Crypto News: On-Chain Analysis Shows BTC Optimism
- Phase 1: On-chain supply in losses (%) grows, following an upward trend line until reaching the 0.78 retracement level, marking Bitcoin's bottom.
- Phase 2: Unfavorable supply starts to move down, entering the 0.618-0.50 retracement range, usually moving sideways, indicating the beginning of Bitcoin's bullish peak (initial high profit run).
- Currently, Bitcoin is experiencing phase 2, which is basically a transit optimistic event, as there is usually no repeated loss parabolic growth after this phase.
- The exception is the 2020 black swan event. Additionally, the current supply movement in losses in the 0.618-0.50 retracement range is very similar to the 2016 pre-halving dynamics.
- Phase 3: Supply in losses finally breaks through the consolidation trading range, moving down to the 0.236 retracement level known as a reversal, indicating Bitcoin's closeness to the top of the bull market.
By BaroVirtual
- Phase 1: On-chain supply in losses (%) grows, following an upward trend line until reaching the 0.78 retracement level, marking Bitcoin's bottom.
- Phase 2: Unfavorable supply starts to move down, entering the 0.618-0.50 retracement range, usually moving sideways, indicating the beginning of Bitcoin's bullish peak (initial high profit run).
- Currently, Bitcoin is experiencing phase 2, which is basically a transit optimistic event, as there is usually no repeated loss parabolic growth after this phase.
- The exception is the 2020 black swan event. Additionally, the current supply movement in losses in the 0.618-0.50 retracement range is very similar to the 2016 pre-halving dynamics.
- Phase 3: Supply in losses finally breaks through the consolidation trading range, moving down to the 0.236 retracement level known as a reversal, indicating Bitcoin's closeness to the top of the bull market.
By BaroVirtual