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 volume of selling is happening where the coin is broken its raising wedge. This is still not all the signs we need to make sure its heading for a bearish move. However here are some points that tell me it will start its correction very soon.
1. Low volume while making new highs (no real buyers) 2. Don't ignore the high volume 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 bearish move for the coin.
Target 1: $6700
Let see how this evolves in the next few days - Abdulla
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Still trading within the range.
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Watchout
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- Watchout for $6700
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Bearish mode still active - $6200
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We broke $6600 and lost $1100 instantly - this what happens when strong supports are broken!
How does the prices get higher with selling pressure?
How does price get high with low volume? I thought for getting higher there must at least be bigger buyer volume, isn't it?
What, do you mean market makers distributed well - dies is mean they are selling?
Thanks again and greetings from Amsterdam!
Dante.
abdullatrader
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@BrunoDanteSampaio, Thanks, I'll answer your questions in an educational post in the coming days. Thanks Bruno :)!
BrunoDanteSampaio
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@AAlFadhala, thanks a lot :D
stuff
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@BrunoDanteSampaio, Hi from Amsterdam! Price can be driven up by just a few buyers. But the low volume of buyers driving up the price is an indication that buyers market is getting exhausted and the sellers might take over soon. And by 'distributed well' I think Adbuhlla ment that a lot of buyers got their share of bitcoin during that big spike.
So the buyers market would be saturated.
When buying then continues and keeps driving the price up we get to the 'overbought' scenario that can trigger a sell-off.
BrunoDanteSampaio
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@stuff, hey..lets have a cryto beer talk in Amsterdam, haha ;)
SrTocino
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Well done
StanLeee
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Target 5000?
kpcodes
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Hi @AAlFadhala - Good call. Thanks. Can I please know how the 6700 target line decided?
SailingParrot
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@krishna88, I guess because it was already touched 2 times as a support
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although it eventually turned to green in your original chart, wasn't that huge volume spike originally from a quick panic sell-off? is this what you are implying, not to ignore such selling pressure?
Thanks for the post! I have some questions:
How does the prices get higher with selling pressure?
How does price get high with low volume? I thought for getting higher there must at least be bigger buyer volume, isn't it?
What, do you mean market makers distributed well - dies is mean they are selling?
Thanks again and greetings from Amsterdam!
Dante.