Confluence of indicators had a Change of Character 👍🤪👎😬
ℹ️ On Blockchain website
Hash Rate (Raw Values) = Lower Low
Miners Revenue = Major Drop in Rewards
How long can these miners HODL before they need to take profits?
🚨 Although, this is posted as a Short. I am not in a short position, just holding cash, waiting for the next buying opportunity!
- 💚 In the past, when BTC Hash Rate dropped to its 200 Day Moving Average + RSI Oversold 💁 + On Balance Volume was at Support 💁 = Excellent Buying Opportunity.
- 🔴 Currently, BTC Hash Rate dropped to its 200 Day Moving Average... BUT RSI Overbought and rejected at Resistance 🙅 + On Balance Volume Rejected at Resistance 🙅 = Maybe this foreshadows a miner capitulation?
ℹ️ On Blockchain website
Hash Rate (Raw Values) = Lower Low
Miners Revenue = Major Drop in Rewards
How long can these miners HODL before they need to take profits?
🚨 Although, this is posted as a Short. I am not in a short position, just holding cash, waiting for the next buying opportunity!
Comment:
If you were going to Short, here is your confirmation that the Uptrend has been violated. Stop Loss would be 3% above break of pitchfork.
Comment:
Nice rebound off the 200 Exponential Moving Average on the 1 Hour timeframe. 😮
But I am suspicious of this price breakout above the $9,400 Resistance because the On Balance Volume has been trending down while the price has chopped sideways.
I dunno how much higher the price can go. Most likely a Bull Trap. 🐂🗡️
💡 The On Balance Volume would need to breakout of the red zone I drew... for me to flip bullish. I'm not in any position, just patiently waiting for now.
But I am suspicious of this price breakout above the $9,400 Resistance because the On Balance Volume has been trending down while the price has chopped sideways.
I dunno how much higher the price can go. Most likely a Bull Trap. 🐂🗡️
💡 The On Balance Volume would need to breakout of the red zone I drew... for me to flip bullish. I'm not in any position, just patiently waiting for now.