Fire tests gold, tedious tests Bitcoin when there are signs of a bearish reversal
Bitcoin closed its largest weekly candle in mid-October and hit another high last week, closing at $ 62,500.
Bitcoin hit a local high of $ 69,000 last week, but is currently consolidating below $ 65,000 at press time.
Despite a strong long-term uptrend, all fundamentals in the chain are showing worrying signs and a bearish reversal could occur.
Differences in operation and profit?
Source: Santiment
One of the strongest sell signals right now is the Daily Active Address Divergence Price (Price-DAA). As observed, the bullish action does not match active addresses. However, it’s important to note that it will have become mainstream in 2021. It’s a worrying sign that increases slightly when you analyze the profit-loss chart.
Source: Santiment
According to Santiment, the profit / loss of the Bitcoin network is decreasing as fewer and fewer addresses move the BTC at their current profit level. There is a divergence between bullish and bearish supply effects on profitability. If a trend develops at the top of the market, this signals a possible correction.
However, the Bitcoin futures base shows that the market is particularly healthy.
Source: Arcane Research
While the chain’s fundamentals are important right now to understanding how it works, the futures market is critical in determining trader sentiment. And right now it’s pretty neutral.
According to Arcane Research, the 3-month Bitcoin futures base, which is rotated annually across multiple exchanges, is still good. In the first quarter of 2021, there was a very good upward trend and high premiums on the stock exchanges. For the time being, however, the futures market is not in a state of euphoria.
Patience is currently still an important virtue for any investor holding Bitcoin.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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According to AMBCrypto
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Bitcoin
Fire tests gold, tedious tests Bitcoin when there are signs of a bearish reversal
Bitcoin closed its largest weekly candle in mid-October and hit another high last week, closing at $ 62,500.
Bitcoin hit a local high of $ 69,000 last week, but is currently consolidating below $ 65,000 at press time.
Despite a strong long-term uptrend, all fundamentals in the chain are showing worrying signs and a bearish reversal could occur.
Differences in operation and profit?
Source: Santiment
One of the strongest sell signals right now is the Daily Active Address Divergence Price (Price-DAA). As observed, the bullish action does not match active addresses. However, it’s important to note that it will have become mainstream in 2021. It’s a worrying sign that increases slightly when you analyze the profit-loss chart.
Source: Santiment
According to Santiment, the profit / loss of the Bitcoin network is decreasing as fewer and fewer addresses move the BTC at their current profit level. There is a divergence between bullish and bearish supply effects on profitability. If a trend develops at the top of the market, this signals a possible correction.
However, the Bitcoin futures base shows that the market is particularly healthy.
Source: Arcane Research
While the chain’s fundamentals are important right now to understanding how it works, the futures market is critical in determining trader sentiment. And right now it’s pretty neutral.
According to Arcane Research, the 3-month Bitcoin futures base, which is rotated annually across multiple exchanges, is still good. In the first quarter of 2021, there was a very good upward trend and high premiums on the stock exchanges. For the time being, however, the futures market is not in a state of euphoria.
Patience is currently still an important virtue for any investor holding Bitcoin.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
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