BTC - SIGN OF A POSSIBLE INVERSION TO THE UPSIDE
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Good evening, I was looking at BTC number of daily transactions today. I always considered it a good indicator of the phase we are in, and they are useful to predict btc movement in the longer term (it is not an immediate indicators, movements can occur many weeks later). In general, I consider a level >300,000 tx per day as a bullish sign.
In the last few days we saw a big drop of daily transactions, similar to the one of March 19 from 350,000 to 250,000, immediately before the incredible rally that brought it to 14000usd. After the sharp decrease of tx number, there has been a huge specular movement to the upside just 2-3 days before bitco finally started the rally from 3k to 14k.
Differently from March 19 though, when we were in a depression phase that lasted many months with low tx, now the trend is down from recent peaks and of course transactions were high. The only difference is that we come to this point from different levels.
I think it is still not time to buy BTC yet as I expect another leg down (see the linked idea), but keep an eye on # of tx because they can anticipate by few days the trend!
blockchain.com/it/charts/n-transactions?timespan=2years
In the last few days we saw a big drop of daily transactions, similar to the one of March 19 from 350,000 to 250,000, immediately before the incredible rally that brought it to 14000usd. After the sharp decrease of tx number, there has been a huge specular movement to the upside just 2-3 days before bitco finally started the rally from 3k to 14k.
Differently from March 19 though, when we were in a depression phase that lasted many months with low tx, now the trend is down from recent peaks and of course transactions were high. The only difference is that we come to this point from different levels.
I think it is still not time to buy BTC yet as I expect another leg down (see the linked idea), but keep an eye on # of tx because they can anticipate by few days the trend!
blockchain.com/it/charts/n-transactions?timespan=2years
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Number of transactions is behaving exactly as in March 2019-> see the sudden drop from 350kto below 250k, and the huge increase in few days (end of March) that anticipated the sudden spike in price. We are now missing the spike in transactions before going all in LONG in BTC ... remember that halving is knocking on our doors and it won't happen for another 4 years.
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