Recently I have uncovered something really interesting in the Bitcoin Chart.
After being stagnant for many months, the Money Flow Index is at a level not seen since January 2018, over a year ago.
In one month, from Feb 2019 to March 2019, the money flow indicator went up by 40 points, indicating huge buys are taking place without much price movement. The increase in MFI does not equate to the small price movements we are seeing now, meaning price is still lagging behind the money flow- a HUGE bullish sign for Bitcoin.
Volume is going down, meaning most weak hands are already out. I suspect massive buys are being done over the counter right now.
Keep an eye on the BTCUSD charts in the upcoming weeks, things will get very interesting.
The whales are buying up Bitcoin, they can't hide from the money flow indicator.
If you enjoyed this read, feel free to comment, like or follow for more trade ideas as time goes on!
I don't know how good this indicator is but anyway correct me if I am wrong it does not work here since coinbase volume is in Bitcoin not usd & the Bitcoin price has been cut in half since october. Comparing apples to oranges.
Also looks like hidden divergence to me.
I think the biggest most probable reason for the price to go up is exchanges making it go up.
The one thing that makes this look most like a bottom is the volume drying up but it is a "necessary" condition not sufficient, can't draw any conclusion. Wait and see then... Super boring bitcoin but only 20 hours left before other markets reopen :p
shaggad
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@MrRenev, we can only assume what is going on with the charts, we cant assume other variables- that being said, huge bullish divergence in MFI that has not been seen for over a year.. interesting things are ahead. Thanks for your comment!!
tommix
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WOW you sooooo wrong and got everything wrong. If so called whales would want they could short thousands of bitcoins and sell them to drop price to few thousands. and doublewin. WHales have millions of BTC. SO they dont need anymore they own almost all anyway. They want high price, but you can not make high price without buying, and they dont want to buy. They need losers who wanna buy at any price. Right now there is no such losers.
Also looks like hidden divergence to me.
I think the biggest most probable reason for the price to go up is exchanges making it go up.
The one thing that makes this look most like a bottom is the volume drying up but it is a "necessary" condition not sufficient, can't draw any conclusion. Wait and see then... Super boring bitcoin but only 20 hours left before other markets reopen :p