By Combining technical analysis, price action, and onchain analysis, it seems BTC is facing a strong downtrend
Consider the following:
After the 200-day moving average break-down, Bitcoin retested it, but failed to break it up and finally respected it.
At the bottom of the short-term channel, a pin bar has formed, indicating a reduction in higher prices
In the onchain analysis, the evidence shows the strength of the sellers:
-The composite man oscillator shows that the power of the sellers is still strong
- Exchange Reserve is increasing relatively
- Taker Buy Sell Ratio indicates the dominance of sellers in the market
- Exchanges Netflow: is increasing
Consider the following:
After the 200-day moving average break-down, Bitcoin retested it, but failed to break it up and finally respected it.
At the bottom of the short-term channel, a pin bar has formed, indicating a reduction in higher prices
In the onchain analysis, the evidence shows the strength of the sellers:
-The composite man oscillator shows that the power of the sellers is still strong
- Exchange Reserve is increasing relatively
- Taker Buy Sell Ratio indicates the dominance of sellers in the market
- Exchanges Netflow: is increasing