Skip to main content

Bitcoin indicator "oversold" for the seventh time in eight years



The Advanced NVT has already indicated that Bitcoin is "very cheap". But now it shows a clear buy signal.


A Bitcoin ( BTC ) indicator is now in the oversold territory, which it rarely does. At $ 56,000, it signaled that BTC "looks really cheap".


In a tweet on December 6th, Philip Swift of the LookIntoBitcoin analytics platform identified possible bullish signals based on Bitcoin's Advanced NVT Signal.


Advanced NVT is decreasing in the wake of the Bitcoin decline

The Advanced NVT calculates whether Bitcoin is overbought or oversold at a certain level. To do this, he uses the market capitalization and the network volume.


In late November, when the BTC / USD pair had already dropped to $ 56,000 , Swift said a rebound was due.


As a result, this indicator continued to fall, just like the spot price. What is possibly positive, however, are the signals from the NVT, which are pointing to "oversold". This has only happened six times since 2015.


"Right now there is a lot of fear in the market, which makes me bullish. A lot of indicators signal that we are nearing a bottom," he said.



"The Advanced NVT Signal looks at price in relation to on-chain transactions. It was in oversold only a few times before. Every time that was the case, there was a strong rebound."

Such a recovery could be a little weaker, however, as Bitcoin rebounded 6 percent to $ 51,500 overnight.


Traders to BTC buyers: Better to wait a week

At press time, the price was hovering around $ 51,000. However, a decline is expected soon.


In this context, will  Bitcoin fall into a range? Analyst considers $ 53,000 to be an important level


"Better to buy at a low of around 45,000 US dollars. Don't fall into a trap," as the trader and analyst Pentoshi advised his Twitter followers.


How Cointelegraph on Monday reported , there is not to lump together a number of reasons, the price performance and the strength of Bitcoin.


The hashrate, for example, is at an all-time high and there aren't too many sales. Smaller Hodlers even continued to buy for the past week.


Only the whales are not taking any risks, as data on stock market flows show . 

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more