Higher highs, lower volume.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
446 10
Ever since we broke the dotted blue mid-term trend line , the volume has been dying off, which is not a good sign. I wouldn't expect any breakouts until after we've retested 330s-350s. IMO , this is a good short opportunity followed by a good long opportunity in a couple of weeks.

The market isn't likely to make new highs on this kind of volume with indicators needing a correction.


you go ahead and short it, I'll wait for a break out above $404
+2 Reply
MoonTrader JavaHut
Good strategy. If I'm wrong, I'll long. I actually just exited a long, so I'm waiting for now. If it breaks back below $380, then I'll short.
+1 Reply
The more people try to short here, the better. I'm now fully convinced that $370 was the bottom and we won't go back to $330s-$350s anytime soon. The 'fear of missing out' will bring back the volume soon enough.
+2 Reply
Maddie ChartArt
Totally agree on this! :)
+2 Reply
MoonTrader ChartArt
May I ask what has you so convinced?
BitcoinGuru MoonTrader
we spent a day trying to pop the 37x support without success. if u cant go down, go up
+3 Reply
MoonTrader BitcoinGuru
Just consolidation. There's still no volume.
ChartArt MoonTrader
What EliX said. Either it goes down fast, or it doesn't. Since it didn't go down hard the only other way is up again.
MoonTrader ChartArt
You could've said that after the $339 low in April, but you would've been wrong for a few weeks.
+1 Reply
Nice break below 380 on volume. I don't like to toot my own horn, but... TOOT TOOT!
+1 Reply
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