What can happen to the price of Bitcoin in the coming weeks? We'll see
I bring you this Glassnode graph that indicates large Bitcoin purchases by Retailers
Let's see
The Glassnode chart indicates the second most massive purchase in 7-day chart history for holders of less than 10 Bitcoin.
This shows the great interest of investors to position themselves in Bitcoin at these prices
What do these investors expect, are they long-term investments waiting for a Bitcon at 100,000 dollars to sell or a simple 20% makes them up?
If we analyze the graph we see that sales occur 20% above the purchase price
A Bitcoin Price Rebound Could Generate Profit-Taking From These Investors
What can happen to the price in the coming weeks?
That in the face of these massive purchases the exchanges want to recover money by pricing the price a little more downwards, and thus repurchase at a lower price.
Bitcoin price today is $30,320 and is trying to hold the 1.618 fibonacci retracement.
If this support is lost, the price could fall to the average of 200 weekly chart periods, which is currently at 22,000 dollars.
To then start a new bullish cycle or a simple bullish rebound?
What do you think?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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