BITCOIN ON-CHAIN CHARTS UPDATE
Bitcoin weekly closed on the green but it is not guaranteed for more bullish weekly price actions yet. Trend reversal usually confirms when it closes with an engulfing candle. Hence, at the moment, we are still expecting some pains in the market up until we form a bullish engulfing candle or other trend reversal candle formations.
However, the monthly chart is still heavily bloody. We need to close at least above $46,200 to be bullish.
On the Exchange Inflow Mean chart below, we see it trending back down at the moment. The last time we had a similar peak of inflow was back in July last year. Hopefully, this means we’re about to bottom and start reversing soon. But we still have to be on guard as this does not confirm anything yet.
What are your thoughts on this chart? Comment down below.
For more charts relevant to market top readings, stay tuned. 😉
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.
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