During the short-term fluctuations of BTC, there were not many price changes that deserve attention. However, on June 18, during the short-term BTC sideways volatility, the main trading signs of holding the currency for a long time appeared, which may prompt a signal for further changes.
Judging from the current operating range of BTC, there is no relatively high level of this rebound above $9,000. Therefore, the real goal of this position transaction may be to sell BTC. The data on the number of currency days destroyed shows that the number of currency days destroyed on June 18 showed obvious signs of recovery. This is the sixth obvious rebound signal of the number of currency days destroyed since April 29.
Looking back at the trading signals prompted by the number of Bitcoin Days Destroyed since 2020, it can be seen that during the substantial recovery of the number of Bitcoin Days Destroyed at the beginning of February 2020, it clearly showed a sell-off opportunity. The number of Bitcoin Days Destroyed during the 312 plunge soared, verifying the buying opportunity at the stage bottom.
Bitcoin Days Destroyed refers to the sum of currency ages cleared every day due to transfers. Compared with indicators such as on-chain transaction volume, Bitcoin Days Destroyed takes into account factors such as time and can more objectively reflect network activity.
Therefore, the trading signals presented this time cannot be ignored.
In terms of price performance, the 4-hour K-line chart shows that BTC appears to be relatively moderately heavy during the short-term decline. This shows that the long and short sides have jointly pushed back the BTC price. This is clearly different from the drawdown on June 14. During the relative contraction period on June 14, BTC soon experienced a technical rebound. The relatively moderate increase in BTC’s volume this time is obviously a challenge to the support level again. Not surprisingly, the price may easily reach the short-term low of $8915 below. Therefore, short orders still have the potential for continued profitability.
In terms of mainstream currencies, during the short-term rebound of ETC transactions, this is contrary to the retracement of most currencies. If the reverse operation of ETC and BTC represents a peak signal, then the price is currently accelerating.
Disclaimer: Please do not take this as investment advice; please reply to your own judgment. The above analysis does not reflect any preferences of Bexplus exchange platform.