Volume shows Bitcoin bulls are stronger than bears

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
281 3 6
Monday launches the very first Bitcoin Exchange Traded Note ( ETN             ) which will allow hedge funds to directly increase the Bitcoin price. I would not be surprised if the last price dump was pure manipulation to accumulate more BTC for a lower price. Volume analysis shows that bulls are buying more than bears sell, both on the 'on-balance volume' indicator (the OBV) and on the 'chaikin money flow' (the CMF             ).

"Prospectus approved by the Swedish FSA (Finansinspektionen).
The exchange traded note will be listed May 18th on Nasdaq Nordic             in Stockholm."

"XTB Provider AB will hedge all sales of the bitcoin traded note by buying an equal value in the bitcoin market" ! ! !

/// And here are two comments from Tradingview traders I highly respect:

quote Jameve: daily looks good, as long as bfx holds 226-227 there is a higher low, I am not remotely concerned yet

quote LegIon: rsi arch says we could invert-muhn moar before invert-duhm

thats what others said too when GBTC launched and look where we are at the BTC price, GBTC has instead been dumping lately.
ChartArt BitcoinGuru
There are two things here:

1.) Yes, good news gets always sold, but so far the ETN hasn't launched yet, so the news cycle is still in the accumulation phase and not in the sell the news phase which comes maybe Wednesday/Thursday.
2.) Like I pointed out the ETN is hedged with buying more real Bitcoins so this could be more positive than GBTC where this is not the case.
+2 Reply
BitcoinGuru ChartArt
makes sense, then i agree could be a potential up to 250 or more if successful in bringing more investors to btc.
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