Miners under pressure, sellers getting stronger, what can happen this week?
Hi everyone, this is our insight for this week.
First of all let's look at the non graphic macro , in our case a very important stat is miner profitability. In short if they are profitable they aren't as inclined to sell in order to pay bills, but it is not the case now, even the Chinese crypto farmers are now struggling to make profit, the halving really affects them and they are forced to sell .
Now back on the 4h chart, we can see that we left the upward treding channel and we are squeezed between the lower limit of the channel and the descending trendline that has formed over the last week.
In my opinion we are headed at least for the swing low.
We'll keep you up to date on our analysis as things evolve.
Hi everyone, this is our insight for this week.
First of all let's look at the non graphic macro , in our case a very important stat is miner profitability. In short if they are profitable they aren't as inclined to sell in order to pay bills, but it is not the case now, even the Chinese crypto farmers are now struggling to make profit, the halving really affects them and they are forced to sell .
Now back on the 4h chart, we can see that we left the upward treding channel and we are squeezed between the lower limit of the channel and the descending trendline that has formed over the last week.
In my opinion we are headed at least for the swing low.
We'll keep you up to date on our analysis as things evolve.
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