This indicator compares the current bitcoin price with the 200-day moving average, and the resulting ratio is used as a buy or sell signal. Trace Meyer, the creator of the indicator, considers values below 2.4 to be a "buy zone.
In Glassnode's data, on September 5, when #bitcoin fell to 449,751, Meyer's ratio was 0.88.
Despite this figure, other cryptographers recommend holding off on buying bitcoin for now in case traders continue to fall in the near future.
May 6, Marcus Thielen, head of research at 10x Research, said:
"In order to pick the perfect time to enter the next bull market, we are looking for the bitcoin price to fall to the 40,000
level.
Then another attempt at a mass rally will be expected, Thielen told Cointelegraph
nOn the other hand, a popular #cryptocurrency trading account
"wallstreetbets
" points to the recent drop in the bitcoin price and reiterates the message 6
"everyone will get the bitcoin at the price they deserve
.
"
if we lose support at the $60,000 closing price, we may see a retest of the long-term trend line support before a higher level, said crypto trader alias Mags.
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