BTC Active Address Trend (On-chain)This indicator compares the % change in BTC price and the % change in BTC’s active addresses (BTC’s utility value).
1. % changes in BTC price & active addresses
- Orange line: BTC’s price change (%)
- Gray line: BTC’s active address change (%)
- Red/Yellow/Green lines: Bollinger bands for change in active address
2. Trend:
- Green circles: Bullish Sentiment Trend
Market sentiment is bullish and BTC price outgrows the increase in its utility value (overpricing)
- Red circles: Bearish Sentiment Trend
Market sentiment is bearish and BTC price drops more than the decrease in its utility value (underpricing)
3. Potential Re-Entries:
- Green/Red triangles: potential bullish/bearish entries
When % change of BTC price gets similar to that of active addresses
*Not financial advice.
Onchain
Supply Weighted Moving Average: OnchinUse this Onchain Channel in Weekly Timeframe - on BTCUSD BUTSTAMP Chart:
This Moving average channel is weighted based on BTC's new Supply:
I believe the slope of the Bitcoin trend line is correlated to the new supply and the issue of Halving.
The chart below shows this:
In fact, after each Halving, the supply is halved. Halving the supply increases the demand-for-supply ratio and increases the price. But the uptrend slope also halves after each halving.
Therefore, the slope of the bitcoin trend is correlated with the new supply rate. This is the logic of this new metric.
Accordingly, the moving average is weighted based on the new supply. This new channel can identify where bitcoin is too cheap or too expensive in the historical chart. It has also marked support/resistance Supply Weighted Moving Average.
SOPR SignalThe script uses Glassnode's SOPR on-chain data to identify:
1. Sentiment Trends:
- Green circle on bottom (Bullish) -> Investors are selling in profits
- Red circle on top (Bearish) -> Investors are selling in losses
2. Short-term Entries:
- Small green circle on SOPR (Bullish) -> Approaching investor purchase price in bull run -> not willing to sell -> decrease supply
- Small red circle on SOPR (Bearish) -> Approaching break even price in bear run -> chance to get out -> increase supply
3. Potential Trend Change:
- Yellow circle on top/bottom -> Potential trend changing soon
BTC New Supply: OnchainThis Onchain Metric shows the sum of newly issued coins.
This metric is very useful for finding new bull run cycles in the market. The new bull run is accompanied by a significant drop in the new supply.
BTC Supply weighted channel: OnchainUse this oscillator in the weekly time frame and then draw the above linear channel
The premise of this idea is that the trend slope of the bitcoin price correlates with the bitcoin supply chart, which shows the total amount of bitcoin ever created/issued.
Therefore, Bitcoin price is weighted based on Bitcoin supply.
As a result, the above channel has been created, which is a linear channel, and it seems that it can be an oscillator to determine the bitcoin trend, as well as the tops and bottoms of the market.
Bitcoin seems to respect the bottom and top lines of this channel as well as its midline
BTC Leading SOPR: OnchainUse This indicator in Weekly Timeframe:
This Onchain Metric is based on SOPR Moving Average.
This metric is very efficient for finding the tops and bottoms of the market as well as the ascending or descending biases in the market.
You can use it alongside RSI to filter out incorrect rsi signals
overhigh areas signal a top, overlow areas signal a low, zero line cross-up indicates an uptrend bias and its cross-down indicates a downtrend bias in the market
BTC SOPR Momentum: OnchainThis Onchin metric is based on SOPR data
Use this metric on daily and weekly timeframes:
SOPR:
The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid. Renato Shirakashi created this metric. When SOPR > 1, it means that the owners of the spent outputs are in profit at the time of the transaction; otherwise, they are at a loss. You can find "SOPR" in tradingview indicators
BTC SOPR Momentum: Onchain
This metric is based on SOPR Momentum. I made some changes to it so that its momentum can be checked.
Interpretation:
If the indicator is above the gray level of resistance/support, bitcoin has an uptrend and Bullish bias
If the indicator is below the resistance/ support level, bitcoin has a downtrend and Bearish Bias
Crossup the gray level is a long signal
Cross-down the gray level is a shorts signal
Entering and exit of the indicator to the overhigh area means creating a top
Entering and leaving the indicator to the overflow area means creating a bottom
V/T Ratio: Onchain BTC MetricThis is a New Onchain metric that is designed for bitcoin by myself Mjshahsavar (Ghoddusifar), and it is published for the first time in this trading view in this post.
