#BTCDAILY 22.01.22
Its not all bad news, its mainly bad news but its not all bad news. Here's some positive things I've noticed today;
Technicals
Sure its been referenced in the chat and noticed by most of you but the RSI is popping at what I can only describe as Super Oversold. Hard to get excited I know but the last time we went under 20 on the RSI (March 12th 2020) we bounced 25% in 4 days.
OnChain
Total supply in profit held by short-term holders-
This is an indicator which divides the total supply of BTC by two measures;
1) The difference between current and paid price i.e a positive measure is a profit, negative a loss.
2) The type of owner long or short term. 155 days + is a Long Term Holder (LTH), less a Short Term Holder (STH).
Currently almost 99% of STH are in loss. Traditionally this has been an indicator a short term bottom in the BTC price and preceds strong upward moves.
Spent Output Profit Ratio-
This is a ratio between BTC realised value (the price it was sold at basically) and the value at the time purchased. It gives us an estimate of whether most market participants are selling their BTC at a profit (value over 1) or at a loss (value below 1).
The SOPR for short-term holders again looks at positions <155 days.
From the chart (I'll drop these in as images below as Telegram is limited in sending pics in text) we can see similarity between the summer and today.
The black arrows are showing a bullish divergence between the SOPR (for short term holders) and the falling BTC price (the black line on the chart).
If the similarities are maintained then we should see a strong rebound as we saw in the summer.
Fundamentals
Not likely to be good over the next few days. Mainstream media will be bathing in this 'Bloodbath' and every dickhead with the inability to understand new ideas will be 'told you so'ing' on every platform available, so, you know enjoy that 🤣
Its not all bad news, its mainly bad news but its not all bad news. Here's some positive things I've noticed today;
Technicals
Sure its been referenced in the chat and noticed by most of you but the RSI is popping at what I can only describe as Super Oversold. Hard to get excited I know but the last time we went under 20 on the RSI (March 12th 2020) we bounced 25% in 4 days.
OnChain
Total supply in profit held by short-term holders-
This is an indicator which divides the total supply of BTC by two measures;
1) The difference between current and paid price i.e a positive measure is a profit, negative a loss.
2) The type of owner long or short term. 155 days + is a Long Term Holder (LTH), less a Short Term Holder (STH).
Currently almost 99% of STH are in loss. Traditionally this has been an indicator a short term bottom in the BTC price and preceds strong upward moves.
Spent Output Profit Ratio-
This is a ratio between BTC realised value (the price it was sold at basically) and the value at the time purchased. It gives us an estimate of whether most market participants are selling their BTC at a profit (value over 1) or at a loss (value below 1).
The SOPR for short-term holders again looks at positions <155 days.
From the chart (I'll drop these in as images below as Telegram is limited in sending pics in text) we can see similarity between the summer and today.
The black arrows are showing a bullish divergence between the SOPR (for short term holders) and the falling BTC price (the black line on the chart).
If the similarities are maintained then we should see a strong rebound as we saw in the summer.
Fundamentals
Not likely to be good over the next few days. Mainstream media will be bathing in this 'Bloodbath' and every dickhead with the inability to understand new ideas will be 'told you so'ing' on every platform available, so, you know enjoy that 🤣
