Crypto Marketcap Ascending Triangle -MicroStrategy huge purchase
Facts:
In last 30 mays, 26 875 BTC was mined.
In same period, MicroStrategy has purchased 16 130 BTC.
Purchased amount equates to 60.0% of total Bitcoins mined in given time period.
Price action:
On above chart we can see that supply is drying up, hence higher lows.
Also, while expecting higher prices, nobody is willing to buy higher, resulting in same highs.
This combinations forms an ascending triangle, which is usually a bullish pattern.
Conclusion:
While smart money is buying big, dumb money is waiting for the dip to outsmart the smart money. Everyone wants the price to go higher without buying higher.
Eventually, when supply is exhausted, shorts will be liquidated, and dumb money will end up buying higher.
Trend is your friend, until the end. Only then he is your enemy.
In last 30 mays, 26 875 BTC was mined.
In same period, MicroStrategy has purchased 16 130 BTC.
Purchased amount equates to 60.0% of total Bitcoins mined in given time period.
Price action:
On above chart we can see that supply is drying up, hence higher lows.
Also, while expecting higher prices, nobody is willing to buy higher, resulting in same highs.
This combinations forms an ascending triangle, which is usually a bullish pattern.
Conclusion:
While smart money is buying big, dumb money is waiting for the dip to outsmart the smart money. Everyone wants the price to go higher without buying higher.
Eventually, when supply is exhausted, shorts will be liquidated, and dumb money will end up buying higher.
Trend is your friend, until the end. Only then he is your enemy.
Comment:
days*, not mays