BITCOIN RALLY & EXCHANGE BALANCES
Hello Traders
As you can see in the chart above, it has started to rally due to the recent CPI Report. The macroeconomy has a direct influence on high-risk assets, so always keep a watch on macroeconomic analysis.
On the Onchain side, Smart wallets have slowly accumulated bitcoin in this 1000$ range of bullish momentum.
I screenshotted a metric from Glassnode Called Exchange balance which shows that assets on exchanges were withdrawn during this accumulation phase, meaning that we can see higher levels for bitcoin in the coming days.
On the market side, for the first time in previous months, accounts that were long on bitcoin are more potent than the shorts, and trading volume is back online.
On the other hand, technical analysis shows a great price bullish momentum and a bullish flag. Still, the price needs a minor correction and liquidity to continue the upward trend.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
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What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
As you can see in the chart above, it has started to rally due to the recent CPI Report. The macroeconomy has a direct influence on high-risk assets, so always keep a watch on macroeconomic analysis.
On the Onchain side, Smart wallets have slowly accumulated bitcoin in this 1000$ range of bullish momentum.
I screenshotted a metric from Glassnode Called Exchange balance which shows that assets on exchanges were withdrawn during this accumulation phase, meaning that we can see higher levels for bitcoin in the coming days.
On the market side, for the first time in previous months, accounts that were long on bitcoin are more potent than the shorts, and trading volume is back online.
On the other hand, technical analysis shows a great price bullish momentum and a bullish flag. Still, the price needs a minor correction and liquidity to continue the upward trend.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
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