Black Friday to buy Bitcoin

٢٤ نوفمبر ٢٠٢١

Hi. Here's my analysis on Bitcoin\Dollar price.

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// Graphical Analysis
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On the weekly chart we have a long diagonal support line.
Every time the price hit the line, it was a great time to buy.
The same is happening now.

Looking at the longer diagonal resistance line and the Fibonacci extension, the next top would be at 380k.

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// On-Chain Analysis
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***** Price Drawdown from ATH *****
The percent drawdown of the asset's price from the previous all-time high.
When the value is in red, we have a loss from the last top.
On the other hand, when the value is in blue, we have profit from the last fund.
Warning signal on, as there is profit to be taken, which could dump the price down. When this will happen is the heart of the matter.

***** The Puell Multiple *****
Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?".
This metric helps traders gauge the market cycles from the global view.
In this indicator, there is still room for an increase in the profit of miners, however an early realization cannot be ruled out.

***** Spent Output Profit Ratio (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 simply: price sold / price paid".

Where:
Spend Output = Moved Coins
Profit Ratio = Price Spent vs Price Created Compares

This track the volume of realized PnL...or magnitude of realized on-chain PnL.
1 = Neutral
>1 = Profits realized \ Liquid in Bulls
<1 = Losses realized \ Liquid in Bears

This indicator is good for signaling good buying moments, when the value is equal to or less than 1.
Now right now is a good time to buy, as shown in the histogram in red.

***** Total Transaction Fees *****
The total amount of fees paid to miners. Issued (minted) coins are not included.
High fees mean a sudden movement in the market, or an escape valve at any price!
This is another indicator to keep an eye out for.

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// Verdict
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The price needs to stay in the bullish channel, not breaking $50,000.
If it breaks below $50, the scenario should be reconsidered.

So that's it, I hope you enjoyed it.
If you found this analysis relevant, consider giving a Like, otherwise you can give a Dislike...

Good week!

٢٤ نوفمبر ٢٠٢١

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