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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