BTC Pullback to Trendline
Hello traders
As you can see in the chart, I prepared the analysis to share it sooner, but something came up and I forgot to publish it, anyway better late than never. Bitcoin price has fallen drastically yesterday as predicted in the previous analysis. As of today, I'm expecting the price to make a pullback to the main broken trendline, since the on-chain data is also showing that there was an accumulation of 100 to 1k wallets in this area (not so much). On the other hand, I put a metric here called LTH SOPR which shows if wallets are moving their bitcoin in profit or loss, above 1 means they moved their bitcoin in profit and below 1 means they moved them in loss, as you can see, the metric is showing a 0.4 value in the very low chart and I think that gives a bullish insight on the price that bitcoin right now is consolidating. I expect that after the pullback we might see a continuation of bearish momentum.
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 won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
As you can see in the chart, I prepared the analysis to share it sooner, but something came up and I forgot to publish it, anyway better late than never. Bitcoin price has fallen drastically yesterday as predicted in the previous analysis. As of today, I'm expecting the price to make a pullback to the main broken trendline, since the on-chain data is also showing that there was an accumulation of 100 to 1k wallets in this area (not so much). On the other hand, I put a metric here called LTH SOPR which shows if wallets are moving their bitcoin in profit or loss, above 1 means they moved their bitcoin in profit and below 1 means they moved them in loss, as you can see, the metric is showing a 0.4 value in the very low chart and I think that gives a bullish insight on the price that bitcoin right now is consolidating. I expect that after the pullback we might see a continuation of bearish momentum.
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 won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
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