I think this metric has a very high capability to determine the ATH and bottom of the market. This metric can solve a problem that channels are unable to solve. this could be the equivalent of what is known in the stock market as P/E
Calculations:
V/T RATIO = MA (7) of Log ((THE TOTAL VOLUME OF BITCOIN TRANSFERRED ONCHAIN IN USD)/(THE TOTAL AMOUNT OF TRANSACTIONS))
INTERPRETATION:
What is the long-term price channel of Bitcoin? Have you ever thought that maybe drawing a price channel is not right and maybe we should look for something else?
Channel drawing for the price is a subjective and interpretive subject. Look at the charts below, they are all correct in terms of drawing, but no one can say which one will happen. There is no certainty because drawing them is objective.
But who can say which one will definitely work?
We need something more objective. I think V/T Ratio does that.
Just draw the channel. There is only one channel for it. And it has worked historically well to this day.
Compare the drawn channel with the price chart. It works right. When the metric reaches the top line of the channel, it indicates the new ATH and the end of the cycle.
When it reaches the bottom line of the channel, it indicates that the price has reached the bottom.
A Market Cycle:
According to this metric, the bitcoin cycle has 5 stages:
1- Bottom Price: which V/T Ratio touches the bottom line of the channel: In this case, we expect the price to reach the bottom.
2- Semi-high price: that the metric reaches the middle line of the channel: In this case, Bitcoin creates a local top in the MID-Term and Long-Term timeframes
3- Semi-low price: which has a metric return to the lower part of the channel (but the price can still increase)
4- ATH: that Bitcoin reaches its highest historical price
5- It starts after the ATH until the metric reaches the bottom part of the channel again.
NVT Ratio: OnchainNVT Ratio
Defined as the ratio of market capitalization divided by transacted volume (in USD).
Network Value to Transactions Ratio (NVT Ratio) is defined as the ratio of market capitalization divided by transacted volume in the specified window.
History
NVT first made an appearance as a tweet on Woo Bull account in Feb 2017. In that tweet he promised an explanatory article which came much later in Oct 2017, first debuting on Forbes.
In Feb 2018, Dimitry Kalichkin published his work to improve NVT for use as a more responsive indicator, hence Kalichkin NVT Signal. In the same month, Woo Bull applied some trader techniques to NVT Signal and published an article summarising how to use it within a trading environment.
Interpretation:
NVT Ratio (Network Value to Transactions Ratio) is similar to the PE Ratio used in equity markets.
this indicator measures whether the blockchain network is overvalued or not.
When Bitcoin`s NVT is high, it indicates that its network valuation is outstripping the value being transmitted on its payment network, this can happen when the network is in high growth and investors are valuing it as a high return investment, or alternatively when the price is in an unsustainable bubble.
High: Overvalued Network worth - Bearish
Marketcap is too much valued compared to the low ability to transact coins in terms of volume
Low : Undervalued Network worth - Bullish
Marketcap is undervalued compared to the high ability to transact coins in terms of volume
Bitcoin OnChain & Other MetricsHi all,
In these troubled times, going back to fundamentals can sometimes be a good idea 😊
I put this one up using data retrieved from “Nasdaq Data Link” and their “Blockchain.com” database.
Here is a good place to analyses some Bitcoin data “outside” its price action with 25 different data sets.
Just go to the settings menu and display the ones you are interested in.
If you want me to add more metrics, feel free to DM or comment below!
Hope you enjoy 😉
NVM Ratio: OnchainNetwork Value to Metcalfe Ratio (NVM Ratio) is defined as the ratio of the log of market capitalization divided by the log of the square of daily active addresses.
This oscillator evaluates bitcoin price according to the Metcalfe Ratio to show whether the current value of Bitcoin is higher or lower than the real price
in this oscillator, High values indicate the overvalued price, and low values indicate undervalued price.
BTC Active1Y holders: OnchainUse this Indicator in The Weekly timeframe
This indicator is based on "Percent of Supply Last Active 1+ Years Ago".
This is so important indicator that shows " The percent of circulating supply that has not moved in at least 1 year."
