Yesterday, after a strong fight bitcoin won the 33,000 resistance level and is now facing another challenge at 34,000.

Even though these struggles seem to be genuine, I discussed that they are more likely to be manipulations to shake off the weak hands before the next Wyckoff Mark Up cycle. I strongly believe that we are in a Wyckoff's Accumulation cycle and presented various pieces of evidence to back my theory up.

Today, let's take another chart to dig deeper. I discussed the "Total BTC inflows to the Exchanges" yesterday, yet it is not a complete analysis if the "Total BTC Outflow from all Exchanges" is also considered. 

Thus, let's take a look at the "Total BTC Netflow from all Exchanges" which is the difference between the above two data sets. This chart also suggests that the amount of BTC flowing out from exchanges has increased during the last week but the data still does not suggest such a trend, which is what we actually expect to see. In conclusion, it is evident that the BTC outflow from exchanges is greater than the inflow, even though a trend is yet to be formed, which is what we could expect when crypto whales are accumulating bitcoins expecting a medium or long term price appreciation.

As a result I am again bullish.     

Not financial Advice, but analysis only.

Buddika Adikari
More insight to the Crypto Market:

#btc #crypto #cryptocurrency #bitcoin

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