High Trading Volumes for Bitcoin May Not Suggest Bullish Sentiment
Trading volumes for #bitcoin #btc have risen sharply since the "apparent" bottom in early February 2018. Good signs? Yes, one would assume.
No. The four prior bear markets for #bitcoin since its inception, shown in the graphic, clearly specify that during the troughs of the bear market, trading volumes were actually FALLING and NOT RISING. Why?
It's low or falling because everyone who wanted out has got out. Only the hodlers are left.
What does it mean if it is rising? It could imply, more people are buying in at the cheap price but that would indicate a strong and continued rise in the price. This hasn't been the case for the past 6 weeks. Therefore, it may be prudent to conclude that more people are positioning themselves to get out.
What does this all mean? Has the bottom really come in OR do we still have another leg (or two) to go?
Peace.
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For future viewers: price of bitcoin at the moment of posting is 8510.20USD
Hi
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In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
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If you will reply to this message (that would allow me to believe that we may develop mutual engagement and help each other) then I will upvote your post and follow you as well.
Cheers, Piotr