Correction and Pullback of BITCOIN
Hello Traders
As you can see in the chart above price has broken the higher levels, and now it needs a correction to continue its movement.
On the Onchain side, I screenshotted a metric from Glassnode called Long term holders SOPR; the Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or: price sold / price paid and LTH SOPR only calculate it with wallets older than 155 days which are long-term holders. The value in the chart shows that long-term holders are spending their bitcoins in 5x Profit since they bought; this alone can create a risk to the price since they are long-term holders who sold their bitcoins.
Price can see a slightly higher level and start to correct itself, and the correction might continue if the holders keep selling their bitcoins.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
As you can see in the chart above price has broken the higher levels, and now it needs a correction to continue its movement.
On the Onchain side, I screenshotted a metric from Glassnode called Long term holders SOPR; the Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or: price sold / price paid and LTH SOPR only calculate it with wallets older than 155 days which are long-term holders. The value in the chart shows that long-term holders are spending their bitcoins in 5x Profit since they bought; this alone can create a risk to the price since they are long-term holders who sold their bitcoins.
Price can see a slightly higher level and start to correct itself, and the correction might continue if the holders keep selling their bitcoins.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
------------------------------------------------------------------------
What is your opinion? Comment below.
If you like the idea, please hit the boost button and follow me so you will get the updates. The information given is never financial advice. Always do your research too.
Good luck.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.