Question. The descending line that you drawn on the volume. Are those just spikes because people were freaking out about a drop, and then people were freaking out less about a smaller drop? I think that it shows we've got less volatility, but that can be seen in the price action. What insight does this volume down trend provide for you? Is it seen as a counter indicator to the uptrend? Like a divergence?
BigLava
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@tonykonig paying attention to the last 4 peaks we can see huge sell offs. It could be an occurrence that can repeat again if we test the upper horizontal resistance.
KYLEKILLJOY
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@tonykonig, I feel volume dissipating with price action rising means the bulls are running out of steam and these tops are becoming unsustainable. Besides this, the risk/reward makes more sense to go short than long. just have a SL just above 20100
BigLava
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@KYLEKILLJOY agreed. Looks like corporate investors are causing volume spikes and long time holders don’t want it to go above 20k right now.
KYLEKILLJOY
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@BigLava, Right. Im short 19.5, feel lucky with that entry haha my TP is at the .618 fib retracement from the current low to high. roughly 17.7-18k (seems to love to bounce off that ratio) GL man!
BigLava
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@KYLEKILLJOY, Yea i currently am not in any trade of BTC. Waiting to see if that 16k support holds then i will buy Btc on spot.