Bitcoin (BTC) price has printed not one but multiple sell signals both from a technical and on-chain perspective.
Bitcoin price shows signs of exhaustion as it trades around $34,000 region. Two sell signals on the daily time frame suggest a potential pullback. On-chain metrics show declining investor sentiment and potential sell-off. Hence, investors need to exercise caution and control their bullish outlook, at least until the scenario changes. Bitcoin ETF is key for the ongoing rally Bitcoin spot Exchange-Traded Fund has been a speculative event for a few years now.
Apart from the bearish divergence the Momentum Reversal Indicator has flashed not one but two sell signals. The first sell sign was printed after the daily candlestick close on October 23 in the form a red down arrow. Nine days later, the MRI has flashed another red down arrow. This sign forecasts a one-to-four down candlesticks. Hence, if things are to proceed as is, investors should see Bitcoin price slide lower.
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