It can show the situation of the holders who have been holding their coins for more than a year. When this indicator starts to decline, it means that the price has risen so much that the holders are selling their coins. When this indicator starts to increase, it means that the number of coins held has been increasing for more than a year. This is because the price is too low for investors.
This indicator can be used to indicate accumulation and distribution areas. When the indicator enters the overlow area (red) it means that the distribution is happening
When the indicator enters the overhigh range (blue), it means that accumulation is taking place by the holders
BTC HASHRATE DROP: OnchainWhy is the drop of hashrate important?
Drop of hashrate usually occurs because some miners in the mining network stop for working. There are several possible reasons for this. Such as new anti-mining regulations in some countries or a sharp drop in the price of bitcoin, which makes mining no longer affordable for some miners. So they turn off their devices
This reduces the supply of bitcoin in the market and according to the law of supply and demand can eventually lead to an increase in the price of bitcoin.
This oscillator is designed to detect hashrate drop. for this, we use the data of glassnode . Maroon color indicates decrease in hashrate and Red color indicates excessive hash rate drop. As can be seen on the chart, usually after this drop, we see an increase in the price of bitcoin
BTC Composite Man V.1Wyckoff's theory t is one of the most influential theories of market expression, and the most important components of which are lateral movement areas and trends. This theory turns the graph into something like Dots and lines (stations and paths).
After getting acquainted with Wyckoff's theory, I read several books on the subject, hoping that they could help me identify this area of lateral movement, the area of accumulation, or distribution. But there was a fundamental drawback. It is challenging to diagnose this issue. The rules discussed in these books are highly interpretive and subjective, and two different individual traders may come to exactly opposite conclusions based on their interpretation.
But as I became more familiar with the onchain analysis, an idea came to my mind that might be useful for more objectively recognizing charts based on Wyckoff's theory.
Composite Man: Wyckoff proposed a theory to help understand stock price movements. this is the “Composite Man” theory. (The same concept of whales or strong hands.)
he said: “…all the fluctuations in the market and all the various stocks should be studied as if they were the result of one man’s operations. Let us call him the Composite Man, who, in theory, sits behind the scenes and manipulates the stocks to your disadvantage if you do not understand the game as he plays it; and to your great profit if you do understand it.” (The Richard D. Wyckoff Course in Stock Market Science and Technique, section 9, p. 1-2)
Composite Man is a hypothetical man who has so much money and stocks that when he wants he can gradually increase the price by buying stocks and creating demand, and when the price goes high enough he sells his stock and lower the price. The composite man is the main player in the market. Wyckoff says that if you want to make a good profit from the market, figure out what a composite man game is.
Having a way of showing us where the Composite Man is in the market, can help us understand future trends
Who are the strong hands in the cryptocurrency market? (I use the strong hand word here instead of the composite man)
Some buy or sell more per capita than other market participants (retailers).
To understand this in the bitcoin market, I have used 3 charts and concepts:
1- Sending Addresses: The number of coins addresses making inflow transactions to the exchange.
Indicates the number of sellers' wallets (number of sellers)
2- buyers Addresses: The number of coins addresses making outflow transactions from the exchange.
Indicates the number of buyers' wallets (number of buyers)
3- Pay attention to this issue: the volume of transactions shows both the volume of sales and the buy ( Volume of buy and sale is equal in the market)
The Composite Man indicator is created by dividing the Receiving Addresses of bitcoin by the Sending Addresses. After dividing these addresses, the moving average of Alma was calculated for them and compared with the moving average of 100 days.
Considering the above 3 issues, it can be concluded:
- If the number of Receiving Addresses is higher than the Sending Addresses (the number of people who bought compared to the number of those who sold), it indicates that more people bought and fewer people sold (given that the volume of sales and buys are the same) So the sellers were stronger hands. In such a situation, the composite man is on the sales side.
- If the number of Sending Addresses is higher than the Receiving Addresses (number of people who have sold more than the number of people who have bought), it indicates that more people have been sellers and fewer people have been buyers (given that the volume of sales and buys are the same) so the buyers were stronger hands. In such a situation, the Composite man is on the buying side.
Accordingly, if the swing line is above the 100-day moving average line, it indicates that stronger addresses are being sold and retailers are buying, and vice versa.
