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TradingView: BTC miners are selling
TradingView: BTC miners are selling
Crypto

TradingView: BTC miners are selling

By Amelia Tomasicchio - 19 May 2020

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According to a trader on the well-known TradingView website, following the recent halving, BTC miners are selling their bitcoins.

Indeed, many of them have decided to leave the industry as they no longer deem mining profitable, which is why the hashrate has also decreased recently.

tradingview btc miners

“I am doubtful of BTC’s ability to decouple with its current correlation with the S&P 500, and if equities continue to roll over, BTC is likely to follow that trajectory. Miners have dumped much more Bitcoin onto the market than in previous post-halving periods, while Glassnode reported the following in a recent newsletter”, the trader explained on TradingView. 

Ripple: a change of direction is possible

Another interesting trading consideration is then given by a different analyst talking about XRP, which has recently continued to fall – today by 1.5%, but less than the other cryptocurrencies.

tradingview-btc-miners

“The next time we can expect a visit of this area to test it, it will be important to see how we react here when there comes a volatile red candle to the downside crossing the lower boundary of the rising wedge down the wedge is finally confirmed and it can be traded on the short-side”, explained another analyst at Tradingview.

Ethereum: watch out for $220

Meanwhile, today ETH drops by 2%, but regains the 8.5% threshold in terms of dominance. If it were to break the current threshold of $215, the next resistance would be between $220 and $230, so this area should be monitored.

tradingview-btc-miners

“It is essential that the bulls keep the price above $215. This will allow them to focus on breaking $220 and $230 resistance zones respectively. If a reversal is to occur from the current levels, expect support at $205, the 50% Fibo at $191, and the 200-day SMA at $175,” explains the analyst.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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