2024-06-02 bitcoin overview(Accumulation volume perspective)
During the weekend, we observed sideways movement within a range, accompanied by significant accumulation.
Given the continuous uptrend in this range, it is a strong support area. While it could break significantly if breached, the accumulation suggests it's a strong bottom from a long-term perspective.
So far, we've seen some selling pressure due to short-term dips, but the selling pressure from the weekend accumulation hasn't been captured yet. The direction seems contingent upon the selling pressure when reaching two resistance levels.
With the monthly candle closing and the weekly candle changing tomorrow, we might see some directionality. Ultimately, since we're moving within a large triangle convergence, considering a significant direction change (a strong direction) might be more appropriate after breaking out of convergence.
Given the continuous uptrend in this range, it is a strong support area. While it could break significantly if breached, the accumulation suggests it's a strong bottom from a long-term perspective.
So far, we've seen some selling pressure due to short-term dips, but the selling pressure from the weekend accumulation hasn't been captured yet. The direction seems contingent upon the selling pressure when reaching two resistance levels.
With the monthly candle closing and the weekly candle changing tomorrow, we might see some directionality. Ultimately, since we're moving within a large triangle convergence, considering a significant direction change (a strong direction) might be more appropriate after breaking out of convergence.
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