Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
ôîòî ïîêàçàíî ñ : newsbtc.com

2020-9-19 13:00

As many analysts predicted, Bitcoin was cleanly rejected in the low-$11,000s on Wednesday due to a cluster of resistance in that region. $11,000 is a price point that BTC bounced off multiple times during last month’s consolidation.

Critical on-chain data, though, predicts that the leading cryptocurrency is poised to move higher in the medium term. This adds to the bullish long-term perspective imposed by other on-chain data points.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Bitcoin Could Soon Surge Upward: Here’s Why

One cryptocurrency trader recently shared the chart below, noting that Bitcoin just formed a bullish cross as per the indicator moving profits and losses.

MPL, as it’s better known, is an on-chain indicator that tracks the profitability and losses of active cryptocurrency investors. When the green line is at high levels, it suggests that most people are in profit, increasing the risk they sell. When the red line is high, it may suggest that capitulation has taken place, making ita potential buyer’s market.

The MPL, as per the chart from WhaleMap, just formed a bullish cross with the moving losses crossing above the moving profits:

“So when the red lines goes above the green line it means we entered bullish territory because at that point there are more people selling at a loss than for profit –> lots of rekt people. This is how bottoms form. The higher the red line, the better.”

Chart of BTC's price action over the past year or so with moving profits and losses indicator from WhaleMap, shared by trader Byzantine General

The trader who first shared the chart has recently been optimistic about BTC’s price prospects for other reasons:

For one, it seems that the margin traders are shorting this rally, meaning that Bitcoin has a higher chance at punishing the market and reverting higher.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Far From the Only On-Chain Signal

The positive crossover in the MPL isn’t the only on-chain trend that should have cryptocurrency buyers optimistic about the months ahead.

Blockchain analytics firm CryptoQuant shared the below table earlier this week. It suggests that a vast majority of Bitcoin’s long-term on-chain indicators — 10 out of 11 — are printing “buy” or “strong buy” signals.

Some of the signals mentioned by CryptoQuant are as follows: the Hash Ribbons, the All Exchanges Reserve, the Stock to Flow ratio, and the Stablecoin Supply Ratio.

Each signal tracks a different segment of on-chain data that may lend insight into Bitcoin’s future.

Long-term $BTC on-chain indicators look healthyhttps://t.co/VnrIVP3lDF pic.twitter.com/cfE73acVXh

— CryptoQuant (@cryptoquant_com) September 16, 2020

Related Reading: It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Critical On-Chain Signal Predicts That Bitcoin's Next Move Will Be Upward

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 69809.79 (+0.30%)
Îáúåì 24H $27.798b
Èçìåíåèÿ 24h: 2.30 %, 7d: 1.14 %
Cåãîäíÿ L: $67589.84 - H: $69903.92
Êàïèòàëèçàöèÿ $1375.761b Rank 1
Öåíà â ÷àñ íîâîñòè $ 10937.85 (538.24%)

bitcoin region price cluster point resistance bounced

Èñòî÷íèê: newsbtc.com

bitcoin region → Ðåçóëüòàòîâ: 126


Ôîòî:

Why the Bitcoin Correction Everyone is Waiting for May Take Some Time

Bitcoin has navigated higher following a brief period of immense weakness yesterday, with the cryptocurrency now pushing above the $23,000 region once again Where the entire market trends in the mid-term should depend largely on where ETH and BTC trend next, as they both have been holding firm guidance over altcoins Many investors and analysts have voiced the opinion that Bitcoin will see a strong and swift correction down towards the $19,000 region at some […]

2020-12-23 21:00


Bitcoin Continues Struggling to Set Fresh All-Time Highs: What Analysts are Saying

Bitcoin has been struggling to break above the mid-to-upper $19,000 region throughout the past few days and weeks, with the selling pressure here being significant Until bulls can shatter the resistance region that begins at $19,400, it may continue seeing a prolonged consolidation phase The cryptocurrency’s latest weekly close, however, was incredibly bullish and happened to mark the highest one ever posted by the crypto on many exchanges This could boost its mid-term outlook, but […]

2020-12-8 02:00


Ôîòî:

Why This Trader Will Be Bullish as Long as Bitcoin Holds $17,800

Bitcoin has begun to show signs of weakness after a strong drop last week The coin currently trades for $19,000, below the $19,900 year-to-date highs but above the $18,200 local lows Some think Bitcoin remains in a bull trend as long as it holds the $17,800 region One analyst pointed to this region as a level of key technical importance due to the confluence around that region Bitcoin Must Hold the $17,800 Region Bitcoin has […]

2020-12-3 04:17


Ôîòî:

Here’s How High Bitcoin Could Run Before Facing Immense Selling Pressure

Bitcoin has seen some incredibly strong price action throughout the past few days After establishing the region between $9,900 and $10,000 as a baseline support level, bulls have now stepped up and propelled it back up towards $11,000 This current strength has struck a blow to bears, although BTC hasn’t reached the clear just yet One analyst is noting that the region between $11,100 and $11,200 is where he is expecting Bitcoin to face some […]

2020-9-16 02:00


Ôîòî:

This Technical Pattern Signals Bitcoin is About to Explode to $12,000

Bitcoin saw a sharp overnight rebound that allowed it to reclaim its position within the mid-$9,000 region This came about after a period of weakness as it traded within the lower $9,000 region It now appears that the crypto’s recent volatility has allowed it to form an incredibly bullish technical formation If it posts a breakout of this formation, the crypto could soon be trading at fresh yearly highs of around $12,000 Bitcoin and the […]

