_Checkmatey_ on Nostr: Bitcoiners still like to take profit. The MVRV ratio is much more than a macro ...
Bitcoiners still like to take profit.
The MVRV ratio is much more than a macro oscillator. It is a representation of the average profit multiple held by unspent coins.
In bullish rallies, a value above 1. 2 indicates an average of 20% profit amongst short term holders and usually is enough incentive to sell a little.
We just found resistance at this level as a few bottom stackers took money off the table. A retrace to around $20k would be a retest of their cost basis and historically, a good indicator for a dip to stack.
Pro tip: you can simulate STH MVRV by dividing price by a 135day EMA.
Published at
2023-02-13 14:37:57Event JSON
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"pubkey": "05e90eff47c1e0ecaf5c5bdd4cb25b96993728a68d8baf5fdd5ceb4e4c522648",
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"tags": [],
"content": "Bitcoiners still like to take profit.\n\nThe MVRV ratio is much more than a macro oscillator. It is a representation of the average profit multiple held by unspent coins.\n\nIn bullish rallies, a value above 1. 2 indicates an average of 20% profit amongst short term holders and usually is enough incentive to sell a little.\n\nWe just found resistance at this level as a few bottom stackers took money off the table. A retrace to around $20k would be a retest of their cost basis and historically, a good indicator for a dip to stack.\n\nPro tip: you can simulate STH MVRV by dividing price by a 135day EMA.\n\nhttps://i.imgur.com/0DvpKtQ.jpg",
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}
