Overview: This chart's price action looks much worse than it really is. The sloppy ascending triangle, which is typically bullish, but has broken down twice in the past 3 days, broke down again, No surprises there.
What I see: Low volume, a diverging RSI, a boring MACD, and pretty steady selling pressure, but nothing convincing.
Where we're headed: I think we are close to the bottom for this run b/c the 45k area is being bought up relatively aggressively.
Final Comments: A punch down to 44k wouldn't surprise me here, but unless there are crazy longs getting squeezed in that area, which I doubt, I think we'll head back up.
This is another grind down, but I can't see GBTC's premium discount going unnoticed for much longer, and on-chain analysis indicates that exchanges are back to accumulating rather than distributing.
I like anywhere between here and 44k as potential buy areas on spot, but I'd be careful with leverage here.
Stay safe and good luck!
What I see: Low volume, a diverging RSI, a boring MACD, and pretty steady selling pressure, but nothing convincing.
Where we're headed: I think we are close to the bottom for this run b/c the 45k area is being bought up relatively aggressively.
Final Comments: A punch down to 44k wouldn't surprise me here, but unless there are crazy longs getting squeezed in that area, which I doubt, I think we'll head back up.
This is another grind down, but I can't see GBTC's premium discount going unnoticed for much longer, and on-chain analysis indicates that exchanges are back to accumulating rather than distributing.
I like anywhere between here and 44k as potential buy areas on spot, but I'd be careful with leverage here.
Stay safe and good luck!
Trade closed: target reached:
Played out as hoped. Can't say I didn't get nervous in the 43's, but the bears tired out as it looked like they would, at least for now. Great sat-stacking opportunity. Hope some of you guys got in on it!