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Bitcoin (BTC) Sells Off Despite Positive Sentiment as NVT Ratio Remains Somewhat Expensive

May 31, 2019

 

Better Research, Better Investments.Better Research, Better Investments.
Better Research, Better Investments.Better Research, Better Investments.

 

 

  • Surprising to see that such positive sentiment surrounded Bitcoin (BTC), both on an article and social basis, leading up to the sharp selloff of the benchmark coin overnight Thursday. This leads us to believe that whales may have initiated Thursday's selloff. 
     
  • Despite Thursday's selloff, BTC's Network Value to Transaction Ratio (NVT Ratio) still looks somewhat expensive, although it is cheaper relative to levels observed earlier in the week. Paired with our model's "Do Not Own" trading signal for the benchmark coin, we suggest you avoid buying BTC for now. 

Bitcoin (BTC) Volume - Last 30 Days

Bitcoin (BTC) Volume - Last 30 Days

Average Bitcoin (BTC) Article Sentiment - Last 30 Days

Average Bitcoin (BTC) Article Sentiment - Last 30 Days

Bitcoin (BTC) Article Count - Last 30 Days

Bitcoin (BTC) Article Count - Last 30 Days

 

 

We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.
We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.

 

Overall Bitcoin (BTC) Social Sentiment - Last 30 Days

Overall Bitcoin (BTC) Social Sentiment - Last 30 Days

Bitcoin (BTC) Google Trends - Last 30 Days

Bitcoin (BTC) Google Trends - Last 30 Days

Bitcoin (BTC) Network Value to Transaction Ratio - 10-Day EWMA - Last 30 Days

Bitcoin (BTC) Network Value to Transaction Ratio - 10-Day EWMA - Last 30 Days

 

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Crypto Model PortfoliosCRYPTO INVESTING MADE SIMPLE