Bitcoin has plenty of room for a relief move to $40k
BTCUSD currently seats at the lower Bollinger band in the daily timeframe.
Since the beginning of 2022 it has remained between the lower band and the middle band.
Currently, the middle band is priced at 40.8k and it coincides with the resistance placed by the downtrend of the lower highs.
The RSI levels also has room to move up to ~34 before finding resistance.
As an additional piece of information, on-chain analysis shows that the Realized Price-to-Liveliness Ratio (interpreted as the the HODLer's fair price value, see youtube link below for the excellent analysis posted by glassnode) is currently at 39.6k.
Bitcoin price just broke below the Realized Price-to-Liveliness Ratio. This is a key level that has acted as support in previous bull runs and is tested several times before entering a definitive bear season.
This provides additional support to the idea that we may head toward ~40k at least once more before continuing to the downside (if that is the case).
This potential move to 40k may present an opportunity to take profits if you believe the trend to the downside will continue in the longer term.
youtube.com/watch?v=XmRIL7Inwdo
Since the beginning of 2022 it has remained between the lower band and the middle band.
Currently, the middle band is priced at 40.8k and it coincides with the resistance placed by the downtrend of the lower highs.
The RSI levels also has room to move up to ~34 before finding resistance.
As an additional piece of information, on-chain analysis shows that the Realized Price-to-Liveliness Ratio (interpreted as the the HODLer's fair price value, see youtube link below for the excellent analysis posted by glassnode) is currently at 39.6k.
Bitcoin price just broke below the Realized Price-to-Liveliness Ratio. This is a key level that has acted as support in previous bull runs and is tested several times before entering a definitive bear season.
This provides additional support to the idea that we may head toward ~40k at least once more before continuing to the downside (if that is the case).
This potential move to 40k may present an opportunity to take profits if you believe the trend to the downside will continue in the longer term.
youtube.com/watch?v=XmRIL7Inwdo
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