The data on the series shows the value of the Bitcoin Network for Transactions (NVT) Golden Cross has decreased recently. Here is what this can mean for the BTC price.
Bitco Nvt Golden Cross has recently decreased in the bottom area
As an analyst at QuickTake Cryptoquant explained mailBTC NVT Golden Cross has decreased to the lowest level in two months recently. The “NVT ratio” indicates an indicator that tracks the percentage between the maximum bitcoin market and the volume of transactions.
When the value of this scale is high, this means that the value of the network (i.e. the maximum market) is high compared to its ability to deal with coins (transaction volume). Such a trend means that the original may be exaggerated.
On the other hand, the low indicator indicates that the cryptocurrency can be caused by an upward recovery because its size is high compared to a maximum of the market.
In the context of the current topic, the regular version of the NVT ratio is not important, but rather a modified model known as NVT Golden Cross. This scale compares the short -term trend of NVT with a long -term ratio to determine whether its value is close to the top or bottom.
NVT Golden Cross uses the 10 -day moving medium (MA) for NVT to track short -term trends and MA for 30 days for long -term effects.
Now, here is a scheme that shows the trend in the Bitcoin NVT Cross in the past two months:
In the graph, the quantity highlighted two regions historically proven to be related to Bitco Nvt Golden Cross. The red area, which is located above 2.2, is the place where it was more likely to see the high level of zero.
Likewise, the green area opposite the values below -1.6 is where the bottoms in the scale tend to form. As the color coding already suggests, projects in these areas often mean an emerging and inflammatory result of BTC, respectively.
From the graph, it is clear that the Golden Cross NVT has risen to a feverish area soon from the top of last month. Since then, the index has gradually made its way, as it finds its value today that itself was immersed in the area that is less than its value.
The current value -2.21 is the lowest level in the scale in about 60 days. Looking at the historical style, it may be that this may mean that Bitcoin may be near a local bottom, if no one is already.
BTC price
Bitcoin has settled in a stage of sides during the past few days, as its price is still trading on a brand of $ 10,200.
The post Bitcoin NVT Golden Cross Hits 60-Day Low: Is This Bullish? first appeared on Investorempires.com.