jufe390-Traders Sell ETH and BTC at Loss, Will the Coins Bottom be Revealed
Investigating the transaction volume, Santiment, a market intelligence platform, has noticed that BTC and ETH traders are selling at a loss instead of profits this week. The market intelligence platform also points out that this is the first time it’s happened since the beginning of the new year.
#Bitcoin & #Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form. https://t.co/maEg5sDHM6 pic.twitter.com/0kvPUzbTQm— Santiment (@santimentfeed) February 26, 2023
Santiment further commented that when the traders exit their position at a loss, new bottoms are likely to form. When looking at Santiment’s chart, it seems that BTC might form support at 19K based on the BTC Ration of daily on-chain transaction volume in profit and loss.
Source: Santiment
BTC is priced at $23,441.23 with a surge of 1.08% in just 24 hours, at the time of writing. However, the leader of cryptos faced a downfall of 4.42% in seven days. When we look at the chart, it looks like BTC had a tough weekend.
BTC/USDT Source: Trading View
BTC is being squeezed between the 50 and 200 EMA as the gaps get closer. Moreover, the 200 EMA is also floating above the Support 2 region under the radar of BTC. Since BTC is between 50 EMA and 200 EMA it gives a sign of consolidation and traders must be cautious while trading. However, looking at one indicator it is hard to adjudicate the market’s fate.
BTC/USDT Source: Trading View
Furthermore, the RSI (Relative Strength Index) is valued at 45.7, which could be considered neutral territory. RSI’s movements point downwards which could indicate the start of its journey into the oversold region. If the RSI moves into the oversold territory, it would be considered an excellent time to buy, however, it could shift and move into an overbought region also. However, the Coppock Curve is valued at 78 which suggests that BTC could face a long-term uptrend.
If traders continue to sell BTC at a loss, then, Santiment’s analysis could be correct, thus, forming support around the 19K region. However, currently, traders must be cautious and wait a bit more before finalizing the BTC’s unpredictable movements.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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