Ultimate HODL WaveThe basis for this indicator is the HODL Wave (> 1 Year) developed by Unchained Capital. This represents the percentage of coins that have not been moved for at least a year.
The Hull MA perfectly tracks the HODL Wave and provides an easy bull/bear trend in the mid-term.
The long-term and more macro bull/bear trend is decided by if the Hull MA is above or below the base MA.
I have purposefully chosen the 365 day length for the Hull MA and the 730 day for the base MA on the daily timeframe since they represent 1 year and 2 years respectively.
BTC Transaction/On-Chain Volume (Basic)Description:
Whale: Whale utilizing discounted prices (increasing on-chain volume & decreasing price)
Recovering: Positive momentum in price after potential whale activity
Cycle Volume Support: The transaction volume support during a cycle
What’s the best time to invest?
After institutions make up their mind at low price levels.
How’s on-chain volume related to whales or institutional money?
On-chain volume is contributed not only by using BTC as payment methods, but more importantly by large custodians using the BTC chain to settle internal whale trades. When OTC volume is estimated 2-3 times of exchange volume, and when total on-chain volume is only a small fraction of the exchange volume, the OTC settlement plays a big factor in moving the on-chain volume around.
Why does the price drop further after spotting whale money?
Does new money equal higher true value? Yes.
Does new money equal higher price? No.
Whales could not only ladder in when they see the price on discount, but also push the price further down to accumulate at better price levels. However, either route chosen, it’s most likely for the price to rise to a higher level compared to the level when the whales enter. Whales are here to make money after all.
🔗Blockchain Fundamentals - Marketcap Multiple by Cryptorhythms🔗Blockchain Fundamentals - Marketcap Multiple by Cryptorhythms
Intro
A brand new original indicator to judge long term bitcoin accumulation and distribution zones. Created by myself - theheirophant.
I love the way the indicator MVRV (market value to realized value) works, but there's no way to replicate it on tradingview as it uses outside data not available in the TV ecosystem. Then while looking at various marketcap alternatives, and idea was plain in front of my face!
Looking at marketcap + top cap + average cap creates a bounded area of price as seen here
Description
So I created an oscillator that shows marketcap's relation to top cap as the upper bound, and average cap as the lower bound. It then is rescaled from 0.25 to 10.
It should be viewed on a logrithmic scale and only works on the daily timeframe. You can enable/disable bar coloration and background highlighting from options.
It can be interpreted as times to accumulate and distribute on a long term basis. It would work well for trading spot markets.
The line at 0.75 acts as a sentiment indicator (above it is bullish, below it is bearish).
👍 Enjoying this indicator or find it useful? Please give me a like and follow (dont forget twitter also)! I post crypto analysis, price action strategies and free indicators regularly.
💬 Questions? Comments? Want to get access to an entire suite of proven trading indicators? Come visit us on telegram and chat. We make timely posts about the market, news, and strategy everyday. Our community isn't open only to subscribers - everyone is welcome to join. (check my sig)
Stock/Flow ModelThe last script was blocked by the moderators of TradingView because it allegedly violates the rules, I publish a new version of the script without links to the authors and information about 'Stock-to-flow'.
In short: This blue line indicating what is the model price in USD (depends on the pair). The red and green dots are the daily data points. They show how far has the daily price deviated away from the stock to flow model's price.
Bitcoin Difficulty Model [aamonkey]This is a model to calculate Bitcoin price based on Difficulty.
How to calculate it:
BDM = (difficulty^0.51) * 0.002
For the difficulty, the daily average is used.
Bitcoin OnChain Metrics @BTC_JackSparrow (O)A series of plots representing Bitcoin on chain metrics like tx volume , hash rate, difficulty and way more from Blockchain.com
How to use? Up to you
Some sources update live, some sources update EOD (end of day)
To use as a non overlay, right click and move to new pane
Blockchain Rhythms by Cryptorhythms🎼 Blockchain Rhythms v1.0 by Cryptorhythms
This indicator and data plot suite is for bitcoin BTCUSD analysis over longer periods and higher time frames. 🚨For this to plot anything you must use on Daily or higher timeframe🚨 .
