Hello traders,
BTC is in a short/midterm uptrend following the huge sell-off recently.
Many believe that the price wasn't meant to drop as much as it did. This could have been due to thin order-books and a lack of liquidity. This is why I excluded the lower wick.
Broadly speaking the trend could be catagorised into two zones of accumulation and distribution. This is based on the trend-lines drawn, and the volume profiles on the breakouts between the zones.
To me, it would make sense that the price would continue the uptrend towards the top of the descending channel, creating a lower high, before dumping, and entering the accumulation zone again... This is likely to happen until the end of the bear market or the "bottom" which is anyone's guess at the moment IMHO.
Keep it simple.
out.
BTC is in a short/midterm uptrend following the huge sell-off recently.
Many believe that the price wasn't meant to drop as much as it did. This could have been due to thin order-books and a lack of liquidity. This is why I excluded the lower wick.
Broadly speaking the trend could be catagorised into two zones of accumulation and distribution. This is based on the trend-lines drawn, and the volume profiles on the breakouts between the zones.
To me, it would make sense that the price would continue the uptrend towards the top of the descending channel, creating a lower high, before dumping, and entering the accumulation zone again... This is likely to happen until the end of the bear market or the "bottom" which is anyone's guess at the moment IMHO.
Keep it simple.
out.