Chartoday
Long-term holders are making less profits
You may have read the title: long term holders (those who have been holding for more than six months) are profiting less from this rally compared to short term holders. This is shown by the divergence on the chart, in which the fact that LTHs profited more after the initial relief rally in June than at the current $25.3k top. What does this imply? Mainly that these longer term holders have been slowly selling their coins while the rallies were getting fuel from traders/STHs. This is translated to the idea that we could see a breakout both downwards and upwards as there is selling pressure, although this pressure brings us closer to capitulation (thus a market bottom). My medium term targets remain the same, $28-32k, but now that price broke structure, there is a chance (not a big one) that we sweep June lows. On a shorter term, BTC could retest $23k, but this could happen after getting another rejection from the $19k’s. In conclusion, I'm quite neutral the time being...