You want to have an alternative to the typical technical indicators you see everywhere? This is it. Seen crypto twitter talking about/using all sorts of indicators you have never seen before on tradingview? Here you go. Are you a long term investor and not a short term speculator?... I think you get the picture...
With the wealth of data here, I cannot go into a fully detailed analysis for every indicator. Please make liberal use of google and as always DYOR before trading on a system you have never used.
These indicators are best observed versus a logarithmic price scale. If I have missed any indicators you think should be in here let me know! Let me preempt that by saying MVRV and UTXO Age Distribution are not possible to create on Tradingview at this time.
🚧Error Screen:
If you see this you need to choose a data-point or indicator to plot!
⌚If you are loading this indicator with alot of chart history shown (as in the example screenshots) it may take up to a minute to load.
Please note: some of the screenshots below show chart title plots which I subsequently had to remove due to limitations. If you would like a title for all the plot, simple use the Indicator Labels checkbox option located in the scales tab of chart settings.
[b📊 Fundamental Blockchain Indicators
NVT Signal & Ratio
Both are related. NVT / NVT Signal can be interpreted as the strength of market confidence in the means of payment / settlement layer narrative. A “measure of the chain’s strength as a payment network compared to its market value — a low NVT may suggest that a network is undervalued compared to the service it is providing as a settlement layer” (Matteo Leibowitz).
💰NVT Ratio:
NVT Ratio (Network Value to Transactions Ratio) is similar to the PE Ratio used in equity markets.
When Bitcoin`s NVT is high, it indicates that its network valuation is outstripping the value being transmitted on its payment network, this can happen when the network is in high growth and investors are valuing it as a high return investment, or alternatively when the price is in an unsustainable bubble.
🚦NVT Signal:
NVT Signal (NVTS) is a derivative of NVT Ratio created by Dimitry Kalichkin. This indicator provides more emphasis on predictive signaling ahead of price peaks.
🚀Bitcoin Velocity
Velocity is a measure of how quickly money is circulating in the economy. Is bitcoin trending towards savings or payments? This can help you decide. It is similar to Bitcoin Network Momentum, except this takes into account bitcoins increasing supply.
🏃Bitcoin Network Momentum
Network Momentum is a view created by PositiveCrypto which looks into the value transmitted through the Bitcoin blockchain denominated in BTC value plotted against Bitcoin's price. It serves as a leading indicator to bitcoin price, in that we need high levels of value throughput to drive the bull market. This indicator is experimental.
Both daily transaction values and price exhibit cyclical patterns, but not in sync with each other. A hypothesis to explain the mismatch is that short-term mindset traders (using exchanges) heavily influence price; but long-term mindset investments (more likely to be directly recorded on-chain) have a greater contribution to the daily transaction value recorded in the ledger.
An alternative to the NVT / NVT Signal - tracks the relationship between Bitcoin’s price and BTC volume flowing through the blockchain network.
Ⓜ Mayer Multiple
Introduced by Trace Mayer as a way to gauge the current price of Bitcoin against its long range historical price movements (200 day SMA by default), the Mayer Multiple highlights when Bitcoin is overbought or oversold in the context of longer time frames.
It`s worth noting as the market becomes larger and less volatile, the peaks are becoming less exaggerated. This is because a 200 day moving average baseline is a static yardstick against an ever growing, more stable, Bitcoin market. We should eventually re-calibrate what constitutes the overbought/oversold extremes on this chart accordingly.
A more fully featured Mayer Multiple version available here:
💲 BTC Marketcap and Thermocap
We are all familiar with marketcap, but it does come with its disadvantages.
A more appropriate measure of network value was recently put forth by Nic Carter. Remember capital flows in crypto generally do not come in via exchanges (miners notably like to sell OTC). Every buy in an exchange is matched by a sell. Money that comes in = money that goes out.
True inflows (in Bitcoin, at least) are the aggregate of resources spent by miners¹. And a good proxy for that is the amount these folks are earning back from networks they support in return for their investments. That’s aggregate security spend (or Thermocap): what was actually paid out to miners (transactions * their price in USD at the time they were mined).
