BaroVirtual2023-08-04

BTC On-Chain Losses Ribbon indicates that so far bullish trend is going smoothly

Setting up Bitcoin on-chain losses as a Ribbon allows you to look at the BTC price action and determine the bottom or top in terms of network macroeconomics. BTC: On-Chain Losses Ribbon parameters: - 180d MA - 210d MA - 240d MA - 270d MA INTERPRETATION: Bullish signal. When the Ribbon starts to turn from top to bottom, this usually means that Bitcoin has bottomed out. Then, when the Ribbon begins to head down rapidly, it indicates that the bullish trend is successfully and steadily scaling. Bearish signal. When the Ribbon starts to turn from bottom to top, this usually means that Bitcoin is reaching the top. Then, when the Ribbon starts heading up rapidly, it indicates that the bearish trend is successfully and steadily scaling. WHAT'S HAPPENING NOW: From December 2022 to January 2023, the bottom of Bitcoin was marked as the Ribbon reached its conditionally upper point and gradually turned from top to bottom. In February 2023, a rapid decline in the Ribbon began, signaling a steady development of the bullish trend. The danger for bulls from the point of view of this indicator can appear only when the Ribbon reaches its conditional lower point, then starts to fix its position and turn from bottom to top. I repeat that, at the moment, nothing threatens the bullish trend.