Looks like a breakdown of a falling wedge pattern in BTC chart. However, the on-chain metrics tell us a very different story in terms of Bitcoin's current state.
According to on-chain data, as of last week, there are 47.87m addresses with a balance in Bitcoin network. This obviously excludes user balances on centralised exchanges. It is constantly increasing and is showing a very steady growth over the years.
Also the mining difficulty is increasing along with the hash rate, floting in all time high zones still:
30-Day High 446.96m TH/s as of Aug 15 2023.
In the last 90 days, miner outflows have reduced by -40%
Obviously, we can't purely rely on this data and therefore we look at chart patterns and technical chart indicators; and on that front, things are not looking very bright.
There is weak support levels on the price, volumes are down, RSI is not looking good and there is very low volatility.
We can only expect lower price levels with such charting; but it could all change with positive news from ETF decision. Lets wait and see if this becomes a bear trap or a lower low in the coming weeks.
According to on-chain data, as of last week, there are 47.87m addresses with a balance in Bitcoin network. This obviously excludes user balances on centralised exchanges. It is constantly increasing and is showing a very steady growth over the years.
Also the mining difficulty is increasing along with the hash rate, floting in all time high zones still:
30-Day High 446.96m TH/s as of Aug 15 2023.
In the last 90 days, miner outflows have reduced by -40%
Obviously, we can't purely rely on this data and therefore we look at chart patterns and technical chart indicators; and on that front, things are not looking very bright.
There is weak support levels on the price, volumes are down, RSI is not looking good and there is very low volatility.
We can only expect lower price levels with such charting; but it could all change with positive news from ETF decision. Lets wait and see if this becomes a bear trap or a lower low in the coming weeks.
Trade active:
Good news from Grayscale vs SEC - good bounce at support. Can hit 30k area once more and this time needs a breakout then we can be more confident in saying this was a bear trap. If it gets rejected once again, then time to look for a short position.
Trade active:
Price broke out of the wedge and retested above the wedge resistance, now going inside a short price range, It looks like inevitable to hit 42-43k price zone. Lets just hope there are no more blackswan events for at least a year.
Alright!
We are right at the top of our resistance line of the falling wedge pattern. The trend will pick up if there is some great news like Spot ETF approval or slow down obviously with a negative news. Retracing from here is highly likely as it has been going strong for the last few days, would need to re-test and keep going with stronger base.
Lets see!