There is an option to deduct lost coins, genesis (Satoshi's) coins, and dead HODL'ers coins from the marketcap. This information was taken from ChainAnalysis' 2017 report
This shows both plots for comparison on a logrithmic scale:
⛏Mining Indicators & Data
⛏ Petahash Dollar Ratio
Bitcoin’s Hashrate (Daily PetaHashes) to Daily Mining Earnings (PetaHashDollar) is a robust metric to asses the day to day mining profitability. In addition, when plotted over the past five years, its overall trend represents a good way to quantify and visualize the relative progress in efficiency of ASICs (more specifically the inverse of that metric: 1/relative mining efficiency).
⛏Unmined Coins Marketcap
A simple statistic I created to plot the value of the unmined BTC still waiting to be extracted. If you find any interesting value for analysis please message me and let me know.
⛏Percentage of Total BTC Mined
I hope this one doesnt need an explanation. 😅
#️⃣ Network Hash Rate
A network's hashrate is the most important data point in blockchain tech. It indicates to the world how secure its network is. The hashrate is the "bridge" between the analog world, and the digital world. Essentially, the hashrate describes how much computing power (called hashing power in blockchain speak) is being thrown at the network, by users all across the world. These "miners" are running servers with dedicated processing chips to solve random, cryptographic math problems. The reason miners do this constant computing is that it betters their chances to reap a "block reward." The block reward entitles them to:
1.)Newly "mined" coins, and
2.)Transaction fees
Both of these are typically paid out with each new block. This rewards miners for their “proof-of-work.” It signals to the world that real "work" and resources, like electricity, have been spent on the Bitcoin network.
As more and more miners compete for the block reward, the hashrate, mining calculations and block difficulty will increase. This increase in the network's hashrate over time means an increase in the network’s security. Much better detail on this is available elsewhere, but primarily, this process solves digital money's vulnerability to attacks and the "double spend" problem.
I like to plot it directly on the price chart (click on the indicator and drag it up)
⛏ Revenue Per Transaction
A chart showing miners revenue divided by the number of transactions.
Fee Per Block Kilobyte
A measure of how much it costs per kilobyte of blockchain block size.
⛏Return Per TeraHash (TH)
Revenue per TH of mining hash power.
Can also be plotted on price chart and looks nice:
Cost Per TX (CPT) and Cost % Per TX Volume
CPT - A chart showing miners revenue divided by the number of transactions
C%PRV - A chart showing miners revenue as percentage of the transaction volume
Blockchain Statistics & Data Plots
🏋Network Difficulty
A relative measure of how difficult it is to find a new block. The difficulty is adjusted periodically as a function of how much hashing power has been deployed by the network of miners.
I like plotting this one on price chart as well:
Daily Output Value
The total value of all transaction outputs per day (includes coins returned to the sender as change).
🔢Number of Unique Addresses Used
Addresses are kind of like bank accounts.
Unlike bank accounts, addresses on the blockchain can be generated by anyone, anywhere and one single person could have thousands.
The plot shows bitcoins growth of addresses which are both unique and active per day, smoothed out over 14 days for clarity (using a zero lag ema). As you can see bull runs typically lead to more unique addresses the assumption being that more new money is drawn into the market due to the news cycle.
This is another one I prefer to plot on the price chart.
🔢Number of Transactions (NoTX) and NoTX - Exchange Wallets
Number of TX's on the chain (green line) and NoTX minus (-) Exchange Wallets (blue line).
⏳ Median Confirmation Time
The median time for a transaction to be accepted into a mined block and added to the public ledger (note: only includes transactions with miner fees). Displayed in minutes.
🔊Volume Dominance (Liquidity to Transaction Volume Ratio)
Volume Dominance is another metric I invented simply to show the ratio between spot exchange TXs (liquidity/speculation) and blockchain TXs (utility/HODLing). Its shows percent of volume attributed to blockchain TXs.
🙃 We REALLY hope you enjoy and find this indicator useful. I certainly enjoyed creating it and learned quite a bit myself manipulating the data! I welcome any suggestions or ideas you may have to further extend, or create new indicators.
👍 Enjoying this indicator or find it useful? Please give me a like and follow! I post crypto analysis, price action strategies and free indicators regularly.
💬 Questions? Comments? Want to get access to an entire suite of proven trading indicators? Come visit us on telegram and chat, or just soak up some knowledge. We make timely posts about the market, news, and strategy everyday. Our community isn't open only to subscribers - everyone is welcome to join.
