1 sat \ 4 replies \ @gmd 26 Sep 2021 \ on: Bitcoin Bears Are Wrong, Says On-Chain Analyst Will Clemente – Here’s Why - The Daily Hodl bitcoin
Seeing a strong trend of lower highs and lower lows... seems likely we will go into high 30s before we come back up.
Yeah, we could.
The 100 Day SMA support has tested 3 time recently (Sep 21. Sept 24 and Sept 26). Sept 24 also saw the 50 Day bottom rise from $37, 300 to $39, 573, which ties in with your high 30s, as a potential bottom.
The 50 Day channel spread is $39, 573 to $52, 956 with price support sitting at the Fib 0.236 line (42, 731)
So far as I can see, there's still quite a lack of volume and volume is a requirement for any sustainable value increase.
reply
So funny I remember everyone being so bored at 58k waiting for 🚀
reply
Any thoughts about hash ribbons indicator?
reply
Like any indicator, it has its place and can be of use. e.g: Looking at a daily chart for BTC, the HR indicator flipped 'Buy' on Aug 6, just as the spot price entered the lower 40K range. As an indicator for an extended Time Horizon, it's very good.
The daily MACD (I.M.H.O) is a better indicator for a shorter T.H and using that, one would have had a very good buying signal on Jul 23 as the spot price was in the low 30K range and topped out on Aug 24 at just under 50K.
reply