Intraday Price Movement & OnchainHello Traders
In the past few years, the volume of bitcoin has decreased each time Christmas and New Year are close. This can also be seen in the candles; we might see less volatility in the price.
So let's dive into today's analysis; as shown in the chart above price is consolidating after the bearish momentum.
On the On-chain side, I screenshotted two metrics from Glassnode to show you how crazy today's On-chain activities are.
Coin Days Destroyed (CDD) for any given transaction is calculated by taking the number of coins in a transaction and multiplying it by the number of days since wallets last spent those coins. So there was a spike in CDD, showing us that there's a risk in the market. On the other hand, the realized loss shows that so much bitcoin was transferred in loss, meaning the price can see a bullish movement today.
I still stick with the previous analysis I shared.
For today I see bullish consolidation or a bullish breakout, and for upcoming days I see a pullback that I mentioned in the previous post.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
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What is your opinion? Comment below.
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Good luck.
