Bitcoin price is still stuck in the mid-$30,000 range for weeks now, unable to break any lower or make an attempt to reclaim highs. After such a drastic 50% move down, the market is shaken and waiting for confirmation of direction before volume returns.
Bitcoin price is still stuck in the mid-$30,000 range for weeks now, unable to break any lower or make an attempt to reclaim highs. After such a drastic 50% move down, the market is shaken and waiting for confirmation of direction before volume returns.
Currently, the top cryptocurrency by market cap is at historically oversold levels on a modified NVT signal, according to the tools original creator, Willy Woo.
Willy Woo Updates NVT Signal, Claims Crypto Reaches Historic Oversold Levels
All around the crypto market there are analysts ranging from phonies with photoshopped PnLs, to chartered market technicians and iconic trading legends.
Some are pseudonymous like Plan B, but it doesn‘t detract from their overall contributions to the space. Another huge contributor has been Willy Woo, who doesn’t hide behind any persona, but presents some of the most compelling charts in the space.
Like Charles Edwards, another expert, Woo also works on creating crypto-specific tools and in the past designed the NVT ratio – the ratio of the total value of the Bitcoin network compared to the value being transacted across it.
The idea behind the formula is that when the price per coin reaches a higher ratio than what moves across the network, it is a sign a top is in. The opposite is true for a bottom, but for some time, Woo claimed the tool no longer worked.
Bitcoin NVT Signal Suggests Massive Bounce Could Be Incoming
However, now‘s he’s got it figured out, tweaking the NVT signal to account for the total BTC on layer two technologies for a more accurate result. The tool after the tweaking Woo now suggests Bitcoin is at some of the most historically oversold levels, even despite the price tag of more than $30,000 per coin.
Even the original signal which still exists on technical analysis platform TradingView, shows that Bitcoin has fallen back toward a level that has typically resulted in a long term bottom.
Crossing through the orange signal line results in some of the strongest uptrends in years, and that could be whats to come if the cryptocurrency can prevent further downside and stage a recovery.
Reaching the red zone at highs has worked like a charm, why wouldnt the same work in the inverse? If the tool is being read correctly as Woo explains, this suggests the cryptocurrency is oversold and a bounce is only a matter of time away.
免责声明:
本文观点仅代表作者个人观点,不构成本平台的投资建议,本平台不对文章信息准确性、完整性和及时性作出任何保证,亦不对因使用或信赖文章信息引发的任何损失承担责任
SEC 与加密的恩怨纠葛即将落幕,还是开启新的篇章?
哈里斯称美国应成为区块链领域的主导者,并重申支持数字资产
白话区块链早报:彭博社:币安前首席执行官CZ已获释
区块链的下一个十年:商业化才能带来影响?
白话区块链早报:Paypal正在允许美国商家能够直接从Paypal商业账户购买、持有和销售加密货币
从小游戏到 DeFi——TON 上我们还缺少什么?
香港证监会主席:首批虚拟资产ETF市值已超3亿美元
白话区块链早报:Lyn Alden表示比特币可能是最纯粹的流动性风向标
白话区块链早报:10x Research:本次下跌是牛市超买后的典型回调,仍然看好Q4市场表现
0.00