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Assessments / Blog
BTC #F Still Supply present, but Supply is weakening
The 3- day chart above shows our SUPPLY and DEMAND Dashboard and BXB (Bar by Bar) Signals for Bitcoin Futures trading on the Chicago Mercantile Exchange(CME).
Readings are based on Supply and Demand and Volume internal data. It is updated in real time during the trading session of the CME exchange and does NOT take into account any price indicators or mathematical formulas using price. We do however show the cumulative price change for the trading session and in some instances assess price movement’s relationship to Supply and Demand.
It is therefore fair to say that the readings and signals are independent from other popular price indicators and others shown on the chart. The readings are an independent assessment of the one and only measureable fundamental market mover: SUPPLY and DEMAND. It does not matter if price is influenced by a geopolitical event, seasonality, fundamental economic data releases or sentiment driven news, etc. It all reflects in Supply and Demand, the “footprints” of the “Big Boys” or “Smart Money”.
We still have Supply dominating on a 3-Day basis but Supply is weakening at the moment. Price moved above the Supply line and some buying pressure can develop as the Simplified Volume Oscillator shows the Buying pressure area is approached. Demand has to overcome Supply for a break above 7660 to the upside, for near term to get bullish again.
3-Day Signals June the 1st
All readings are based on the BTC continuous contract trading on the CME at market close Yesterday!
The Supply and Demand Reading (1st row) is -0.3 which indicates Supply gained the upper hand the time the reading was taken.
Supply and Demand Direction (3nd row) is to the downside (maroon down triangle), indicating downwards direction.
Average Supply and Demand Volatility (4th row) is still above 100% and is bearish. The change in average Volatility from the previous bar was negative 2 (Supply has upper hand) as shown on the right of Sup/Dem Dashboard.
We have No signal on the signals board (1st row).
Daily Volatility direction (2nd row) is Bearish (maroon down triangle). The change in daily Volatility from the previous day was positive 6 (Supply is getting weaker) shown on the right of BXB Dashboard.
Average Volatility direction was Down (maroon down triangle in 3rd row).
Supply / Demand direction was Down (negative reading in 4th row).
A break below the 6000 level can lead to further significant weakness.
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