Traders Taking Profit? Why Bitcoin Needs To Overcome $64,000 For The Next Leg Up
After printing a green candle in the low of its current levels, Bitcoin seems well underway to resume its bullish trend. As of press time, BTC’s price trades at $63,324 with a 2.5% profit in the daily and sideways movement in the weekly charts, respectively. Source: BTCUSD on TradingView.com In the latter timeframe, Bitcoin has been range-bound after it was rejected at the high of its current levels with some volatility during the weekend as the market reacted to a massive BTC Options expiry. In the short term, BTC bulls displayed some strength and managed to break through the sell barrier....
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The prevailing bitcoin price resistance was overcome by a little flag pattern this past week, which ultimately launched prices up to recover a technical objective at $820. After prices overcome the psychological trigger zone area among $620 and $650, the current phase points to a technical goal near $820. According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where profit taking would be considered. The old trendline, started in 2013, could be very useful at this stage because quotes still recognize its reference, reflecting that....
On-chain data shows that Ethereum traders are capitulating following the slowdown of the rally, something that may turn out to be positive. Ethereum Traders Are Selling At A Loss Right Now According to data from the on-chain analytics firm Santiment, ETH investors are getting increasingly frustrated as they are now participating in significant loss-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, compares the profit-taking volume to the loss-taking volume for any given cryptocurrency.....
Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39 at the time of writing. This significant gain comes after two weeks of sideways consolidation, signaling a potential shift in momentum. Related Reading: Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating As LINK rallies, data from Santiment, a leading crypto data intelligence platform, reveals that some daily traders are already taking profits, capitalizing on the recent price increase. This profit-taking activity highlights investors’ cautious optimism as....
On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days. Cardano Has Observed High Profit-Taking After The Rally According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with....
Bitcoin continues to show strength as it bounces back from profit-taking overnight, making yet another new swing high moments ago. The question on traders mind everywhere is, no doubt: ’How far will this go?” While I have no definitive answers to that question, I can postulate guesses based on what the charts seem to be saying. We have seen this chart a few times in the past few days. The 3rd arc pair will presumably be met in the $1030 area. This arc is typically strong resistance, so my guess is that there will be profit-taking there. However, depending on what happens when price gets....