CMEs have just confirmed a Bitcoin trend reversal!
Welcome!
I´ll keep this short and sweet, as always.
Apart from the professional traders or maybe those who have been in the crypto game for quite a while now, nobody knows that Bitcoin´s price action isn´t dictated by Bitstamp, Binance etc. but by CME Futures. As they are an institutional broker, they essentially represent smart money.
Looking at CMEs, the first thing that stands out to me is the volume. You can see that the volume is abnormally high compared to the recent months, higher even than the volume during the 2019 rally. What does that mean? It means that while the previous Bitcoin rally didn´t catch the interest of institutional buyers, the bottoming and consolidation at the 7k levels has.
Secondly (and the focus of this analysis), we have just closed the weekly as a higher high which means, very likely, that BTC has reversed the trend from a downtrend to an uptrend. EXTREMELY important piece of information!
Finally, the weekly closed outside the bollinger bands, which is normally just stupidly bullish. Why? Because it implies that what follows next is going to be a bollinger band expansion on a WEEKLY timescale.
I really dislike being too biased when it comes to the markets but the way things stand in the moment, it is actually very possible Bitcoin will reach prices north of 14 000$ in the next two months. Will post an additional analysis on it, so keep an eye on that!
Thank you for reading
Mansasuma
I´ll keep this short and sweet, as always.
Apart from the professional traders or maybe those who have been in the crypto game for quite a while now, nobody knows that Bitcoin´s price action isn´t dictated by Bitstamp, Binance etc. but by CME Futures. As they are an institutional broker, they essentially represent smart money.
Looking at CMEs, the first thing that stands out to me is the volume. You can see that the volume is abnormally high compared to the recent months, higher even than the volume during the 2019 rally. What does that mean? It means that while the previous Bitcoin rally didn´t catch the interest of institutional buyers, the bottoming and consolidation at the 7k levels has.
Secondly (and the focus of this analysis), we have just closed the weekly as a higher high which means, very likely, that BTC has reversed the trend from a downtrend to an uptrend. EXTREMELY important piece of information!
Finally, the weekly closed outside the bollinger bands, which is normally just stupidly bullish. Why? Because it implies that what follows next is going to be a bollinger band expansion on a WEEKLY timescale.
I really dislike being too biased when it comes to the markets but the way things stand in the moment, it is actually very possible Bitcoin will reach prices north of 14 000$ in the next two months. Will post an additional analysis on it, so keep an eye on that!
Thank you for reading
Mansasuma
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