From programmatically watching the order book ive been seeing activity of 500-2000 btc asks starting to fill in the 240 range ever since price touched 316 across several exchange. This leads me to believe this is someones with capitals near to mid term target. Other possible supporting factor is there has been no classically large sell volume on any relevant exchange occuring, even with a 1d stoch cross down. The past attempts this year to stay above the 290s were much too low without any consolidation causing it to run out of steam before it really began. Based on the eve portion of the bottom we've been accumulating for the past 4 months, a large percentage move up for distribution is usually followed.
The adam and eve bottom classically indicates completion of a price range for the near to mid term
ATH for 2016 was 322 a break above this would excellent for price discovery at a minimum because there are no relevant trends or price history in that area currently.
Invalidation would be: a firm decline from the 1D 200 EMA Being stuck between between supply and demand Being unable to break the Angry Bear wall.
If i was to trade solely off this chart, i would look for a firm bounce of the bid walls and a 1d or 12hr stoch confirmation.
As always this describes a potential future price idea , not a proven trading strategy Please use your own judgement before placing any trades. If Dan V is allowed to be wrong, so am i.
Comments
IamNomad
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someone asked me about this. we flash crashed in 8/16 due to trade engine issues on finex and everyone following. (not a debate, finex reps have discussed). That dump reset the trend 2 months but it still got there.
IamNomad
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looks we got our bounce, w/ 1d and 12 hr stoch confirmation at about 279.25 . if i was a cautious man, i might be looked for a long 282-283 area , past the near term resistance
IamNomad
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lets try this again, we far less typos :
From programmatically watching the order book, ive been able to see activity in the 240 range where 500-2000 btc ask started to fill in ever since the 240 range. This behavior continued even during the drop from the 316 range. This leads me to believe this is someones with a lot a capitol has this as a near to mid term target. Other possible supporting factor is there has been none of the classically large sell volume on any relevant exchange occurring, even with a 1d stoch crosses down. The past attempts this year to stay above the 290s were started from much too low without any consolidation causing it to run out of steam before it really began. Based on the eve portion of the bottom we've been accumulating for the past 4 months, a large percentage move up for distribution is usually followed.
The adam and eve bottom classically indicates completion of a price range for the near to mid term
ATH for 2016 was 322 a break above this would excellent for price discovery because there are no relevant trends or price history in that area currently.
Invalidation would be:
a firm break through the 1D 200 EMA
Being stuck between supply and demand for a prolonged amount of time
Being unable to break the Angry Bear wall.
If i was to trade solely off this chart, i would look for a firm bounce of the bid walls and a 1d or 12hr stoch confirmation.
As always this describes a potential future price idea, not a proven trading strategy,
please use your own judgment before placing any trades. If Dan V is allowed to be wrong, so am i.