BTC is clearly seeing strong resistance around $50,000. Attempts to drive the price above that level has led to sellers stepping in with strong conviction and driving the price back down. The last few days have seen net negative direction in terms of price. Volume over the last multiple days is very low compared to volume back in Q1 of 2021 when the bull run was catching momentum. If BTC is to see newer all time highs then it will need to somehow attracts traders again. The lack of volume in general and higher volume only on days when we have a high conviction large body red candle is not a sign that is indicating a bullish trend or strength in the market.It is difficult to predict or understand the direction the market may be headed in until we see another week of trading. By mid September we should have enough evidence on how the market structure is unfolding in the context of important areas of value around $40000 and $50000.
Nothing here is investment advise. Please do your own research and do not take more risk than you can afford to lose.
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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.