2020-5-31 19:00


Ôîòî:

Bitcoin’s Funding is Flashing a Warning Sign After Rejection at Key Resistance

Bitcoin faced a grim rejection within the upper-$9,000 region yesterday that caused it to erase most of the gains that came about as its latest push higher The subsequent decline that BTC faced has led it into a key support region, which some analysts believe will lead it to see further near-term upside It is important to note that the cryptocurrency’s funding rates, however, seem to suggest that the tides are turning back into seller’s […]

2020-5-30 02:00


Ôîòî:

This Technical Pattern Signals Bitcoin Could Soon See an Explosive 160% Rally

Bitcoin has entered what appears to be consolidation phase as it struggles to firmly surmount the $9,000 region The cryptocurrency is flashing some hints of bullishness as it attempts to gain a foothold within this region, although bulls need to garner greater buying pressure to make this happen One factor that could bolster Bitcoin and send it screaming back up towards its all-time highs is an extremely bullish technical pattern that just emerged Bitcoin has […]

2020-5-12 21:00


Ôîòî:

Bitcoin Could Push to Fresh Yearly Highs if Buyers Defend One Key Level

Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200 This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection One analyst is explaining that a continued defense of $9,200 is all that BTC now needs to make a bid at the $10,000 region Bitcoin’s […]

2020-5-7 21:00


Ôîòî:

Bitcoin’s Implied Volatility Craters after Bears Fire “Warning Shot”

Bitcoin’s implied volatility has cratered in recent times, plummeting back to its pre-crash levels This comes as the cryptocurrency continues extending its intense uptrend as bulls attempt to propel BTC back up towards the $8,000 region Bears have firmly established the upper-$7,000 region as a strong resistance region, and analysts don’t expect it to be surmounted anytime soon Bitcoin has continued extending its recent uptrend despite facing multiple strong rejections at $7,800 yesterday. One trend […]

2020-4-28 02:00


Bitcoin Breaking This Single Level Will Spark a Parabolic 800% Rally

Bitcoin’s 2020 uptrend has drastically shifted the market structure of BTC, which was previously shaping up to be incredibly bearish while it was hovering within the $6,000 region. The subsequent rallies from this price region, however, have allowed it to climb all the way up to $9,200, which appears to be a key resistance level... The post appeared first on NewsBTC.

2020-1-21 00:00


Ôîòî:

Ukrainian Authorities Agree to Regulate Bitcoin and Other Cryptocurrencies as Financial Instruments

In spite of the vibrant nature of the Ukrainian cryptosphere, digital currencies remain unregulated in the region. However, the situation is finally about to change for the better. The head of the National Securities and Stock Market Commission (NSSMC), Timur Khromaev, announced on Facebook on July 20, 2018, that the country’s Financial Stability Council has thrown its weight behind the.

2018-7-22 03:00


Ôîòî:

Bitcoin mining companies have joined list of unicorns for the first time

Three bitcoin mining companies have joined a list of “unicorns” – private companies valued at over $1 billion – for the first time. The Shanghai-based Hurun Research Institute published its Q2 Unicorn Index for the Greater China region on Wednesday, which notably included the names of several major bitcoin mining firms: Bitmain, Canaan Creative and Ebang.

2018-7-18 15:35


China Floods Wipe Out Crypto Mining Farms, Bitcoin Hashrate Drops

The cumulative hashing power dedicated toward Bitcoin took a hit this week after extensive flooding of mining centers in Sichuan, China. Eric Meltzer, a partner at China-based blockchain focused fund INB, published a tweet on June 29, 2018, depicting mining hardware destroyed by flooding within the Sichuan region: Rumors that a huge flood in Sichuan took […] The post China Floods Wipe Out Crypto Mining Farms, Bitcoin Hashrate Drops appeared first on CryptoSlate.

2018-7-2 17:00


Ôîòî:

EU’s European Blockchain Observatory and Forum to Host Blockchain AMA

The European Union (EU) has announced that it will host an online Ask Me Anything (AMA) session on June 18, 2018, at 6 p. m. CEST. The event, organized and hosted by the European Blockchain Observatory and Forum of the EU, will last for 90 minutes and cover blockchain technologies with in-depth explanations, interactive discussions with panelists and public questions answered live.

2018-6-13 20:42


Ôîòî:

A New Cryptocurrency Radio Broadcast Launches on Boston’s FM 104.9

Over the past six months, cryptocurrencies have been steadily entering the mainstream world more and more by being featured on billboards, newspapers, radio broadcasts and television shows. Now, this July residents from the New England region will be able to hear a weekly radio broadcast called Cryptomania which aims to educate the masses about the […] The post A New Cryptocurrency Radio Broadcast Launches on Boston’s FM 104.9 appeared first on Bitcoin News.

2018-6-13 01:50


Ôîòî:

Jason Attar Takes Cryptocurrency to the Big Screen in New Mockumentary

Award-winning comedian, actor, writer and director Jason Attar is once again heading for the big screen with his new project KevCoin: The Movie. A follow-up to his previous film One Night in Powder, Attar will don the guise of his infamous character Kevin Powder — a rock star “fixer” who’s constantly trying to reinvent himself through wild schemes — and take on the world of digital finance as he seeks out fame and riches.

2018-6-11 22:31

äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru