With thousands of BTC tokens being moved over to exchanges from storage and the lack of buying volume shown, overall volume is currently under it's 24 hour MA. We will likely see a drop back to 46,600 if we break 46,300 we will likely see it fall to 45k for a small bounce back up. I suspect 43k we will see volume come back to push it back to 46k. 43k is the last time there was significant volume to make big moves upwards. Stochastic RSI is banging the top on 1hr and is still settling downward on the daily, not to mention overbought on the weekly. MFI is not looking like we are due for any big price action movements upwards either.
whales are not going to just dump 1000 BTC all at once, they do it incrementally because they know that after every drop retail will push it back up. So they can create an invisible sell wall. The fight between whales is who will sell their lots at a lower price, constantly under cutting each other and forcing each to move their sell prices lower, which to retail traders looks like "resistance"
Just my two cents, I am not in BTC trade but obviously what BTC does most alts follow accordingly.
@CryptoCheck-, I agree with your analysis as well. I am not too familiar with that indicator but I am going to check that out today. I also never check 3day, I tend to gravitate to 5 day as my supplemental weekly predictor. But after seeing how you are using it I'm going to try that out as well. Since I day trade low market cap alt coins, I usually am on intraday charts but overall I look to my weekly chart to see what is going to be the general trend of BTC for both my day trades and my long positions.
Just curious, do you or the team also keep and eye on combined order books? like data.bitcoinity.org/markets/books/USD.
BTCUSD - Range Trading towards 46K