Bitcoin Experiences Its Weakest Bull Market Since February 2019
Weakest Bull Market
According to Chaikin Money Flow indicator, the bull market of Bitcoin is at its weakest condition in five months. This indicates that Bitcoin could again fall down, as it did recently to about 9,000 dollars. In order for the Bitcoin bull market to be fully strong again, the price of Bitcoin needs to go above 11,200 dollars.
The key technical indicator of Chaikin Money Flow (CMF) considers both prices and the trading volumes to estimate the strength of a market. If the result of a CMF estimate is a positive number, it means that the market is bullish and if the result is a negative number, then it means that the market is bearish.
The CMF result for the market of Bitcoin is currently 0.02, so it is in fact a positive number. However, it is a very smaller value compared to what it was, even though it is positive.
This number, 0.02, shows a bullish market in the short term. However, experts believe that it actually indicates a bearish market that is to come. Why? They compare this CMF result with Bitcoin’s highest in the past five months, which was 0.40, a whopping number when Bitcoin was being traded at around 13,880 dollars.
During the past week the price of Bitcoin fell near 10,200 dollars, which then decreased even further to below 9,900 dollars. Some experts believe that this is indicative of a bearish movement.
The price of Bitcoin is currently around 9,500 dollars. Analysts believes that if this price persists to be, then buyers may step in which would ultimately result in Bitcoin’s price going higher again and the bullish trend of Bitcoin could continue with full force.
Saturday, July 27, 2019 9:52:00 AM