Showing the On Balance Volume above the BTC price action pattern we're all sitting around waiting on. At the beginning of this consolidation (post-dump), we were pumping volume back in, but the slope between peaks gave away that we weren't going to simply bounce back on a V shaped recovery.
Since then, the volume has been steadily being removed faster than added. That gave me the impression that we might be looking at more downside as the sell volume was increasing faster than the buy volume during consolidation. But for the last bit here, our OBV slope is on a run again positively and the peaks are on a nice positive slope.
I see this pattern having a bias to breaking up. My only concern is that I really want us to continue our bull run, so I am trying to temper that confirmatory bias, but the TA on this one seems to back up my hope.
Since then, the volume has been steadily being removed faster than added. That gave me the impression that we might be looking at more downside as the sell volume was increasing faster than the buy volume during consolidation. But for the last bit here, our OBV slope is on a run again positively and the peaks are on a nice positive slope.
I see this pattern having a bias to breaking up. My only concern is that I really want us to continue our bull run, so I am trying to temper that confirmatory bias, but the TA on this one seems to back up my hope.
Comment:
A strong confirmation will be the peak of the second green arrow rising above the peak of the first green arrow.
Comment:
Things always look great when you ignore what you don't want to see. The lower peak on the OBV for yesterday when compared to the volume action on the day before gave us a heads up that we'd take another drop. We're all anxiously waiting for the $35k support to hold or give way and the buying volume is really week right now.
Watching and hoping for a pump over the next few hours to get us back on track, put fixing a stop loss on this trade now for $34k. Volume isn't backing up my long position, but I'm in it anyways. In the end, ya gotta pick a horse.
Watching and hoping for a pump over the next few hours to get us back on track, put fixing a stop loss on this trade now for $34k. Volume isn't backing up my long position, but I'm in it anyways. In the end, ya gotta pick a horse.
Trade closed manually:
Took a nice loss on this one. I think this trade was driven more by denial and hope than the TA.