BTC On-Chain Analysis - Willy Woo Says Insufficient Sell-Side Pressure!

BTC On-Chain Analysis - Willy Woo Says Insufficient Sell-Side Pressure!

By Sapphire | Sapphire Crypto | 25 Sep 2020


Crypto Is Not Stocks

If you are a Crypto trader and you are only relying on TA and news events to trade Bitcoin, you are missing out on one of the most important metrics to help you navigate your trades! On-chain analysis is a very insightful metric that can help you discern between meaningful price action and manipulation. For instance, one can monitor the amounts of BTC entering exchanges, which in most cases would indicate that holders are looking to sell. In the same light, if massive volumes start leaving exchanges it can be seen as a fairly bullish sign. This would indicate that holders are looking to hodl their BTC in their own wallets medium to long-term as they foresee a high likelihood of price appreciation.

If you are trading stocks, you do not have this amount of transparency available to you. One could argue that OTC desks do not affect the price and could be utilized as a way to manipulate markets but even an OTC transaction will eventually be visible on the ledger.

If on-chain analysis interests you, sign up for a free Glassnode account to start experimenting with on-chain analysis. This free account can also be upgraded to incorporate the full spectrum of metrics available on Glassnode, which is really handy to have as a trading tool.

Willy Woo Not Expecting Significant Dump

Willy Woo is synonymous with on-chain analysis and recently tweeted that a significant dump to the downside was unlikely when observing the on-chain data. Woo has been fairly accurate regarding his direction of the market and it is very important to note that his view is somewhat contrary to what many YouTubers and other voices in the space are currently saying.

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In my recent article, posted the day before this tweet was tweeted, I made mention of a possible move down to 9K and perhaps 8.5.

I happen to share Woo's opinion and as usual we will have to wait and see how this plays out. We could both be wrong but apart from another swan event, it is quite unlikely that BTC revisit 2020 lows.

This is purely my view and should not be interpreted as financial advice. You can follow Willy Woo on Twitter for more on-chain analysis and views on the current BTC market.


Sapphire
Sapphire

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Move into Crypto with Sapphire Crypto!


Sapphire Crypto
Sapphire Crypto

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Move into Crypto with Sapphire Crypto!

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