BTC Balances on Exchanges hit New Record Low since 2018
BTC balances on exchanges has hit a new record low since November 6th, 2018, according to OnChainCollege on Twitter.
A little over 2,500,000 BTC is left on exchanges, opinions differ on the exact meaning. If BTC balances on exchanges lower in a bullish environment, it means there's fewer supply available on exchanges to match the increase in demand.
This time, in a bearish environment with relative less demand, it could mean that exchanges do not need to buy new BTC from miners to match a high demand. There's a noticeable slight increase in BTC that is not moving:
A new model that came out this year named the Confluence Floor Model, indicates that Bitcoin will not fall below $26,769.
According to PlanC, the creator of this model, the BTC price has touched the model’s bottom only three times in history, and these “were the 3 best times to buy over the last 10 years”.
He arrived to the model by taking cycli bottoms and calculating the moving average.
What makes the model/indicator so interesting is its 100% accuracy and 3 times hitrate: Confluence Floor Model on Twitter.
A great one-picture summary for easy and visual interpretation of this model can be found here: Confluence Floor Model
With BTC reaching technical price resistance at around $44-45k it seems plausible to say that the odds for BTC are still on the bearish side.
While BTC.D is ranging in a bearish setup as well, altcoins could have a momentary altcoinseason. Looking at TOTAL2, the cumulative market of all altcoins is witnessing a breakout:
A little over 2,500,000 BTC is left on exchanges, opinions differ on the exact meaning. If BTC balances on exchanges lower in a bullish environment, it means there's fewer supply available on exchanges to match the increase in demand.
This time, in a bearish environment with relative less demand, it could mean that exchanges do not need to buy new BTC from miners to match a high demand. There's a noticeable slight increase in BTC that is not moving:
A new model that came out this year named the Confluence Floor Model, indicates that Bitcoin will not fall below $26,769.
According to PlanC, the creator of this model, the BTC price has touched the model’s bottom only three times in history, and these “were the 3 best times to buy over the last 10 years”.
He arrived to the model by taking cycli bottoms and calculating the moving average.
What makes the model/indicator so interesting is its 100% accuracy and 3 times hitrate: Confluence Floor Model on Twitter.
A great one-picture summary for easy and visual interpretation of this model can be found here: Confluence Floor Model
With BTC reaching technical price resistance at around $44-45k it seems plausible to say that the odds for BTC are still on the bearish side.
While BTC.D is ranging in a bearish setup as well, altcoins could have a momentary altcoinseason. Looking at TOTAL2, the cumulative market of all altcoins is witnessing a breakout:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.