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TimeStamps:
00:00 Intro
00:33 Amount of Bitcoin on Exchanges (Bullish or Bearish?)
02:40 Can Bitcoin Stay Above 200 Day MA?
03:34 Bitcoin Approaching Next Big Resistance
04:14 This Indicator is Bad for Bitcoin..
06:06 Bitcoin Volume on All Exchanges (MUST SEE)
07:22 The #1 On-Chain Indicator for Bitcoin RIGHT NOW
08:44 Will Bitcoin Continue Heading Higher? [In Summation]
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Yes welcome back everybody to altcoin Daily my name is Austin will bitcoin's Price keep going up while subscribers of This channel will remember about seven Days ago I broke down a series of charts And metrics and showed you the real Reason we had this pump in the first Place today let's revisit some of those Metrics as well as new charts new On-chain fundamental indicators so you Have all the information you need as a Crypto investor hit the like button to Support me makes me feel good lets me Know you like this content and let's Jump in starting with the amount of Bitcoin on exchanges or exchange Reserves this data shows us the total Number of coins held in the exchange and We will look at all exchanges and if There's more coins on exchanges that Indicates potentially more selling Pressure as opposed to if there's less Coins on exchanges that indicates a Lower selling pressure so looking at Where we are right now compared to the Last seven days exchange reserves are Trending lower which I like right now we Have a little green smiley face meaning As exchange reserves continue to fall it Indicates lower selling pressure so Today the goal is to see more green Smiley faces as opposed to Red frowny Faces some of this data we are getting From crypto Quant which is a platform
For data analytics and we will go to Some other platforms as well But clicking this Exchange Reserve we Can see right here this is all exchanges So not just one multiple this is Specifically the Bitcoin on those Exchanges and this is how the market is Trending over the last year so we can See in white this is bitcoin's price Obviously price wise we are trending Down except for this last uptick and in Bluish purple exchange reserves since February of last year till today Exchange reserves appear to be slowly Trending down as well so what this means To me and I'm no financial advisor I'm Just sharing my journey make sure you do Your own research do what's best for you But for me this represents a market Divergence meaning a bullish fundamental Metric is happening at the same time We're getting bearish price action Looking at what just happened this year 2023 we can see as price went up there Wasn't any major change to the amount of Bitcoin on exchanges which to me does Sort of make sense sense based on our Findings from our video when the pump Happened about seven days ago we know That this was caused in part by Massive Short liquidations a short squeeze as Opposed to just natural by pressure now Let's quickly check back in on some of These technical indicators number one we
Have the 200 day moving average why this Is significant is because as you can see During bull markets we usually ride Above the 200 day and then during bear Markets when we officially have that Trend change price action usually Trends Below there are so many examples of Bitcoin getting rejected in Bear markets Off of this 200ma but then of course if We can cross retest and then Trend above That signals the momentum shift where we Are today we broke above and thus far We're maintaining and again what I'd Like to see is a little bit we had the Breakout I'd love to see a retest and Then of course a confirmation that the Momentum is trending up right now we Haven't had that confirmation yet Doesn't mean we need to but as a more Risk averse investor I just want to and Then of course comparing this to the 200 Week moving average We're close we are if we can break above It right now it's around 24 500 600 this is the next resistance I'm Looking at and again looking at history We have never really crossed under the 200 week moving average in any Sustainable amount of time and stayed Under for this long ever in bitcoin's Existence that's the signal to me that We're really seeing a momentum shift in The market in about seven to ten days Let's check back in on these metrics now
Another technical indicator that I do Want to turn you on to Yes right here relative strength index RSI and as you can see right now we are Severely overbought the RSI right now Indicates an overbought condition where 87 percent of price movement in the last Two weeks have been up and a trend Reversal can occur and if you're not Familiar RSI is simply a momentum Indicator it is a momentum indicator That measures the magnitude of recent Price changes to analyze either Overbought or oversold conditions so Right now data analytics platform crypto Quant is signaling overbought in the Short term we can actually double check This go to trading view indicators Already favorited it relative strength Index Turn it on and damn we are in the Overbought territory meaning buyers are Exhausted for the short term In a way that does make sense because Going from fifteen thousand to twenty Three thousand let's actually measure This 15 to 23 that's a 50 percent pump Meaning that it does make sense in a Sense that people who bought that dip Would want to either either they're done Buying or some of them probably do want To take some profits in this uncertain Market and does not mean that we can't Trend higher just because something is
Overbought or oversold doesn't mean it Can't become more overbought or more Oversold but what I'm looking for is can We maintain these levels can we chop Around above that 200 dma and instead of A price correction which would send us Back into a more neutral territory can We have some sort of time correction Where we chop around buyers become less Exhausted more confidence in the market And the second from last indicator I Want to come back to we checked on this Last week this is about volume and many Of you rightly so pointed out to me Austin that is a great metric but you Can't just look at volume it was in this Video from One exchange you need to look At volume on all exchanges let's check Back in on volume whereas this metric Price and volume and again very Important to all exchanges not just one And as you can see here this is price And this is volume and this by itself This little pump it doesn't tell us much I mean price went up so we would expect To see some form of green candles but What I'm looking for is can we see this Build off itself can we see higher highs Just like in 2020 into 2021 as price was Shooting up we did see higher highs the Volume build off itself we saw a clear Lack of volume on the second top in 2021 Which should have given us a clue that That second rally was unsustainable and
Then of course we saw higher highs in The red candles during all of 2022 and We're waiting and we're watching to see If this trend can continue By the way don't forget to like the Video if you feel you've gotten value Today and as we finish up with on-chain Indicators if there's another indicator That you want covered comment down below And I'll try to include it next time but Let's look at nipple net unrealized Profit and loss and essentially what This means it tells us unrealized means They haven't cashed out yet but who's an Unrealized profit or unrealized losses It's a way to gauge either capitulation Fear anxiety belief or greed in the Market And right now investors are in a fear Phase where they are currently with Unrealized profits that are slightly More than losses Here is the chart in full Bitcoin net Unrealized profit losses this is from The pandemic crash of 2020 to today and We can see generally when it's Especially in the blue or the green Great time to buy when it's yellow or Especially orange that goes from neutral To more the greedy phase and right now We have just entered back into green now Blue represents that capitulation green Right now is fear and the big question Is with these currently unrealized
Profits from this pump will investors Realize them cash out or will they Continue holding so in summation my Analysis based on all these different Metrics is right now we are in a Short-term uptrend but at the moment it Does not invalidate the bigger downtrend Not yet I'm waiting I'm watching and Like always see you tomorrow
