#BTCDAILY
Frequent contradictory signals compounded by high volatility with likely more to come.
Technicals
Subjectively bullish. Theres a nice pennant forming on the 1hr and with price bouncing around the EMA 20&50.
Future pivot at $36.2k is alligning with the ascending trendline so theres a good chance that this plays out. Resistance at $37.6k has held firm through the day however and with the EMA200 close above any breakout is likely going to be short lived.
Fundamentals
Generally negative market sentiment, alts are having a rough time.
OnChain
MVRV
This is total market cap divided by realised market cap (market cap minus coins which have remained unmoved for a long volume of time).
By comparing the two valuation methods, the MVRV ratio can tell us to get a sense of whether the price is fair or not, which means it is useful to get market tops and bottoms.
It is important to note that historically, it has been an outstanding indicator to spot market top/bottom or local top/bottom that occurred through three halvings.
Values over 3.7 indicate a market top.
Values below 1 indicate a market bottom.
We're currently reading 0.85! This is ostensibly bullish however there is still potential for further downside and no limit on how long MVRV can track below 1.
Frequent contradictory signals compounded by high volatility with likely more to come.
Technicals
Subjectively bullish. Theres a nice pennant forming on the 1hr and with price bouncing around the EMA 20&50.
Future pivot at $36.2k is alligning with the ascending trendline so theres a good chance that this plays out. Resistance at $37.6k has held firm through the day however and with the EMA200 close above any breakout is likely going to be short lived.
Fundamentals
Generally negative market sentiment, alts are having a rough time.
OnChain
MVRV
This is total market cap divided by realised market cap (market cap minus coins which have remained unmoved for a long volume of time).
By comparing the two valuation methods, the MVRV ratio can tell us to get a sense of whether the price is fair or not, which means it is useful to get market tops and bottoms.
It is important to note that historically, it has been an outstanding indicator to spot market top/bottom or local top/bottom that occurred through three halvings.
Values over 3.7 indicate a market top.
Values below 1 indicate a market bottom.
We're currently reading 0.85! This is ostensibly bullish however there is still potential for further downside and no limit on how long MVRV can track below 1.
