BTC Bullish Crossover in Buy/Sell Pressure
Updated
This Volume Flow indicator shows both in flow and out flow volume . In June, at the current bottom, you can see sell pressure peaked dramatically, and has since waned. Buy pressure, conversely, and gained momentum. They finally crossed over on the weekly. In my previous idea I point out how this same, particular Volume Flow indicator signaled the end of the 2018 bear, and has generally crossed over at huge swings in momentum. This is very speculative of course, but it will be very interesting to see if it actually reversers momentum.
Note
Comment: Ok, it's been a couple weeks since the crossover. We have printed a green weekly candle and this week is looking super strong. BTC is up $1400 since, and the gap in buy and sell pressure continues to widen, if favor of buys... so far, so good, although obviously it is too early to say if there is any significance to this idea. Also, the day after the cross, BTC smashed the daily volume record, in favour of buys. It's kind of interesting how that happened as soon as this big cross happened. It crossed hard!
A reversal here would also be in line with the big double bottom that formed on long time frames. Bears seem really bearish although and of course I can't blame them, but I still lean bullish. 19k is hard to break, and 18k is an absolute monster of a support. Quick to sell investors have sold already. The people holding now are strong handed, or they just got in based on being at a potential bottom, so they likely won't sell unless we fall through 18k.
Recent reports show that banks have around .01% of their portfolios in crypto. Institutional adoption as a whole has been very minimal. Which, is a good thing for the future. Once a certain threshold of regulation is reached, I believe they will start to pour in. If that happens during or before next bull, it's gonna be huge! Bright days ahead, but could be gloomy for a while. Hang in there.
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