bitcoin charts readings

BITCOIN CHARTS: ARE WE GOING BEAR OR STILL BULL?

BULLS STILL INTACT

Do you want to know how the crypto market is doing today? Don’t have time to read on each Bitcoin charts? Read on to get an idea of what the on-chain metrics and analytics are telling us.

Here are a quick summary and readings on the charts:

CHARTAnalysis
PI CYCLE TOP INDICATORThe orange band is nowhere near the green band which means the market is not overheated, still in a consolidation stage.
THE PUELL MULTIPLEPuell Multiple now at 1.1145, was trending down but looks like about to go reverse. Still in a healthy zone though. The last time we are at this level was back around the end of July and Sept, which both saw a pump roughly around a month later.
200 WEEK MA HEATMAPWe are not in the best buy-time zone, but still in the blue which shows a good opportunity for buying and we’re nowhere near the top.
TOP CAP MODELThe top according to this model is at $219,173.
MVRV-Z SCOREMVRV z-score at 1.716, still closer to the green zone than the red.
RHODL RATIORHODL Ratio at 4,989 and red zone starts at around 50k level. Still a long way, but once the market starts going parabolic, it might just be sooner than expected.
EXCHANGE INFLOW MEANExch Inflow Mean on the daily – 0.3098; on the hourly – 1.5525. Daily is still good, however, we might see a pump to the price followed by a dump in the hourly, but not that concerning in the higher time frames.
EXCHANGE WHALE RATIOat 60% now, still in a bull cycle.
NVT SIGNALNVTS at 50.66, very near the oversold zone. We’re around the level back around the end of June 2021 where we started bottoming out.
ADVANCED NVT SIGNALnowhere near the red line, and even under the green line which means the market is greatly oversold.

If you want to know more info about these charts, read our previous blog.

BUT…

Although more charts and on-chain analysis are pointing towards a bullish scenario, we still have to be careful as here are some charts that show neutral to bearish sentiment.

CHARTAnalysis
NET UNREALIZED PROFIT/LOSS (NUPL)NUPL is at 0.4826, although not yet in the euphoric zone but has to watch out, it could just be a matter of time before we get to euphoria.
MVRV RATIOMVRV ratio at 1.9328, halfway to taking profits. The last time we passed above 3.5 level was around Feb-Apr 2021 and we’re under since.
aSOPR (AVERAGE SPENT OUTPUT PROFIT RATIO)aSOPR printing 0.9989, market sentiment is bearish as more people are selling at a loss than with-profits.

If you are an investor and strongly believe in the future of blockchain technology and the project you’re currently hodling on, these charts are just a confirmation that you are doing the right thing. Profits are on the way, it may take longer than expected but will definitely happen.

However, for a day trader, you might need to look closely at the charts, on the news, and the retail investor’s sentiment as timely profit-taking is vital if you want to make the most profits.

If you have any questions or would like to tackle a chart not mentioned above, please do leave a message below!

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. PLEASE DYOR.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

You can join her Slack channel to get real-time updates from the top Crypto influencers.

If you like her work, please help support the blog. Tip Elisa!

  • Ethereum
Scan to Donate Ethereum to 0xca97fF91396c7a3BFbBCE6a4fc4620B5cB644E90

Scan the QR code or copy the address below into your wallet to send some Ethereum

Tag/Note:- Rocket

CRYPTO DEALS

For more deals, check out our deals page

Leave a Comment

Your email address will not be published. Required fields are marked *