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Hey everyone! I hope all are still hodling the line 🤝
I’m writing this on 27th of March 2021 and the markets are still holding strong! We’ve seen a dip mid-week, but we’re recovering nicely.
As you can see, the channel is holding nicely. There were some channel dips (blue lines), but still above the Weekly supertrend.
Same TA for BTC although the channel is cleaner no breaks.
Let’s take a look at some analytics, I love to take a step back and zoom out to look at the bigger picture. This is exactly why I don’t use lower timeframes when I do my TA.
Here we see the ETH and BTC Exchange Reserve, you can clearly see a downtrend aka reserves are drying up. There’s so much of these precious BTC and ETH leaving the exchanges.
The Fear and Greed Index is a metric I like to look at on how the overall sentiment is of the markets. I use this metric in 2 ways.
Red = Buying opportunity | Green = Markets are due for a correction
In simpel terms, when the red line reaches the red area then we’re likely at a local top. Click here for a in-dept explanation of this indicator
Now this is the famous Google Trend of the past 5 years, I’ve used the popular search terms to check the amount of searches. We’re in a steady climb, but the btc term is nowhere near the 2017 peak.
That’s it for the week, let me know if I missed something or if my data is inaccurate. I’d love to hear some feedback and comments from the community.