BTCUSD - Possible Bull according to Elliot Wave and Volume
I decided to bring volume up in the analysis, combined with a triangle, ascending channel and an Elliot Wave I think we can confirm the next average is going to be a strong Bull. I'm not guessing which price mark we'll hit next, because there's always a chance of reversal. Here's what I've found on reading volume according to investopedia.com:
A rising market should see rising volume. Buyers require increasing numbers and increasing enthusiasm in order to keep pushing prices higher. Increasing price and decreasing volume might suggest a lack of interest, and this is a warning of a potential reversal.
In a rising or falling market, we can see exhaustion moves. These are generally sharp moves in price combined with a sharp increase in volume, which signals the potential end of a trend.
For example, imagine volume increases on a price decline and then the price moves higher, followed by a move back lower. If the price on the move back lower doesn't fall below the previous low, and volume is diminished on the second decline, then this is usually interpreted as a bullish sign.
Volume should be looked at relative to recent history. Comparing today to volume 50 years ago might provide irrelevant data. The more recent the data sets, the more relevant they are likely to be.
Source: https://www.investopedia.com/articles/technical/02/010702.asp
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I'm purely a beginner in technical analysis. Please hit like, follow or place a comment.
Any of your feedback is my motivation to keep going and to learn more!
A rising market should see rising volume. Buyers require increasing numbers and increasing enthusiasm in order to keep pushing prices higher. Increasing price and decreasing volume might suggest a lack of interest, and this is a warning of a potential reversal.
In a rising or falling market, we can see exhaustion moves. These are generally sharp moves in price combined with a sharp increase in volume, which signals the potential end of a trend.
For example, imagine volume increases on a price decline and then the price moves higher, followed by a move back lower. If the price on the move back lower doesn't fall below the previous low, and volume is diminished on the second decline, then this is usually interpreted as a bullish sign.
Volume should be looked at relative to recent history. Comparing today to volume 50 years ago might provide irrelevant data. The more recent the data sets, the more relevant they are likely to be.
Source: https://www.investopedia.com/articles/technical/02/010702.asp
____________________________________________________________________________
I'm purely a beginner in technical analysis. Please hit like, follow or place a comment.
Any of your feedback is my motivation to keep going and to learn more!
Comment:
If volumes keep going up in higher prices, and the squeeze becomse tighter we might be getting a Bull breakout somewhere end of may.
Comment:
Bull breakout incoming? What will the future hold?
Comment:
Seems like our bull breakout remained valid and the theory became truth.