Bitcoin Onchain Volume and Trading volume
Hello guys.today i want to explain how we can find important Resistance and Support levels in BTC
according to onchain transaction volumes and trading or off chain volumes.
when we talk about onchain volume means Vol of transactions recorded in blockchain.
and when we talk about Trading Vol or offchain Vol means transactions recorded in exchanges.
Comparing on-chain and off-chain transaction volume can help us verify that data on exchange trading volume is accurate.
Off-chain volume should behave in the same way as on-chain volume.
We need this metrics in Tradingview
1)BCHAIN/TRVOU - QUANDL ----> this metric shows trading volume in Exchanges daily(Blue chart)
2)BTC_TXVOLUME - INTOTHEBLOCK ----> this metric shows BTC onchain volume daily(Purple chart)
and the price chart attached between this two metrics in my charts above.(Orange chart)
so when the trading volume and onchain volume grows together , we can see bounce or fall in price.
i show the trading volume and onchain volume Highs with colorful vertical lines
and illustrate important support and resistance levels this highs show on my chart with colorful horizontal lines.
according to this method , below we have important levels in BTC price that volume grows strong so
a lot of coins move from hand to hand.
this levels are : 19700 - 20500 - 32500 - 37200 - 43200 - 48000 - 56000 - 61500
Hope you like my opinion and if you have notices about it please share me in comments.
thank you all.
according to onchain transaction volumes and trading or off chain volumes.
when we talk about onchain volume means Vol of transactions recorded in blockchain.
and when we talk about Trading Vol or offchain Vol means transactions recorded in exchanges.
Comparing on-chain and off-chain transaction volume can help us verify that data on exchange trading volume is accurate.
Off-chain volume should behave in the same way as on-chain volume.
We need this metrics in Tradingview
1)BCHAIN/TRVOU - QUANDL ----> this metric shows trading volume in Exchanges daily(Blue chart)
2)BTC_TXVOLUME - INTOTHEBLOCK ----> this metric shows BTC onchain volume daily(Purple chart)
and the price chart attached between this two metrics in my charts above.(Orange chart)
so when the trading volume and onchain volume grows together , we can see bounce or fall in price.
i show the trading volume and onchain volume Highs with colorful vertical lines
and illustrate important support and resistance levels this highs show on my chart with colorful horizontal lines.
according to this method , below we have important levels in BTC price that volume grows strong so
a lot of coins move from hand to hand.
this levels are : 19700 - 20500 - 32500 - 37200 - 43200 - 48000 - 56000 - 61500
Hope you like my opinion and if you have notices about it please share me in comments.
thank you all.
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