howtoreadchart
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In the previous post about BTC I wrote:
Note point 3. This is a potential SLKB under 7100. Watch for Demand-Bar on faster TF in order to join the Bullish Team in short-term perspective.
Let’s look the chart.
Note point 3. This is a potential SLKB under 7100. Watch for Demand-Bar on faster TF in order to join the Bullish Team in short-term perspective.
Let’s look the chart.
- After that point №3, market moved some further down in order to penetrate 7k round number.
- The close above 7k. This is a great chance for bulls to produce any notable rally. But what we got instead?
- Low volume trading range. What is the Cause for lack trading activity?
- This supply bar gives you a clear answer. Trading activity increases as price moved down. BTC was overvalued at 7100.
- Touching support line of the down-ward channel is a risky buying, but in hindsight, it was a good idea. While community felt Panic emotions (Oh, Bitcoin is breaking down the Friday low! OMG)
- During this up-wave up-steps have increase in volume, while step-downs have decrease in volume (this bullish behavior is clearly seen on faster TFs).
- The very last bar contains a hit of 7200 level. With touching of blue thin trend-line. This is a moment to expect at least a pullback toward broken red zone of weakness. Now it should serve as support.