Bitcoin Onchain Analysis 20.04.2023

Onchain analysis is the examination of data stored on the blockchain network and allows us to see what users are doing and how they behave on the blockchain. This data includes block details, transaction data, and smart contract information.

Users who buy bitcoins in the range of $29700-30600 on Onchain seem to be at high losses. The profit situation of users who buy bitcoin in the range of $27975-$28850 is quite good. The larger the red spheres and the smaller the green spheres, the higher the chance of rise. The larger the green spheres and the smaller the red spheres, the higher the probability of a decline. The level ranges where the spheres are located can work as strong support or strong resistance. At the current stage bitcoin seems to be trying to decide.

ASOPR data mostly showed a performance of 1 level and above in bull seasons and 1 level and below in bear seasons. In Bitcoin bull season, this data should hold above 1 level.

Bitcoin has experienced a rise after its movement between the green and blue bands in the past, and then it rose up to the orange band. There is no certainty, but if the current price action is the same, today’s orange resistance is $47792.

The Active Address Sentiment Indicator data is at the midpoint of the support and resistance bands. The main support zone is further down. In case the decline deepens, this data may aim to go to that region.

Bitcoin has experienced a rise by throwing itself above the orange band after the price action under the orange band in the past. In 2016-2018, the green band and the orange band rose together in parallel and the bull season was experienced. However, between 2019-2020, the Green band has been a strong resistance and bear season has been experienced. According to the current chart, the orange band support is at $23850 and the green band resistance is at $44540.

The level that Bitcoin must hold to maintain its bullish structure is $23452. It is expected to exceed the $36244 level in order to make even more sharp rises.

You can check out the onchain data and explanations.

Onchain analysis consist of data from blockchain markets, and only reflects bitcoin inflows and outflows to exchanges. These may be interpret both positive or negative, but does not include a certain market outlook whether bullish or bearish. All analysis shared above is for educational purposes, this post does not include any financial advice.

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