Hey guys,
As we can see, volume is clearly decreasing. I've checked out any instances when deceasing volume lead to a price increase in BTC, and I could barely find any. Therefore, the chance of BTC going up in this low-volume situation, is very rare. Also, a mini-head and shoulders is forming.
However! This could end up forming a larger greater inverse head and shoulder (highlighted with blue). Sentiments are high, and the noob traders are saying, "oohh! BTC is going straight to 5000!" It will end up going to 5000, but gradually, not this week.
-
Be sure to check out my other ideas,
and remember,
Patience is paramount!
Good luck!
As we can see, volume is clearly decreasing. I've checked out any instances when deceasing volume lead to a price increase in BTC, and I could barely find any. Therefore, the chance of BTC going up in this low-volume situation, is very rare. Also, a mini-head and shoulders is forming.
However! This could end up forming a larger greater inverse head and shoulder (highlighted with blue). Sentiments are high, and the noob traders are saying, "oohh! BTC is going straight to 5000!" It will end up going to 5000, but gradually, not this week.
-
Be sure to check out my other ideas,
and remember,
Patience is paramount!
Good luck!
Note
I was thinking that this decreasing volume was a problem for BTC, and it would go down as a result, but actually, I noticed it's in a ascending triangle right now, and typically in ascending triangles the volume contracts as the triangle gets closer towards breaking out.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.