Hashrate recorded a new ATH, although this is not clear on TV chart for some reason other sources I use for on-chain data like cryptoquant confirm yesterday we had a spike above previous high on 13th of Feb (you can see my trade idea linked below). As per my previous analysis this is a highly likely indication a further drop in Bitcoin's price is imminent, adding FED's meeting on interest rates next week to the mix it is a very probable scenario to play out with equities continuing their march downwards.
BTC Options expiry is on the cards on Friday morning with 40k as max pain price, hence if anyone is planning to play this short I would set my limit orders between 40-41k. Target range for this move down is 32-35k, but watch the price action once we get closer to 36k.
BTC Options expiry is on the cards on Friday morning with 40k as max pain price, hence if anyone is planning to play this short I would set my limit orders between 40-41k. Target range for this move down is 32-35k, but watch the price action once we get closer to 36k.
Trade closed: target reached:
Once again Bitcoin's hash rate reaching new ATH, prove to be a very accurate pre sell-off signal. While price might still go down closer to 33k if CPI numbers hit higher than consensus, I consider this setup as completed.
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