BULL OR BEAR? MY FAVORITE TOOL TO FIGURE IT OUT
I don't know for you but before getting into crypto, I couldn't care less about the movement of the markets. Now, I check it out so often during the day there are constant questions that are going through my mind.
- Is this spike in price a bull trap?
- Will this run up keep going or showing signs of fatigue?
- Are we done with the bear market yet?
Well, basically, all those questions are a function of two things: Supply VS Demand.
The more people put sell orders on the market, the higher the supply. The more people put buy orders on the market, the higher the demand.
So what if there was a simple tool that would give you the % of Buy Order VS Sell Order on the cryptomarket?
THERE IS ONE ALREADY
This little marvel provided by TurtleBC gives you the BUY VS SELL percentage for the top trading pairs on the biggest exchanges.
Right now, we are still at 88.57% BUY vs 11.43% SELL. That means that we are not done with the run up. We are going through corrections of course but I'm confident that we will be gaining traction and that it is not a bull trap.
Conclusion
I'm watching this very closely and so should you if you are curious to know which way the wind is blowing!
Can someone explain the "buy versus sell percentage" metric? Is this looking at the unfilled order book on exchanges?
Bumping this! I would also like to know more information about this chart/metric. What exchanges does it look at? Is it for the entire crypto market or just BTC (or is it even for crypto)? Does it take into account the size of the buy and sell orders or just the number of them?
Binance, Bittrex, Poloniex on all trading pairs. Based by size of the order. You can also go back and see how it tracks the past quite nicely.
Thanks for the info. I will definetly look into it.
It’s so scary to figure out when will it be the right time to sell or buy and not feel like it’s a big loss . I’ve had chances where I sold one day because I panicked and the next day it was up 30% but the best thing to do is sell wherever you are in profit and feel good about it
Thanks for the heads up! Very useful! Upvoted!
Maybe I didn't get something, but what is the difference from traditional "Market Depth" chart?
bull is after 12k$ for bitcoin
Thank you for sharing, this looks like a great tool to add to the tool box.
UPVOTED | RESTEEMED | FOLLOWED | THANK YOU
Cryptocurrencies has value because it has utility. The price of each Cryptocurrency as expressed in fiat currencies is determined by demand and supply rules, just like for any other marketable good. The supply of new Cryptocurrencies is determined by an algorithm and is completely predictable for decades to come. The demand comes from the simple fact that it is much better money than the alternatives out there.
That is a great tool for one, and if this is correct that we are at almost 90% buy, then I'm hodling as tight as "tetanic" jaw. I believe the spike is not over and we'll see some major rises pretty soon.