So in day trading/scalping terms it doesn´t really matters as a scalper will be always looking for quick profit regardless if the overall trend is or , but as trend trader knowing how Bitcoin is valued per unit of on-chain transaction is a great tool to see where you are. Network value consists of the total market value of all tokens in circulation. The transaction element is an estimate of the value of on-chain transaction activity drawn from block explorers and blockchains, so no doubt is a great tool.
If you look at my chart, the indicator has been calling the major drops before it finally happened. The use of this tool doesn´t mean that you already are the master trader and you can beat the market whenever you want, no at all, the use of this indicator is something that you have to combine together with your TA, if you want to be a profitable trader. By the way I´m not placing any or any indicator on the chart since I want you all to see the overall vision without any other noise.
If you didn´t notice, Alts are not following Bitcoin which normally is a sign, like the canary that dies first. I´m still expecting at least a retrace to 4700 levels to get another wave up. I´m sending daily signals and updates to my Telegram channel with specific set ups for each trade, feel free to join us. As always thanks for watching, don´t forget to like and follow if you consider this information useful!