On the daily the last two very large volume bars on the bottom of the graph look like a candle mismatch.
Why ?
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Because the bearish volume bars at the bottom show a lot of volume however the corresponding candles show little movement .
...infact if the bearish wick down is excluded on the daily then BTC only moved from 31k to 28K -
This is a lot of volume to only move a distance of 3K. So bears must be running out of steam or someone is buying the dip.
My thought is BTC is going to consolidate here for a while and push up and probably get rejected at around 37k and move back down to retest the lows.
Another current sticking point is the MA600 on the 2 day chart shows BTC has still not been able to close above it at 30K.
However unless the bears are able to follow through with a larger capitulation candle move down Id expect price will consolidate around this level and then move to
the 37K area.
Note
Close up of MA600 and BTC stuck under it. To move above the MA600 BTC will have to close above 30K on the 2 Day candle.
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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.