BTC Weekly Bearish Divergences
Volume and RSI are printing double bearish divergences.
Weekly demand @ 28-30k where our previous impulse launched from. Also at this level are:
1. Daily 200 EMA
2. Weekly 21 EMA
In previous bull runs, price always reverted to the daily 200 EMA and the weekly 21 EMA. They were frequently retraced to and used as support.
TARGET:
28000-30000
Weekly demand @ 28-30k where our previous impulse launched from. Also at this level are:
1. Daily 200 EMA
2. Weekly 21 EMA
In previous bull runs, price always reverted to the daily 200 EMA and the weekly 21 EMA. They were frequently retraced to and used as support.
TARGET:
28000-30000
Note
To add to the TA:Glassnode, the on-chain analytics website, publishes weekly newsletter explaining various metrics for Bitcoin.
The last two weeks they have mentioned the following:
1. More transactions are distributing than accumulating (selling for profit, rather than buying the dip)
2. Long-term hodlers are part of this group, which are usually the major market movers as they hold large amounts of BTC.
3. Miners are distributing more than accumulating, meaning they're selling and taking profit while they can.
4. Short term hodlers/traders' profitability is decreasing
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