Is the bid volume vs ask volume real on Stamp’s tradeview?
It’s heavily weighted towards bid rather than ask yet we’re tumbling down?
Sorry for the noobish question!
It’s heavily weighted towards bid rather than ask yet we’re tumbling down?
Sorry for the noobish question!
Theres a bullish divergence apparently, where price moves but in an increasingly stretched way relative to previous volume at higher prices. I dont know thats the case but I recognise the idea that price can go anywhere at all but at times it will become inaccurate. Forget the current price but look at previous support, did we confirm that as a ceiling before falling because that adds certainty to a down move and its a more balanced downtrend.
I put my target upside at 6600 area just because good support is a good ceiling and it doesnt seem to have hit its head yet on the weekly but it doesnt have to do anything, it could bumble along for at least 4 weeks. Someone else said leveraged traders in asia are selling BTC as a source of dollars, so stocks going down and/or dollar index being higher makes BTC weak. To me that just says we shouldnt be leaning on leveraged traders as holders but theres always going to be some of that effect, hot money circulating the world is a massive deal on every commodity seems like and everyone is trying to dodge that dollar printing press
There was a good comment last year like 12 or 18 months ago about, how would BTC have faired in 2008, in that Dollar value spike reaction. Everyone who had borrowed dollar (or yen) got their hands burnt at least in the autumn. The nuclear winter scenario, knocks the price down of everything speculative, growth based. If BTC can survive the hard times its amazing. However this isnt 2008 and imo we arent seeing a harsh rise in USD, its risen most of 2018 but its speculative mostly and the FED rate rises was baby steps.
UUP is an ETF so not entirely accurate but looks like a twin peak of the 2016 December values so maybe if Dollar continues a rise beyond a previous annual high then its a bullish scenario but my guess is we are at the top of the rollercoaster for USD index / DXY and conversely thats the peak of the harsh macro effects for BTC
$1500 = good support
