,000. BTC needs to hold above this zone to remain bullish. If BTC break this support zone price will start gaining bearish momentum.
The next support level of Bitcoin is $40,200 to $39,800. If BTC holds its position above $42000 next resistance of Bitcoin that needs to break is $42,800 to $43,200.
We can expect a bounce from $42,000. Also, RSI is showing oversold. But Bitcoin may consolidate for some days after that we will see some good upside movement in it.
Notice since my past update when I warned about first increase in Bitcoin miners' outflows.
They have now transferred even more to exchanges to sell more right at that recent peak around $ 48000.
My updated BTC chart with zones where I will interact with BTC price and look out for trade opportunities.
Bitcoin Accumulation Trend
After every macro top since 2014 the market experienced:
9 months of distribution
Approximately 2 years of accumulation before surpassing previous macro tops (first 6 months of accumulation usually marked a floor price for Bitcoin )
There was a significant amount of inflow to derivative exchanges, at the same time the estimated leverage ratio started downward trend.
Funding rates are negative for a while.
When enough shorts are accumulated, the liquidation will begin.
Bitcoin daily chart with my areas of interest marked.
Please support with resteem and upvotes : @jondoe @jrcornel @thedogekid @viance @lee2k @kryptodenno @thevpnboss
thanks for sharing those bitcoin chart setups.