The areas in yellow indicated higher volume pressure, and both big drops were controlled by bears. The biggest volume we ever had can be found in the first big rise in price. Long term, manipulation and the global crisis must be taken into consideration when looking at the spikes we have had with respect to the upcoming halving event which, historically, paints a beautiful picture for those holding BTC. That being said, manipulators must know this so shaking out those with little confidence or too much at stake could be the winning play.
Personally, I would tread cautiously before buying any BTC in light of the global situation since gold may be the safer option for preservation of capital.
I want it to be true that BTC will be incredibly valuable long term, but what I want only affects my trading.
Live long and profit. -zm
EDIT : look to breakout of the blue zone highlighted
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Also notice the highest buying pressure took place prior to BTC's highest rise in price. Sellers have managed to dominate every trend since then.
This chart is similar to what happened with Silver a decade ago and Gold half a century ago.. If it follows Gold, then BTC has many decades left before it is a standard. AND if it follows Gold then the market would trade the ill gotten coins for a while because no one could sell it for such a cheap price unless it was mostly stolen or somehow came as inheritance.. But Speed it up 20x since this is all digital.. No carting around bricks of bars in your backpack or breaking into central bank Gold vaults during invasions and getting bad backs etc or Photo ops of sitting on truck loads of bars..
Z3R0Matrix
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@alienteck, I agree with everything you said. I just think public opinion will go to gold, real estate, fine art, etc. for stores of value in times like this. Adoption or a depression could change the public view on btc not being the typical asset backed store of value that gold allows. But in either case, I will be looking to profit in the long term with both gold and btc.
Protixder
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Protixder
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Btc looks = Bull trend.
Z3R0Matrix
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@Protixder, it makes sense but it doesn't change the facts. We're in a descending triangle on the way to a historic event that is notorious with btc's price action. Expect others, maybe whales or exchanges, to capitalize on the mass hysteria that comes with it. A fat drop to long term bull market rally. I expect btc to price up to 10-25k and hold, long after the majority of bad traders are out of the trade.
alienteck
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hes a real spammer.. you got to be way way under water to take his comments to heart.. he thinks $11 mil is enough to take BTC to 8K..