I hope you had a great weekend. As you can see Bitcoin had a hard time making any new highs and struggled to maintain $7500. I can see high of selling is happening where the coin is broken its raising .
This is still not all the signs we need to make sure its heading for a move. However here are some points that tell me it will start its correction very soon.
1. Low while making new highs (no real buyers)
2. Don't ignore the high that happened few days ago (see chart) market makers could have distributed really well during that candle.
3. Breakout happened with high selling pressure
Bitcoin still needs to give us more signs for us to say it will start a correction - but I would bet on a move for the coin.
Target 1: $6700
Let see how this evolves in the next few days - Abdulla
Still trading within the range.
- Watchout for $6700
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you point out the large volume and say that it should not be ignored. even though the large volume spike ended up green, it was mostly formed from a panic selloff that quickly rebounded.
was it this high amount of selling that you meant shouldn't be ignored? or did you mean not to ignore the quick buying that caused it to recover so fast?