Volume Based Oscillators Speak very Loudly
The green line is the KEY Bitcoin level
-> heavy battle between bears and bulls around there (significant volume)
Blue and Red lines form what I believe to be BTC's downtrend
What worries me here are the agreeing volume oscillators. For BTC's price to 'moon', it needs VOLUME
-> the ROC and CMF both clearly indicate that there is more downtrend to come (values below 0, but still room to drop further & the indicator in a downtrend)
-> the CCI (below 100 + in a downtrend) and OBV (lowest since Sep. 2017 + in a downtrend) both show the bear scenario is not yet exhausted
This being said, there have been significant positive changes to BTC's fundamental story:
1) mergers and acquisition are starting to consolidate the space
2) lightning's implementation is going smoothly and well received
3) some banks are moving from SWIFT to BTC
4) the BTC market sentiment (#CryptoTwitter) seems to have calmed down
SO, the reason I am posting this is because I don't know... and would love your opinion!
I think that with solid fundamentals, an easing regulatory pressure, a growing understanding of the technology and 'story' of Bitcoin, this triangle should break, and it should be to the top right? What scares me though is the media attention, and old institutional money barging in when it starts doing so... if I learned anything from fractals theory in Finance, its that there is such a thing as too much money in a market, and when the hands holding that money are weak, small markets can drown, burn, crash.... fail.
-> heavy battle between bears and bulls around there (significant volume)
Blue and Red lines form what I believe to be BTC's downtrend
What worries me here are the agreeing volume oscillators. For BTC's price to 'moon', it needs VOLUME
-> the ROC and CMF both clearly indicate that there is more downtrend to come (values below 0, but still room to drop further & the indicator in a downtrend)
-> the CCI (below 100 + in a downtrend) and OBV (lowest since Sep. 2017 + in a downtrend) both show the bear scenario is not yet exhausted
This being said, there have been significant positive changes to BTC's fundamental story:
1) mergers and acquisition are starting to consolidate the space
2) lightning's implementation is going smoothly and well received
3) some banks are moving from SWIFT to BTC
4) the BTC market sentiment (#CryptoTwitter) seems to have calmed down
SO, the reason I am posting this is because I don't know... and would love your opinion!
I think that with solid fundamentals, an easing regulatory pressure, a growing understanding of the technology and 'story' of Bitcoin, this triangle should break, and it should be to the top right? What scares me though is the media attention, and old institutional money barging in when it starts doing so... if I learned anything from fractals theory in Finance, its that there is such a thing as too much money in a market, and when the hands holding that money are weak, small markets can drown, burn, crash.... fail.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.