I keep reading contradictory opinions here and there regarding whether or not we are in the BULL market... Obviously, I have mine too, and I'm still BULLISH at the moment...
If the threat of a war on the Russian-Ukrainian border added to the pandemic that still grips us, runaway inflation and the threat of rising interest rates have not made us go down to the catacombs already... what will be what will take BTC there?
Any ideas?
I have some at the TA level, which coincide with one of the many projections that are out there, so I'm not going to publish them here...for the moment.
Instead I am going to put here the monthly chart of the proportion of BITCOINS Bought versus BITCOIN Sold of the main BITCOIN whales...
What does it suggest to you?
It is a pity that I do not have more data prior to October 2021 but this is what I think about what I see:
This BOUGHT/SOLD Ratio was at the same value as today (15:1) in early November, when BTC was dancing around 59K...
The maximum price was then reached 10 days later at about 69K when the Ratio was 30:1...
We still have room for growth at least as far as the whales are concerned, still accumulating.
Also, BTC has broken the upper limit of this descending wedge on the daily chart, and with respectable volume...so...I have no choice but to be VERY BULLISH...
What do you think?
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted Using LeoFinance Beta
To me those charts suggest that the whales start the trend, then - until long after the whales are done trading, the mom & pop traders / noobs / etc continue to push the trend. Eventually this leads to a market reversal, and the whales set a new trend.
Rinse and repeat.
Posted Using LeoFinance Beta
Exactly
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