On-chain & technical analysis suggest an explosive recovery
Hello everyone,
*BTC in strong demand and not enough supply, on chain data shows.
*BTC price action suggests it's likely to breakout very soon.
First of all let me present my on-chain data analysis, the following chart ( s3.tradingview.com/snapshots/c/CDf5hZuh.png ) shows the BTC exchange balance which is a proxy for BTC available on the market. the black box on the chart highlights the surge in exchange balance which led to the crash, and the black arrow simply calculates the difference between the current level and the 30-month low reached in April which is currently 106000 BTC. surprisingly the net flow volume from exchanges is persistently positive and strong and this has been going on since the end of may. the current value of the net flow from exchanges for the past 24H as of June 7th 10:00 UTC (Highlighted on the bottom price chart) is 44457 BTC.
source of data: studio.glassnode.com
the conclusion is that the current price is in not an equilibrium price, in other words 61,338.5 BTC left the market ( DEMAND ) in the past 24H while merely 16,881.47 BTC entered the market ( SUPPLY ) on this rate BTC should start an explosive recovery in just a few days.
now before I present my technical analysis let me briefly introduce my methodology. the price is represented by white candlesticks , the top chart is 100Min candlesticks while the bottom chart is 20Min candlesticks . the set of technical indicators on the price is composed of 9 price moving averages of the following lengths (16, 32, 64, 128, 256, 512, 1024, 2048, 4096). finally, at the bottom of each chart, the black area represents the volume moving average (the volume is related to BINANCE exchange).
technical analysis
BTC seems to be stationary around $37000 level and both volume and volatility are declining. this alongside the on-chain data analysis simply suggest that BTC is confirming the current level below $40000 as support and is likely to test a series of resistance levels above $40000 next.
if you like my idea pls support by like, comment, and share
thanks
Mostafa
*BTC in strong demand and not enough supply, on chain data shows.
*BTC price action suggests it's likely to breakout very soon.
First of all let me present my on-chain data analysis, the following chart ( s3.tradingview.com/snapshots/c/CDf5hZuh.png ) shows the BTC exchange balance which is a proxy for BTC available on the market. the black box on the chart highlights the surge in exchange balance which led to the crash, and the black arrow simply calculates the difference between the current level and the 30-month low reached in April which is currently 106000 BTC. surprisingly the net flow volume from exchanges is persistently positive and strong and this has been going on since the end of may. the current value of the net flow from exchanges for the past 24H as of June 7th 10:00 UTC (Highlighted on the bottom price chart) is 44457 BTC.
source of data: studio.glassnode.com
the conclusion is that the current price is in not an equilibrium price, in other words 61,338.5 BTC left the market ( DEMAND ) in the past 24H while merely 16,881.47 BTC entered the market ( SUPPLY ) on this rate BTC should start an explosive recovery in just a few days.
now before I present my technical analysis let me briefly introduce my methodology. the price is represented by white candlesticks , the top chart is 100Min candlesticks while the bottom chart is 20Min candlesticks . the set of technical indicators on the price is composed of 9 price moving averages of the following lengths (16, 32, 64, 128, 256, 512, 1024, 2048, 4096). finally, at the bottom of each chart, the black area represents the volume moving average (the volume is related to BINANCE exchange).
technical analysis
BTC seems to be stationary around $37000 level and both volume and volatility are declining. this alongside the on-chain data analysis simply suggest that BTC is confirming the current level below $40000 as support and is likely to test a series of resistance levels above $40000 next.
if you like my idea pls support by like, comment, and share
thanks
Mostafa
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