We just had a significant BTC Hashrate increase over last 24hs of over 30% bringing us to a new ATH. As highlighted on my chart, last two ATH's were on 1st and 13th of Jan followed by significant drops in BTC price, these were first new highs since April 2021 after which we've seen a strong move down. While this analysis considers only recent changes in hashrate this is something that should not be ignored especially in current macro and geopolitical situation, being another bearish confirmation for the coming weeks. My target area for this short move would be between 29.5-35k, but could easily be followed by further lower lows in this down trend that get's only stronger.
See my other analysis linked for BTC down trend continuation.
See my other analysis linked for BTC down trend continuation.
Trade closed: target reached:
As described we did have a drop on BTC after the spike. I will continue to monitor this for new signals.
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