BITCOIN Chart Review and Update #10 ?

khalil319 (54)in #bitcoin • 4 years ago (edited)

Bitcoin chart review

BTC CHART

BTC Chart Published By Philosof at TradingView

https://www.tradingview.com/u/Philosof

Comment: BTC dumped by two levels (red arrows made 5 days ago) and bounced to the top of current bearish scenario trade range (talking about head and shoulders pattern forming here). May also wick higher to bring some bullish bias into chart. Exponential moving averages already start to climb one over another, giving hope for growth. SPX and Dow also look short term bullish. All together make me think test of 6700-6870 zone is possible.

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Resistance: 6530 ✅ 6870 - 7150
Support: 5800 - 5300 - 4000

Fear & Greed index: 12 (<= 10 <= 12 <= 8 <= 12 <= 14)
BTC Dominance: 65.3% (<= 65.5 <= 64.8 <= 65.2 <= 65.6)
24h Volume: $116 billion (<= 108 <= 103 <= 116 <= 115)

UPDATE

Image Source | Coin Metrics Network Data Pro

The amount of Bitcoin held by most exchanges has decreased over the last 30 days. Out of the exchanges in our coverage, only Kraken and Bitfinex have increased their BTC supply over the last month (1% growth each).Source Link

Image Source | Coin Metrics Network Data Pro

Bitcoin Cash and Bitcoin SV will be experiencing their halving on April 8 and April 9, respectively.

This should force miners to direct even more hash power to Bitcoin as it will still have a 12.5 native unit block reward — Source Link

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