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i don't think this is a good time to sell.
things to consider:
-we are seeing bull run beginning volume
-sell volume is not as high as the buy volume we have been seeing, indicating this is simply a dip and not a start of a downtrend ( AKA this is the time to BUY not SELL)
-this setup has been seen countless times during similar stages of price movement in the past (2013 and 2016) in which the price breaks out of an area of consolidation. There is a huge spike in volatility that leads to a huge red wick that is mostly bought up (hence the larger tail on the bottom than the top), then a continuation of the upside.
-in order for a downward local trend to form, we would need to see sell volume rivaling that of the buy volume that we are seeing.
there are two possible scenarios that would consist of 80% of the possible future movement
scenario 1
a quick buy of the dip and the price begins to move further up quickly
scenario 2
a longer period of consolidation, following an eventual rise up
I believe scenario 1 is more likely.
scenario 1 is in play until 10,500~ is broken.
if you guys would like to see the specific examples i mention, let me know.
things to consider:
-we are seeing bull run beginning volume
-sell volume is not as high as the buy volume we have been seeing, indicating this is simply a dip and not a start of a downtrend ( AKA this is the time to BUY not SELL)
-this setup has been seen countless times during similar stages of price movement in the past (2013 and 2016) in which the price breaks out of an area of consolidation. There is a huge spike in volatility that leads to a huge red wick that is mostly bought up (hence the larger tail on the bottom than the top), then a continuation of the upside.
-in order for a downward local trend to form, we would need to see sell volume rivaling that of the buy volume that we are seeing.
there are two possible scenarios that would consist of 80% of the possible future movement
scenario 1
a quick buy of the dip and the price begins to move further up quickly
scenario 2
a longer period of consolidation, following an eventual rise up
I believe scenario 1 is more likely.
scenario 1 is in play until 10,500~ is broken.
if you guys would like to see the specific examples i mention, let me know.
Comments
Good assessment. It's suppose to go up to 11600 and then retrace back down to form double bottom around support and continue on the upward trend. Market can only increase so much before it resets and retraces down, then returns in a more powerful upward trend of you look at its history. Be prepared for the W as you've indicated in your chart before going 100% bull.👍
Reply
stay safe.