Thread by @AllenAu11

𝗖𝗧𝗠 #𝗕𝗧𝗖 𝗢𝗻-𝗖𝗵𝗮𝗶𝗻 𝗠𝗲𝘁𝗿𝗶𝗰 𝗗𝗮𝘀𝗵𝗯𝗼𝗮𝗿𝗱: 𝗪𝗸 𝟯𝟯 '𝟮𝟭

Price Action Indicators

TLDR: 📈
1. Miner metrics- Bullish
2. Supply metrics- Slightly bullish
3. Institution demand- Slightly bearish
4. Network metric- Slightly bullish
5. Trading- Buy

𝟭. 𝗠𝗶𝗻𝗲𝗿 𝗠𝗲𝘁𝗿𝗶𝗰𝘀
a. The mean hash rate for #BTC miners has bottomed & is trending higher. It's forming an ascending channel, which is a bullish pattern.

It's bounced back from the bottom to the middle section of the channel as BTC's price hovers ~$50K. Bullish.

1b (i) The Hash Ribbon is a market indicator that assumes that #BTC's price tends to reach a bottom when miners capitulate & that's when BTC's price momentum switches from negative to positive- a good buying opportunity.

1b (ii) The Hash Ribbon flashed buy signals twice during this bull phase & #BTC's price rallied by 1.5x-2.6x. Hash Ribbon has flashed buy signal again. If history repeats, this will put BTC between $61K-$106K!

1c. #BTC miner balance is increasing, indicating miners are accumulating BTC.

Weekly change: +1864 BTC
Monthly change: +2329 BTC

Bullish!

𝟮. 𝗦𝘂𝗽𝗽𝗹𝘆 𝗠𝗲𝘁𝗿𝗶𝗰𝘀
a. The Net #BTC Transfer Volume to/from Exchanges (NTVE) is inversely correlated with BTC price.

NTVE is <0, which is positive for BTC's price.

The chart I tweeted on 7/30/21 still holds. BTC could still peak at $360K based on this metric.

2b. The Balance of #BTC on Exchanges increased by 14614 BTC last week. This shows that some hodlers were taking profit as BTC's price increased to $50K & that slightly affected the price momentum of BTC.

2c. Last week, Whales sold 10829 #BTC, but this was more than offset by the purchases of Great Whites. Tiger Sharks, Fish & Minnows as a whole continued to accumulate BTC.

Overall, stacking sats was the main action last week with profit taking by Whales.

𝟯. 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗗𝗲𝗺𝗮𝗻𝗱
In the last 7 days, 16315 BTC or $765M worth of #BTC were withdrawn from Coinbase to cold storage. This is a 46% drop from last week's amount.

Institutions were cautious to buy BTC as BTC's price rose near $50K.

𝟰. 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗠𝗲𝘁𝗿𝗶𝗰𝘀
#BTC RVT Ratio is the realized market cap of BTC to transaction volume ratio.

RVT Ratio is now in Moderate Activity & trending toward High Activity. If this trend continues, BTC should rally like it did a few months ago.

𝟱. 𝗧𝗿𝗮𝗱𝗶𝗻𝗴
a. aSOPR is in a bullish trend, meaning that as it reaches > 1, profitable coins realize profits & #BTC's price corrects. It then resets back to 1 signaling the dip is bought. aSOPR trades higher repeating the rally higher.

BTC is in a bullish trend!

5b. MRGO-14 uses the difference in changes in #BTC's market & realized price to find buy/sell signals for BTC.

Green ➡️ Buy
Red ➡️ Sell

MRGO-14 has been green since 7/25/21. Could this be a repeat of the 12/16/20-1/18/21 rally, which lasted 34 days? If so, 5 more days to go!

5c. Buy & Sell Oscillator

Simple
Oscillator crosses above 1➡️Buy
Oscillator crosses below 1 ➡️Sell
Oscillator >2 ➡️Interim or cycle top

Advanced
Oscillator > 1 & 📈➡️Accumulate
Oscillator > 1 & 📉➡️Take profit
Oscillator < 1 &📉➡️Short
Oscillator < 1 & 📈Close shorts

Buy!