BITCOIN ON-CHAIN CHARTS UPDATE
Bitcoin just gained 13.4% yesterday, making everyone in the community back to being hopeful!
Ever since the highs of October 2021, the following months are certainly struggling to maintain a bullish candle close. And so we kept sliding down, even going as low as $33k-ish making the community in fears and doubts of BTC recovering in the short-term.
This time, however, February closes bullish! Could this be a sign of further bullish price actions or are we, again, just getting our hopes up only to be disappointed?
Well, looking at other on-chain charts is extremely hopeful when we are so hyped and emotional.
Based on The Golden Ratio Multiplier, we are still under 350DMA. This implies we are still ‘bearish’ until we get past that orange line. So we can’t be bullish yet until we break above $47.4k.
Until then, we are on our toes!
How about you, guys? Which charts are you looking at at the moment? Share down below.
For more charts relevant to market top readings, stay tuned. 😉
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.
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Elisa A.
Elisa is our Head of Market Analysis at Rocket Crypto X
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