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Quinten’s cryptographic analyst recently revealed that Bitcoin came in Sale levels. However, the analyst Dr. Cat warned that, unlike the public opinion, this development is bear, not stubborn, for the flagship cryptography.
IN X PostDr. Cat stated that bitcoins entering the levels of sale are “super failure” and the levels are purchased “super-bullish”. He explained that for the oscillator to reach sold out values, it means price He was extremely bear, indicating why investors sell their shares.
Why bitcoin entering the level of sale is bear
The analyst stated that if the investor buys a state of sale at a lower time when Higher time frame of Bitcoin He is stubborn, it’s a good move. He noticed, however, that whoever advises buying a weekly chart sold out on the basis of the claim that this is stubborn because it is that it is no idea what they are talking about.
He noticed that many altcoins are sold out in a higher time frame and can remain sold out when they are approaching zero, where the analyst claims that they are ultimately aiming. Dr. Cat also explained this in bull marketConditions for sale on a daily chart may mean higher minima on a weekly or monthly chart.
However, the conditions sold out can persist or simply lead to consolidation from a larger disadvantage. Dr. Cat then referred to the Quinten chart, which, as he said, showed what daily conditions sold out led a year earlier in various broader market conditions. The analyst warned that he did not talk about whether Bitcoin was on a bull or bear, or where he was heading, but simply explains the misunderstanding about Oversold and the purchased RSI.
The supply of BTC is currently overwhelming demand
In the post x, Cyptochant CEO Ki Teenage JU He revealed that Bitcoin supply is currently greater than its demand, ensuring the bears of the prospects of flagship cryptography. This confirms the idea that BTC is currently in sale, and owners sell their coins, not buy.
Cryptographic analyst Ali Martinez He recently revealed that whales were profitable during the last Bitcoin Rally, from 69,000 BTC from April 9. It is worth mentioning that Ki Teenage has recently stated that the Bitcoin bull market is over, noticing that the flagship crypto is a witness to significant sales pressure.
At the time of writing this text, the price of bitcoins is about USD 84,600, according to the last 24 hours, according to data with coinmarketcap.
A distinguished picture from Adobe, chart from TradingView.com
