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Bitcoin Weekly Money Flow - Is That All It Takes?
I am guilty of constantly pounding the table on the importance of Money Flow and especially the Weekly Money Flow and Higher Time Frames in general.
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A little different in this report. Let’s look at the below stretched out Weekly Chart for Bitcoin:
Right now Bitcoin is attempting to flip the Weekly Money Flow to Green. That’s great news overall. Looking above we have three Orange Circles. One circles the current action and the other two show the last two times the Weekly Money Flow in a Red status had a sharp thrust upwards. You can see the clear cut bent angle there sending it towards Green.
We can also see the April bottom had the Money Flow shifting in a more gradual and sustained manner. That kicked off a very sharp rally.
Thoughts and observations:
Bitcoin has been rallying no doubt and Lower Time Frames like 4HR and 2HR have been generally staying Green the entire time in this move . . . .
Note the last 2x the MF shot higher sharply going from Red to Green . . . . both were followed by generally sideways action . . . . and (VERY IMPORTANT) both (look at small Red Circles) ended up going to set another NEW local low along the way before a rip higher . . . .
Right now we have a surge and a lot of momentum trying to build up . . . . . we also see it in the Weekly Money Flow with the sharp angle bend sending it towards Green . . . . same as before . . . .
No predictions . . . . this could be “the bottom” people want I have absolutely no idea . . . . would say the Weekly and Monthly Money Flow (based on experience and data) are still hovering and providing pressure down . . . . time will tell
