A note on watching the order book:
“About $5.3383 million in buy orders has been placed for BTC spot on an exchange at $81,677, roughly 0.40% from the current price.”
After seeing a message like this, I only ask three questions about the money flows:
1. Are aggressive traders buying or selling?
2. Can trading volume for $BTC (24h: $824 million) increase significantly?
3. Are there any large on-chain transfers out of trading platforms?
Only when all three point in the same direction does this message carry real weight; otherwise, it’s probably just noise.
Pay more attention to the data and less to the narrative, and you can avoid a lot of pitfalls.
“About $5.3383 million in buy orders has been placed for BTC spot on an exchange at $81,677, roughly 0.40% from the current price.”
After seeing a message like this, I only ask three questions about the money flows:
1. Are aggressive traders buying or selling?
2. Can trading volume for $BTC (24h: $824 million) increase significantly?
3. Are there any large on-chain transfers out of trading platforms?
Only when all three point in the same direction does this message carry real weight; otherwise, it’s probably just noise.
Pay more attention to the data and less to the narrative, and you can avoid a lot of pitfalls.