Old wallets moving, BITCOIN CORRECTION
Hello Traders
As you can see in the chart above, we predicted the market correctly in the previous post. Now we expect a correction to lower levels.
On the Onchain side, I put a metric called ASOL; Average Spent Output Lifespan, which shows the average age (in days) of spent transaction outputs. The metric value has spiked today, meaning that old wallets (UTXOs) were moving their bitcoins, which creates a risk for the price.
Onchain and technicals combined, I think we can see lower levels over the weekend or might have a bearish consolidation.
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.
If you like the idea, please hit the boost button and follow me so you won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
As you can see in the chart above, we predicted the market correctly in the previous post. Now we expect a correction to lower levels.
On the Onchain side, I put a metric called ASOL; Average Spent Output Lifespan, which shows the average age (in days) of spent transaction outputs. The metric value has spiked today, meaning that old wallets (UTXOs) were moving their bitcoins, which creates a risk for the price.
Onchain and technicals combined, I think we can see lower levels over the weekend or might have a bearish consolidation.
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 won't miss the updates. The information given is never financial advice. Always do your research too.
Good luck.
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