BTC channel update 7, 1D
In this fearful market, the selloff is mostly driven by short term holders selling or new buyers who bought the FOMO selling off. Some might remain as Hodlers. We do not see large amount from long term holders flowing into exchanges although there is some spending however the trend remains rather flat.
Overall Short positions has gone up significantly (as indicated by the Money flow direction change) vs Long positions however it seems that the large money is getting ready to buy the dip. The green trendline within the Money Flow must come down below the price in red with the Exhaustion remaining within the bottom red zone for the indicators to sync up. Until them I remain cautiously short.
I see the same scenario playing out with ETH and SOL.
The Trend on Both the MACD and Trend Exhaustion are extremely oversold although both are showing weakness. If the Money Supply vs Price start to trend upwards we remain out of sync and a further consolidation down can be expected of approximately 31% with targets of between $23007.04 and $21933.23.
Overall Short positions has gone up significantly (as indicated by the Money flow direction change) vs Long positions however it seems that the large money is getting ready to buy the dip. The green trendline within the Money Flow must come down below the price in red with the Exhaustion remaining within the bottom red zone for the indicators to sync up. Until them I remain cautiously short.
I see the same scenario playing out with ETH and SOL.
The Trend on Both the MACD and Trend Exhaustion are extremely oversold although both are showing weakness. If the Money Supply vs Price start to trend upwards we remain out of sync and a further consolidation down can be expected of approximately 31% with targets of between $23007.04 and $21933.23.
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