Bitcoin needs a correction half way to next top

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Garry Kabankin
Dec 1, 2020

Assets covered: Bitcoin (BTC)
Metrics used: Social Volume, Weighted Social Sentiment, Exchange Inflow, Age Consumed, Network Profit/Loss, Funding Rate, MVRV



Bitcoin's all time high yesterday got everyone excited.

Monthly close is very nice, weekly close is also very nice. Price wise it's a quite bullish structure.

Crazy euphoria? That only come after we break 20K.


Social Volume

Two observations here:

1 - A spike pointing to a beginning of a consolidation. Good sign of the middle of the move up. We passed the middle (in time).

2 - A divergence between price and SV is concerning.


Ok, so the social volume has peaked, what does it mean? Generally it's not a great sign. But it depends. It just mean that crowd attention was strong at that time. Because we broke previous high. Now we are actually making newer all time

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Assets from this insight

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BitcoinBTC

$ 32525.58

11.07%in last 7d
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