"There's no volume..."
"Nothing is holding these prices up..."
Saw these in the crypto chat today and got triggered enough to make a post about it.
Do these people seriously risk their money on trades when they have such little understanding of the basics..?
1. Markets can rally on relatively low volume. It happens plenty. See 2016 rally from $590 -> $1100.
2. Tradingview's volume indicator definition:
"Volume points to the amount of a financial instrument that was traded over a specified period of time. It can refer to shares, contracts or lots."
1 BTC of volume today is worth about 20-25x more than 1 BTC of volume in 2016.
3. Depends what exchange data you look at. If I go pull up Bittrex charts today I'll think crypto volume evaporated.
Volume moves to new exchanges and today there are tons of new options that didn't exist in 2016-17 (FTX, Binance, Uniswap, etc.)
All of this is enough to not be bearish to me, not to even mention all the other catalysts: Square, PayPal, Libra (2021), inflation hedge, halving, ETH 2, stablecoin adoption, DeFi, blockchain interoperability...
If you have ANY reasonable bearish points, I would love to hear them.
"Nothing is holding these prices up..."
Saw these in the crypto chat today and got triggered enough to make a post about it.
Do these people seriously risk their money on trades when they have such little understanding of the basics..?
1. Markets can rally on relatively low volume. It happens plenty. See 2016 rally from $590 -> $1100.
2. Tradingview's volume indicator definition:
"Volume points to the amount of a financial instrument that was traded over a specified period of time. It can refer to shares, contracts or lots."
1 BTC of volume today is worth about 20-25x more than 1 BTC of volume in 2016.
3. Depends what exchange data you look at. If I go pull up Bittrex charts today I'll think crypto volume evaporated.
Volume moves to new exchanges and today there are tons of new options that didn't exist in 2016-17 (FTX, Binance, Uniswap, etc.)
All of this is enough to not be bearish to me, not to even mention all the other catalysts: Square, PayPal, Libra (2021), inflation hedge, halving, ETH 2, stablecoin adoption, DeFi, blockchain interoperability...
If you have ANY reasonable bearish points, I would love to hear them.