BTC weekly update!

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Nov 2, 2021

New week new bitcoin!

Lets dive right in, this one is going to be short and sweet.

Many of the metrics currently are currently looking similar to the one's I put up last week and therefore I will dive right into the dynamics that are showing signs of a potential next move.

Investors of all sorts are hyped up after a ATH monthly close, and walking into November BTC seems like it can't be stopped.

This upcoming week is the FOMC meeting (Nov 3rd). The last time if anyone remembers this event, BTC was faced with a choppy week, which I feel like is the main reason BTC is chopping sideways, this time around, investors are unclear of what may happen and they don't want to risk accumulation before they know what may occur.

I like to follow the supply of whales > 1k for an assessment of market incentive. The behavior of this cohort tends to demonstrate price divergences in a clear way (currently sloping downward). Although this metric does not tell you the entire picture, its one of the narratives we can view to assess the potential events that the market may see in the long term. The month of November for BTC has been magnificent on avg giving >40%! That's huge! but that does not mean short term price may not dip before we move the next leg of the market.
One important TA metric I follow is the Relative Strength Index (RSI) which on the weekly and daily has shown to be very insightful. We just hit a stage (fig 2.2) where on the daily BTC showed signs of a potential overbought situation, resulting usually in a price reversal, similarly demonstrated in figure 1.1. Remember, this is one tail of the narrative.

The current market insight I post will usually detail what I see potentially in the upcoming week or two. Many metrics are still very bullish, the month of November does look very promising as Supply dynamics are demonstrating high demand & very low supply.

Good luck! Would love to hear feedback on my work! It's short and sweet, but I'd love to provide more content, I am working on something to organize and approach the on chain metrics that I see in a more productive way.

Other Useful metrics to take into account to get confluence on your investor approach:

  • Stable coins total supply % on exchanges
  • MVRV
  • Coin Dormancy
  • Active Addresses
  • Circulating coins
  • Net/realize profit
  • Funding Rate

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User: Daily__Dopamine

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Nov 2, 2021

Thanks for reading!

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Assets from this insight

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$ 50888.71

13.01%in last 7d