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Hi dear friends, hope you are well and welcome to the new trade setup of Bitcoin ( BTC ).
Net Unrealized Profit/Loss (NUPL):
If we take a look at on-chain analysis then On-chain Bitcoin: Net Unrealized Profit/Loss (NUPL) suggests, that now we are in the capitulation phase.
Broke down the triangle:
On a 4-hr time frame, Bitcoin has formed two triangles and both were descending. The previous one was broken out but the recent one is broken down. Now the target for this breakdown can be $26400.
Big wedge:
On a weekly time frame, priceline is not closed below $28600, and the support of a big falling wedge pattern. If Bitcoin closes below $28600 and the support of wedge, then it may test the weekly 200 simple moving average.
Conclusion:
On-chain analysis is signaling that Bitcoin is going through a capitulation phase. On one side it is not because, there can be another sell-off, but on the other hand, it can be really
good news, because after the capitulation phase another long-term bullish move can be started.
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You can also support my work at Patreon for more ideas:
https://www.patreon.com/moon333
To check the Patreon trade success testimony, you can watch this pinned post:
https://www.patreon.com/posts/63774800
In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
KuCoin is one of the best exchange to find crypto gems:
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Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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