Hi guys,
You can spot a clear schematic of accumulation behaviour on BTC market. you can find references about the very similar schematic on famous websites. BUT
BUT
there are signs of weakness in this pattern formed in BTC. first of all (but not least important), on ST points (Secondary test points), we have two exceptions:
1. We have more than 2 ST points, which is not a very bad sign by itself, but the problem is that we prefer to see low selling pressure or volume (or at least low price tails below recent supports (which neither are met in this pattern)
2. third ST point is totally unrelated to a swing. its a drop. with high momentum but with most of the volume at the very bottom. so we can't relate to that either.
there is an exception in SC too. we'd prefer to see a more clear SC. but Selling climax has built a zone instead of a valid clear support. that's why in higher timeframes we can't really spot a major low (to consider in our drawings)
Feel free to ask questions in Comment section below!
You can spot a clear schematic of accumulation behaviour on BTC market. you can find references about the very similar schematic on famous websites. BUT
BUT
there are signs of weakness in this pattern formed in BTC. first of all (but not least important), on ST points (Secondary test points), we have two exceptions:
1. We have more than 2 ST points, which is not a very bad sign by itself, but the problem is that we prefer to see low selling pressure or volume (or at least low price tails below recent supports (which neither are met in this pattern)
2. third ST point is totally unrelated to a swing. its a drop. with high momentum but with most of the volume at the very bottom. so we can't relate to that either.
there is an exception in SC too. we'd prefer to see a more clear SC. but Selling climax has built a zone instead of a valid clear support. that's why in higher timeframes we can't really spot a major low (to consider in our drawings)
Feel free to ask questions in Comment section below!
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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.