BTCUSDT mixed sentiments
Hey everyone,
Today's update will not give you a clear direction, this because of the fact that we are getting mixed signals .
Positives:
1.Let's start with the Daily which is the main view right now. While we are clearly in the lower part of the 30k-40k range. We have one important metric that flashed not long ago, that is the Puell Multiple . This metric looks at the supply side of Bitcoin's economy, so bitcoin miners and their revenue. Historically, when this metric was in the 0.5 area the best entries were possible. It is amazing how this metric fits the chart on large timeframes . The metric is now in the buy area clearly, this is also due to the fact that China is moving miners in masses.
2.Adding to the Puell Multiple, another reason to be bullish is that we recently registered a new ALL time Low in realized profits. This means that 3.5B were lost in a single day and also means we have had the biggest ammount of sellers ever recorded while remaining relatively stable overall. The sells were absorbed, i check this as a positive and another sign that the bottom might have been set.
3. The USDT inflow we have had recently
The 4h TF
We failed to flip 36k into support, still acting as resistance and currently supported by the accumulation area at 34k, small range that will dictate the local direction after breakout.
Negative:
The Weekly still remains untouched, with a possible H&S pattern in the air.
Recomendation: Surf the local trends, use local S and R and be careful with leverages.
Today's update will not give you a clear direction, this because of the fact that we are getting mixed signals .
Positives:
1.Let's start with the Daily which is the main view right now. While we are clearly in the lower part of the 30k-40k range. We have one important metric that flashed not long ago, that is the Puell Multiple . This metric looks at the supply side of Bitcoin's economy, so bitcoin miners and their revenue. Historically, when this metric was in the 0.5 area the best entries were possible. It is amazing how this metric fits the chart on large timeframes . The metric is now in the buy area clearly, this is also due to the fact that China is moving miners in masses.
2.Adding to the Puell Multiple, another reason to be bullish is that we recently registered a new ALL time Low in realized profits. This means that 3.5B were lost in a single day and also means we have had the biggest ammount of sellers ever recorded while remaining relatively stable overall. The sells were absorbed, i check this as a positive and another sign that the bottom might have been set.
3. The USDT inflow we have had recently
The 4h TF
We failed to flip 36k into support, still acting as resistance and currently supported by the accumulation area at 34k, small range that will dictate the local direction after breakout.
Negative:
The Weekly still remains untouched, with a possible H&S pattern in the air.
Recomendation: Surf the local trends, use local S and R and be careful with leverages.
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