Intraday Price Movement & Onchain
Hello Traders
In the past few years, the volume of bitcoin has decreased each time Christmas and New Year are close. This can also be seen in the candles; we might see less volatility in the price.
So let's dive into today's analysis; as shown in the chart above price is consolidating after the bearish momentum.
On the On-chain side, I screenshotted two metrics from Glassnode to show you how crazy today's On-chain activities are.
Coin Days Destroyed (CDD) for any given transaction is calculated by taking the number of coins in a transaction and multiplying it by the number of days since wallets last spent those coins. So there was a spike in CDD, showing us that there's a risk in the market. On the other hand, the realized loss shows that so much bitcoin was transferred in loss, meaning the price can see a bullish movement today.
I still stick with the previous analysis I shared.
For today I see bullish consolidation or a bullish breakout, and for upcoming days I see a pullback that I mentioned in the previous post.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
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What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
In the past few years, the volume of bitcoin has decreased each time Christmas and New Year are close. This can also be seen in the candles; we might see less volatility in the price.
So let's dive into today's analysis; as shown in the chart above price is consolidating after the bearish momentum.
On the On-chain side, I screenshotted two metrics from Glassnode to show you how crazy today's On-chain activities are.
Coin Days Destroyed (CDD) for any given transaction is calculated by taking the number of coins in a transaction and multiplying it by the number of days since wallets last spent those coins. So there was a spike in CDD, showing us that there's a risk in the market. On the other hand, the realized loss shows that so much bitcoin was transferred in loss, meaning the price can see a bullish movement today.
I still stick with the previous analysis I shared.
For today I see bullish consolidation or a bullish breakout, and for upcoming days I see a pullback that I mentioned in the previous post.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
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