Yet another new ATH on Bitcoin's hashrate, which on last occasion many called as a sign for recovery/new bull run and all that hopium you are probably used to by now, but it played out exactly as all ATH's this year with a big sell off. That time even stronger than I expected (you can see my previous trade ideas linked). There was some discrepancy between 27th of April and 1st of May numbers, so on-chain charts had 27th as new ATH others as 1st of May, either way we did go down hard.
Yesterday's data is unanimous across platforms including TV chart and comes only after I posted a mildly likely Long scenario yesterday, that considering this Hashrate ATH as much less likely to play out in full. It usually takes 2-3 days after Hashrate ATH for the price to start falling in most cases hitting the most recent daily green candle close or mini top first, hence I think we should see BTC going to around 31.5 at least before what seems like another move down coming despite some mild positivity in traditional markets.
Target for the move down is between 23-26k, unless we see more stablecoins trouble again in that case closer to 20k. Of course as always nothing is 100%, even though this has not failed even once over last 6 months pay attention to equities and what happens on them in the coming days.
Yesterday's data is unanimous across platforms including TV chart and comes only after I posted a mildly likely Long scenario yesterday, that considering this Hashrate ATH as much less likely to play out in full. It usually takes 2-3 days after Hashrate ATH for the price to start falling in most cases hitting the most recent daily green candle close or mini top first, hence I think we should see BTC going to around 31.5 at least before what seems like another move down coming despite some mild positivity in traditional markets.
Target for the move down is between 23-26k, unless we see more stablecoins trouble again in that case closer to 20k. Of course as always nothing is 100%, even though this has not failed even once over last 6 months pay attention to equities and what happens on them in the coming days.
Order cancelled:
We did not have any move at all with BTC in tight range. Looking at past setups with ATH on hashrate BTC was never so oversold as this time. Considering FOMC meeting minutes not bringing anything new to the table I think the relief rally is more likely than a sudden drop to low 20s
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