Good afternoon, I'd like to share my current thoughts on BTC:USD.
Today we're going to be discussing the daily chart; specifically, two indications from there that the bull run is far from over based on signs of strength.
1. Hash Ribbons
2. Growth Curve
As I previously posted, the hash ribbons indicator is used to determine bitcoin price action based on the hash rate, miner capitulation, and whether bitcoin is profitable for the network providers. Miner capitulation is essentially when mining bitcoin becomes less profitable to the point miners sell some of their supply, this has a large effect on the price.
Secondly, the growth curve is seemingly acting as a major support level; either that, or it's a major coincidence we have formed a double bottom on the lower timeframes around this level. Time will of course tell, patience is a virtue; I just wanted to share my thoughts.
In conclusion, there has been a large quantity of fud on social media, which has affected the market sentiment. That aside and focusing solely on the data we have is what lead to this analysis. Thanks for reading!
Please do your own research before entering the market, it is a dangerous place for the untrained trader. Success comes often from one's own understanding.
Today we're going to be discussing the daily chart; specifically, two indications from there that the bull run is far from over based on signs of strength.
1. Hash Ribbons
2. Growth Curve
As I previously posted, the hash ribbons indicator is used to determine bitcoin price action based on the hash rate, miner capitulation, and whether bitcoin is profitable for the network providers. Miner capitulation is essentially when mining bitcoin becomes less profitable to the point miners sell some of their supply, this has a large effect on the price.
Secondly, the growth curve is seemingly acting as a major support level; either that, or it's a major coincidence we have formed a double bottom on the lower timeframes around this level. Time will of course tell, patience is a virtue; I just wanted to share my thoughts.
In conclusion, there has been a large quantity of fud on social media, which has affected the market sentiment. That aside and focusing solely on the data we have is what lead to this analysis. Thanks for reading!
Please do your own research before entering the market, it is a dangerous place for the untrained trader. Success comes often from one's own understanding.
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Telegram Reviews & Testimonials: t.me/CountOnCryptoReviews
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