If you want to BUY Bitcoin NOW, PLZ DON'T!
Current trend and market structure:
but the slope of higher highs is lowering meaning it is taking longer to go less high. It WAS more bullish till now BUT...
Current orderbook Situation:
If you haven't bought bitcoin before, please don't do it just now! Wait a bit and consider these two long term things:
1- DXY is probably having a double bottom
2- BTC is near a very important resistance on weekly timeframe:
On the other hand, since everyone is expecting 25K, it is a bit scary to follow all! The only problem I have with going higher from here is the volume divergence. As the price is going higher, we are having less and less volume which means less buyers...
About volume:
Although there are a lot of things going on here about the volume since Binance zero trading fee on BTCUSDT ended (volume dropped exactly after that!) and now BTCTUSD has zero trading fee, and a part of the volume from USDT is moved to TUSD pair in Binance (A simple script can aggregate the volume of them to analyze volume better).
But even despite that, the counter argument against volume divergence is the passed time in this area. Usually, we only see big volume on every candle and don't consider the aggregated volume over the passing time.
I don't consider myself eligible enough to post any setup here, just trying to share my perspective in an uncertain environment.
And one more thing, there can be a high possible dump if ever price crosses under the orange bullish trend line...
- first time a 4H candle CLOSE above the local resistance
- higher lows consistently during past three weeks
- less correction with each resistance touch
but the slope of higher highs is lowering meaning it is taking longer to go less high. It WAS more bullish till now BUT...
Current orderbook Situation:
- we are near a new higher high resistance, so it is expected to have more sell taker orders than buy taker orders
- since we are in a new uncertain environment, we have almost no major maker orders on the orderbook above or below to prevent the price from going higher (or lower).
If you haven't bought bitcoin before, please don't do it just now! Wait a bit and consider these two long term things:
1- DXY is probably having a double bottom
2- BTC is near a very important resistance on weekly timeframe:
On the other hand, since everyone is expecting 25K, it is a bit scary to follow all! The only problem I have with going higher from here is the volume divergence. As the price is going higher, we are having less and less volume which means less buyers...
About volume:
Although there are a lot of things going on here about the volume since Binance zero trading fee on BTCUSDT ended (volume dropped exactly after that!) and now BTCTUSD has zero trading fee, and a part of the volume from USDT is moved to TUSD pair in Binance (A simple script can aggregate the volume of them to analyze volume better).
But even despite that, the counter argument against volume divergence is the passed time in this area. Usually, we only see big volume on every candle and don't consider the aggregated volume over the passing time.
I don't consider myself eligible enough to post any setup here, just trying to share my perspective in an uncertain environment.
And one more thing, there can be a high possible dump if ever price crosses under the orange bullish trend line...
nfa & dyor
Invest Smart!
Invest Smart!
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