Bitcoin Charts Update: Bitcoin goes to 35k

BITCOIN GOLDEN RATIO MULTIPLIER SHOWS WE COULD BE IN A BEAR MARKET, WHAT SHOULD WE DO?

BITCOIN ON-CHAIN CHARTS UPDATE

Bitcoin, after touching the $38k level, is now back to the $35k range. What’s going on with the charts? Let’s look at Bitcoin Golden Ratio Multiplier.

According to this chart, market cycle highs hit decreasing Fibonacci sequence multiples of the 350DMA. Hence when looking at the chart below, this metric could have been telling us that the run we had in early 2021 was already ‘the top’.

Now, we are currently under the 350DMA (orange line) which has historically been an indicator that we are entering a bear market. Please see previous cycles’ crossover below the orange line circled in red.

So if we are indeed entering a bear market, what should we do then?

Here’s what I thought, either: (1) DCA; (2) wait for a bottom signal; or (3) wait until it crosses back up above the orange line (see blue circles) where, historically again, showed Bitcoin back in the run towards a new all-time high.

On the other hand, we are seeing Bitcoin ASOPR or Adjusted Spent/Output Profit Ratio trying to get back above the 1.0 level.

Below 1 means people are selling at a loss. Over 1 indicates the majority of people are selling with-profits.

What are your thoughts on these charts? Comment down below.

For more charts relevant to market top readings, stay tuned. 😉

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

You can join her Slack channel to get real-time updates from the top Crypto influencers.

If you like her work, please help support the blog. Tip Elisa!

  • Ethereum
Scan to Donate Ethereum to 0xca97fF91396c7a3BFbBCE6a4fc4620B5cB644E90

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Tag/Note:- Rocket


CRYPTO DEALS

For more deals, check out our deals page

Leave a Comment

Your email address will not be published.