Hello Traders and analysts
As you can see in the chart above, bitcoin price has a bearish movement, but the question will be, will it continue its trend or not?
I took a screenshot from Glassnode from a metric called the number of addresses> 1K, and this metric shows precisely what the name says. These wallets are ingenious and can lead the market movement. As you can see, these wallets are also declining; this shows that they are probably not finding this price (in this timeframe) an accumulation price, so when there are no buyers, what would happen? Yes, it will continue to correct itself.
That's my thoughts, and I think the price can have a pullback to the trendline that has been broken (Upper Yellow Trendline in the chart) by the buyers.
Note that this is a short-term analysis and only valid for a couple of days (I mean, look at the timeframe. It's 4H).
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What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
As you can see in the chart above, bitcoin price has a bearish movement, but the question will be, will it continue its trend or not?
I took a screenshot from Glassnode from a metric called the number of addresses> 1K, and this metric shows precisely what the name says. These wallets are ingenious and can lead the market movement. As you can see, these wallets are also declining; this shows that they are probably not finding this price (in this timeframe) an accumulation price, so when there are no buyers, what would happen? Yes, it will continue to correct itself.
That's my thoughts, and I think the price can have a pullback to the trendline that has been broken (Upper Yellow Trendline in the chart) by the buyers.
Note that this is a short-term analysis and only valid for a couple of days (I mean, look at the timeframe. It's 4H).
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
