BITCOIN: prepare for the worst hope for the best
In a recent tweet from Glassnode it has been shown that BITCOIN miners have increased the amount of Bitcoin sent to digital exchanges to be sold.
The value of this metric has spiked 636.2 percent—from 3.492 BTC to 25.707 BTC on average, which is almost half a million USD.
Perhaps, half a million USD would not represent a huge number in economical terms but it is clear that they found a good level today in order to increase their incomes, which is fine, however it is worth noting that the 20000 USD resistance is going to be hard to overcome if there is not a clear entrance of FIAT on the market.
However, as discover recently by @akertxu , there is a nice estructure going on the 2h chart of BTC.
It is a weird "inverted Head and Shoulder" which used to be bullish when find it in a downtrend chart.
As I said, this is not a common pattern to find on an uptrend chart but as it is super-bullish I think it is interesting to share it.
The projected target is considering 22800 USD as a possible level.
So, "one of six and half dozen of the other"...
What do you think will happen?
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
!ASH I think that after the price tag of $20,000, it will be necessary to look not only at the BTC.
Command accepted!
Agree, the major gains will come from altcoins, for sure
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First, we need some !BEER to relax a little. :)
Well, it shall be logical that, despite a good performance, if the market is flooded with BTC and not without FIAT, the BTC will have a correction. This will prepare us for a very volatile end of the year.
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yep, we need more influx from the external market, if not, it would not be sustainable
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It surely seems like something to follow and beware of (is it linked to the current 350$ drop!?)
Honestly dunno!
I read that yesterday Grayscale bought 8x the amount of BTC that has been mined. It's clear that the miners are selling but there is also purchasing power. Otherwise BTC won't hang on these levels for too much.
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That’s true!
Based on your and other community members' non financial advice, I have been buying a lil BTC here and there and sending to Celsius. It is too speculative to play with the fire called BTC 😇
Hahaha! Come on, don’t trust on anyone neither on me 😂
:)
I am blaming you and others but the crypto bug has bitten me. I have been doing all kind of my experiments on my own.
Buen post tienes mi voto!!
Reflexion de que puede estar pasando
Saludos
Hey, @toofasteddie, thank you so much for adding this really very interesting statistics!
you're welcome bro
We haven't got the media craze yet. People are looking for more ways to make some money and they're kind of desperate. The bull case does look super plausible in my eyes. If we can turn this opportunity to educate more people about central banks, good economics, financial independence..... that'll be great!
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💪💪💪💪